RISMedia's Real Estate Magazine

MAR 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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30 March 2019 RISMedia's REAL ESTATE REAL APPROVAL, REAL POWER "There are a lot of variables in- volved in the traditional preapproval process that, historically, can pres - ent problems for the homebuyer, the real estate professional and the lender," explains Dempsey, "and it undermines trust." That's why Quicken Loans sought to infuse the mortgage process with clarity and confidence through the Power Buying Process, which, says Dempsey, removes subjectivity from the preapproval process. "We live in a world of data, which allows us to get Verified Approv - als quickly. This creates incredible confidence and turns you into a de - pendable partner because what you say you're going to deliver, you actu - ally deliver. And having a Verified Ap- proval instills confidence in the real estate professional, as well as in the borrower. It minimizes the risk that something could go wrong." Gurman stresses, "This is not a prequalification. This is a complete preapproval where clients can lock in their interest rate." The road to Verified Approval can come through a traditional Quicken Loans mortgage or through Rocket Mortgage, Gurman says. The differ - ence lies not in the quality of the approval, but in the avenue a client takes to get there. Rocket Mortgage allows consumers to go through the loan approval process online, at their own pace. Rocket Mortgage, which debuted with great fanfare in 2016, repre - sents a revolutionary step in mod- ernizing the mortgage process. "We no longer compare our - selves to the local mortgage office or a big bank, because today's con - sumers are comparing their home- buying experience to an Amazon experience," explains Max Wegner, Quicken Loans vice president of Enterprise Client Relationships. "The mortgage process has never gone through this significant of a transition. Quicken Loans became a leader in evolving the mortgage process when we launched Rocket Mortgage, and the Power Buying Process is the next step." Rocket Mortgage approvals are not part of the Power Buying Pro - cess, but according to Gurman, they are just as powerful. "Rocket Mortgage imports a cli - ent's income, assets and credit—it knows everything about that cli - ent in order to approve that client, so the agent can do what they do best, which is help the buyer find the best property for them," Gur - man says. "It's also a big win for clients because we're finding that sellers are more apt to accept these approvals." Wegner says the goal of programs like Rocket Mortgage and the Power Buying Process is to give homebuy - ers the same level of confidence and clarity they experience in other areas of their lives. "Everything in life should be radi - cally simple," he explains. "Not, 'Ev- erything in life should be radically simple—except buying a home.' We want to give clients and real estate agents the level of ease and cer - tainty they expect in the rest of their lives." Programs like the Power Buying Process also arm real estate pro - fessionals with a new level of confi- dence when working with buyers in the field. "The person the homebuyer has the most face time with is the real estate professional," says Dempsey. "They're bearing most of the responsibility for the pieces that need to fall into place to get this person into the home, and a key piece of that is the mortgage fi - nancing. The Verified Approval gives real estate professionals the con - fidence to execute and deliver the final result." The Power Buying Process packs the most punch when it reaches its final step: RateShield™ Approval. This option locks in a buyer's rate until they find a new home (for up to 90 days). It also gives them the ability to lower their rate if rates go down after they find a home. "We know the volatility of the mar - ket," Gurman says. "Rates change every day. We offer certainty—not only in the quality of the approval, but certainty in the price of what they're getting."

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