Should obtaining a mortgage online be as easy as buying a pair of shoes? That was the assertion made in Quicken Loans’ recent Super Bowl ad for their new app, Rocket Mortgage. The app touts that it can get users a mortgage in “less than 10 minutes.” The app launched in late 2015 and has over a thousand downloads.
Amid cute animal ads for ketchup, energy drinks and outdoor gear – the Rocket Mortgage ad stood out for its gutsy claims that obtaining a mortgage online would not only be easy, but patriotic. The ad claimed that more home buying would be good for the economy since it would lead to more spending, “further stoking demand for necessary household goods, as our tidal wave of ownership floods the country with new home owners, who now must own other things. And isn’t that the power of America itself?”
The ad has been criticized on social media for “promoting a lending environment similar to the years leading up to the housing crash and the Great Recession,” according to CNNMoney. Quicken Loans President Jay Farner defended the ad, saying that all the loans are fully underwritten and strict lending standards will remain intact.
According to Market Watch, Rocket Mortgage might appeal to younger buyers who are eager to make purchases online, even for big ticket items like cars and vacations.
The CFPB responded to the ad in a tweet, by reminding borrowers of their Know Before You Owe initiative and encouraging home buyers to take their time and ask questions during the mortgage process.
What did you think of the ad? Let us know in the comments!