Results: Quicken loans 'Rocket Mortgage' ad gets mixed reviews
Published on 02/26/2016
The Quicken Loans ad starts: "Here's what we were thinking: what if we did for mortgages what the internet did for buying music, and plane tickets and shoes?" The ad is touting the benefits of people using an app on their phones to obtain a home loan, and goes on: "If it could be that easy, wouldn't more people buy homes?"
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Comments
1.
1.
The Consumer Financial Protection Bureau (CFPB), along with many consumers and industry analysts, were quick to criticize. They say the ad is reminiscent of the loose underwriting standards that contributed heavily to the housing market collapse. Did you see the Quicken 'Rocket Mortgage' ad? Yes
22%
416 votes
No
78%
1470 votes
2.
2.
The CFPB quickly responded to the ad with a tweet: "When it comes to #mortgages, take your time, ask questions and #knowbeforeyouowe." Do you feel Quicken's ad is promoting a lending environment similar to the one that lead up to the housing market crash? Yes
26%
488 votes
No
22%
412 votes
Undecided
52%
986 votes
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3.
Quicken loans respond via Twitter to some of the criticism by saying "We just saw that the current mortgage process was slow and confusing. So we fixed it." Quicken Loans President Jay Farner said: "We don't change the underwriting criteria or guidelines. We are empowering the client to see what is going on and see behind the curtain." Do you believe Farner? Yes
22%
424 votes
No
78%
1462 votes
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4.
Are you familiar with the CFPB that was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)? Yes
16%
297 votes
No
84%
1589 votes
5.
5.
Do you believe some of the new regulations, rules, and changes to forms made by the CFPB have helped home buyers better understand the mortgage process and make more informed decisions about their home loan? Yes
18%
338 votes
No
25%
463 votes
Undecided
58%
1085 votes
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