Team RKT

[Anonymous No.21064482]

RKT/Quicken loans is just a money printer in the mortgage industry. Here are a few reasons.

>PUSH BUTTON GET MORTGAGE? This shit is fantasmic. Remember they intoduced it a few years ago, when the memories of the last recession was still kinda fresh. Everyone was being a virgin and going "nooooooo you can't just give loans to anyone, it will cause another subprime problem." Bitch, they don't know how Quicken operates.

>Quicken only takes in conforming loans, meaning loans they can directly push to Freddie/Fannie. If you don't understand the US mortgage industry, basically they originate a loan, sell it for a few points over TBA (the standard baseline mortgage price) depending on loan characteristics, and get CASH from the government which they can reuse to originate another loan.

>Quicken loans are shit. We call them "fast sellers" or "trash paper" because most only last 2-3 months before the borrower finds a much better deal and refinance. That doesn't matter, because Quicken already made 1-3% on fees. Quicken is just a volume house, and they do that really well.

>Foreclosures? Bitch do you live in the ghetto? Since April I've seen houses in the suburbs being bid up 5-10% with multiple bidders. If you don't have a job, then you're fucked but if you have a job (and looking at a conforming loan), you can get a mortgage so damn easy.

>Forbearance? According to Ginnie/Freddie/Fannie, the 3 months of forbearance still need to get paid by the servicer of the loan. FHFA have sorta changed it so the payments are made by the GSEs. In any case, Quicken has tried to reduce its costs so much in the last few years they sell the mortgage servicing rights for straight CASH about a month after the origination. This means they have no forbearance risk like Cooper or Ocwen.