Bad mortgages given to buyers who couldn't afford them put the U.S. on the road to the Great Recession. Now, a Super Bowl ad promising to get home buyers a mortgage in eight minutes is raising concern.
Quicken Loans Super Bowl ad made a simple proposition: What if it could do for mortgages, what the internet did for buying music or plane tickets? That's what the company offers with its "Rocket Mortgages."
Using an app on your phone, you enter income and bank details. Quicken then talks to banks and promises to come up with an affordable price in just eight minutes. Customers then get the option of locking in a rate.
But, the ad was concerning for some financial experts, who feared the service could lead to another economic crisis.
Experts with Bankrate.com though say that's not the case. "'Rocket Mortgage' is just trying to streamline the mortgage application process.
"I think it's a game changer, in a sense that other mortgage companies are going to have to make it easier to put in your documentation and your paperwork," said Holden Lewis with Bankrate.com.
The ad certainly got attention. We're told 14,000 people visited the website in the first minute it aired.