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...

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 

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. 

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!

  Would any Lender release those stats?

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.

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

Bob,

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

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.

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

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.

I suspect there are no reliable statistics available.

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

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

So dependent on buyer & property

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

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. 

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

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

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.

Thanks for sharing Bob Crane 

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

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.

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.

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 

I which there was a place to find the ratio.  

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!

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

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

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.

Barbara Todaro nailed this one!

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

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?

I have not seen any statistics published.

just call the company directly

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