Bob Crane,  Forestland Experts! 715-204-9671 (Woodland Management Service)

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Rainmaker
3,528,941
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

the way I see it, the rules are the rules.... a loan approvals are directly proportionate to the quality of the applicants.... if they all come with "baggage" it's not likely they have a great hit ratio!!! just saying...

Mar 12, 2017 03:22 PM
Rainmaker
404,565
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Mortgage Loan Officer, CMPS, CDPE, CMHS

I'd be curious what you are basing the "success ratio" on when evaluating mortgage companies. "Transactional" based (inbound call centers) mortgage companies boast heavy numbers of funded loans, but the vast majority are typically refinances done by salespeople with less market experience and/or accountability.  "Relationship" based (Trusted Advisor) mortgage companies farm their own leads and are reliant on word-of-mouth advertising. While being more targeted in their approach, these companies often fund less loans, but have a stronger reputation with their Real Estate Agent Partners due to their heavy focus on Purchase loans. 

At the risk of sounding self-serving, my friendly advice to Realtors is to use your influence to protect the Relationship Based Lenders as much as possible.  If Transactional Based "Rocket" Lenders take over, it won't be long before the focus turns on Transactional Based Realtors shortly thereafter.  After all, the only profit margins per deal higher than mortgage loans are real estate commissions.  There are plenty of reasons why the "Rocket" type of companies will continue to infringe on the Real Estate & Mortgage Industries. We're in this together folks...let's paddle in the same direction as much as possible!

Thanks for bringing me into this conversation Thomas J. Nelson, Realtor, CRS 

Mar 13, 2017 09:43 AM
Rainmaker
2,465,289
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Interesting question.  I'm wondering if any of our mortgage experts know of any studies or statistics in this area although I'd likely be skeptical of any findings. 

Mar 13, 2017 12:14 AM
Ambassador
1,792,633
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I can't imagine that would be available!  However, I will say that out of curiosity, I went a step farther with Rocket to see how 'easy' the process was for a re-finance.  

Easy peasy?  OH NO!  You had to do a FULL application (they CALL you, they don't even allow you to complete everything online).  Then, unless you provide all of the data and wait for them to process everything, they will not quote you any rates, based on your LTDR and your credit score(s).  

For my millennials and any other age segment of buyers, their best bet is to phone one of my preferred lenders or utilize their online applications. They respond quickly and have a pre-approval for you very quickly!

Mar 12, 2017 09:34 PM
Ambassador
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Fred Griffin
Frederick Griffin, Exclusive Buyer's Broker - Tallahassee, FL
Licensed Florida Real Estate Broker

  Would any Lender release those stats?

Mar 12, 2017 06:10 PM
Rainmaker
698,769
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Bob - Not sure if any mortgage companies would want to share their closing success rate, as too much depends on the buyer.

There are some things I would rather work face to face with someone on, and getting a mortgage would be one of those things.

Mar 12, 2017 05:51 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I go woth proven service which is two companies out of Oklahoma City and a Wells Fargo originator out of Los Angeles.

Mar 12, 2017 04:51 PM
Rainmaker
2,991,303
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Bob,

I would not contact them of a TV commercial.  I would take the advice of a successful agent.  A

Mar 12, 2017 04:22 PM
Rainmaker
125,771
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

The first time we were involved with a rocket mortgage loan, it was successful as our contact was on top of everything with the buyer's loan. The second time, the contact kept changing and the ball was dropped over and over. We typically find much better success when dealing with local lenders.

Mar 12, 2017 03:51 PM
Rainmaker
942,827
Bob "RealMan" Timm
National Marketing Realtors - Minot, ND
Bob Timm Owner/Broker National Marketing Realtors

I am going to say about 99% for all the local companies I work with EXCEPT WF is about 50/50 Bob Crane 

Mar 12, 2017 03:00 PM
Rainmaker
3,484,520
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would like to see what their true success rate is.

Mar 13, 2017 04:45 AM
Rainmaker
1,693,232
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Not at all sure how to respond to this. I work with a limited number of mortgage professionals who think outside the box and make things happen for me clients, including the more credit challenged ones.

Mar 13, 2017 03:43 AM
Ambassador
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

I suspect there are no reliable statistics available.

Mar 12, 2017 06:04 PM
Rainmaker
2,883,926
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

I don't think so but I must admit my local preferred lenders rarely drop the ball!

Mar 12, 2017 04:55 PM
Rainmaker
417,639
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise, Meridian, Ada/Canyon/Gem/Boise Counties

I doubt there is such a place. Could ask the individual loan officer their closing record. I am unfamiliar with how Rocket Mortgage works.-Kasey

Mar 12, 2017 04:38 PM
Rainmaker
1,062,439
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

So dependent on buyer & property

Mar 12, 2017 04:36 PM
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I doubt it. My mortgage companies have great success records therefore they earn my business,

Mar 12, 2017 04:00 PM
Rainmaker
2,254,528
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

I doubt it.  They would not want that information to be public.  I know many who were approved and in the end could not get the loan ... mistakes made ... oops ... at the buyers expense. 

Mar 12, 2017 03:48 PM
Rainmaker
2,110,863
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I was thinking that too Bob Crane as i have never closed a sale with a buyer using Rocket Mortgage. 

Mar 12, 2017 03:34 PM
Rainmaker
2,794,517
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Success rate is based on the applicant's ability too.

Mar 15, 2017 12:59 PM
Rainmaker
2,986,458
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I try to always deal with local companies.   The last 4 deals that used an internet company didn't get done in time for closing.

Mar 13, 2017 04:50 PM
Rainmaker
199,223
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Thanks for sharing Bob Crane 

Mar 13, 2017 03:11 PM
Rainmaker
1,047,084
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

I prefer working with smaller brokers who are more aggressive and communication available. 

Mar 13, 2017 01:22 PM
Ambassador
694,236
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Costa Mesa, CA
#MortgageMadeEasy Costa Mesa, CA 484-680-4852

There is no place outside of the tracking at a lender to see what goes through and doesn't.

One way we check our 'success rate' is by analyzing fall out among loans that are locked.  But even then, sometimes a lock expires and a loan still closes later.  You can also look at "applications:Closed loans" rates, but they'd be incredibly skewed by applications with faulty info, applications accidentally triggered under TRID that never were intended to be true applications, and also the fact that in some companies, an LO doesn't even know how to take a full application.

 

We have a tool similar to 'rocket' (and ours has better reviews!) --- but like any automated system, it's garbage-in, garbage-out.  The technology is nowhere close yet to discerning what people input with regard to whether it fits the box for underwriting or not.  The tech seems sexy so people love it, but they fail to realize the accuracy of an application, guidance from a loan officer, and ultimately, the keys to a new house, is far more sexy than a quick online application.

Mar 13, 2017 11:54 AM
Rainmaker
781,727
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Interesting question!  I've heard a lot of bad things about Rocket and their parent Quicken out here, but would be interesting to see what the stats are.  I'd personally put in that any buyer w/a rocket loan cross qualify with a preferred  lender.

Mar 13, 2017 11:10 AM
Rainer
130,817
Caroline Gerardo
Eagle Home Mortgage, LENNAR HOMES Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady

MBA, Inman and Mortgage News have no real stats and here is why: some Loan Officers issue a preapproval without knowing the details and don't have anyone review the income, assets, sources, credit and all the many ins and outs. No bank will release this information as it is TRID regulated and they know their employees issue a tissue paper (comes in a roll) pre-approval. A prequal or preapproval is ONLY good as the source. Skill set of a mortgage originator varies GREATLY.   This leads to another question that I am going to post about cross quals... with your permission Bob Crane 

Mar 13, 2017 11:09 AM
Rainmaker
2,009,407
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I which there was a place to find the ratio.  

Mar 13, 2017 10:24 AM
Rainmaker
581,577
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I don't know any one who was successful with using Rocket - most agents in my area these day won't accept and offer without a physcal pre-qual letter and showing something on a phone is ludicrous and not an option

One has to go through the entire loan process

I would like to hear from anyone who has actually pushed a button and gotten approved for a loan that actually went through closing with no changes!

Mar 13, 2017 07:09 AM
Rainmaker
3,779,085
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Mortgage loan officers are not all the same. Some have greater knowledge and a willingness to make things happen.

Mar 13, 2017 05:31 AM
Rainmaker
2,030,981
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

No place I know of and if there were it would only be as good as the numbers reported! Think they might be massaged?

Mar 13, 2017 05:24 AM
Rainmaker
1,192,900
Lyn Sims
RE/MAX Suburban - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg IL Area Real Estate

There was just an article/blog post about this turning out to be a business blunder but I just passed it up without reading it.

Will see if I can find it.

Mar 13, 2017 05:18 AM
Rainmaker
2,133,093
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Barbara Todaro nailed this one!

Mar 13, 2017 04:07 AM
Rainmaker
538,758
Thomas J. Nelson, Realtor, CRS
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

You raise a great question Bob Crane let's ask Jason E. Gordon 

Mar 13, 2017 01:15 AM
Ambassador
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Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Bob Crane - the failure could be for multiple reasons - and not lender's fault most of the time.

And pre-qual is better than nothing, correct?

Mar 12, 2017 11:24 PM
Rainmaker
1,132,919
Marc Swartz, CPA, CA, Real Estate Broker
Royal LePage Vision Realty, Brokerage, Direct: (416) 737-9800, Office: (416) 321-2228 - Toronto, ON
Toronto, Durham & York Regions, Ontario, Canada

I have not seen any statistics published.

Mar 12, 2017 03:41 PM
Ambassador
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

just call the company directly

Mar 12, 2017 03:40 PM
Rainmaker
2,070,974
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is a fair question...Lets see what is said bob

Mar 12, 2017 03:37 PM