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(Axios)   Rocket Mortgage IPO doesn't have liftoff   (axios.com) divider line
    More: Fail, Financial services, Hispanic and Latino Americans, Demographics of the United States, mortgage lender, Virginia, Spanish American, Rocket Companies, African-American community  
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679 clicks; posted to Business » on 07 Aug 2020 at 4:11 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



13 Comments     (+0 »)
 
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2020-08-06 10:38:05 PM  
Axios - for journalists that can't be bothered to go past the outline and actually write a story
 
2020-08-07 8:08:11 AM  
With so much uncertainty in the mortgage market, especially with non-banking lenders who are most vulnerable when homeowners can't make their payments, this isn't terribly surprising. Dan had the stroke at a time when he was growing less involved with the companies... the IPO wasn't going to help the corporate culture there, either, which was heading downhill fast when I left. Bad timing and rotten luck.

Also, Axios sucks. Why does it constantly reload in Chrome?
 
2020-08-07 9:27:42 AM  
It had some pretty good gains yesterday and up several points after market. But I agree I'm not sure if holding a mortgage banker right now is a good idea (other than some short term gains).
 
2020-08-07 10:37:04 AM  
Keep Dan away from the Tigers and Red Wings please.
 
2020-08-07 11:05:38 AM  

great_tigers: Keep Dan away from the Tigers and Red Wings please.


Why?  How can he make the Tigers any worse?
 
2020-08-07 11:25:47 AM  

SirEattonHogg: great_tigers: Keep Dan away from the Tigers and Red Wings please.

Why?  How can he make the Tigers any worse?


5-5 right now. Not expecting anything great for the season, but a decent start.

Dan is a jackass. He makes himself the limelight rather than the team. I think he is a very crooked man and would hate to have him tarnish two of the more respected brands in sports.
 
2020-08-07 11:37:42 AM  

great_tigers: SirEattonHogg: great_tigers: Keep Dan away from the Tigers and Red Wings please.

Why?  How can he make the Tigers any worse?

5-5 right now. Not expecting anything great for the season, but a decent start.

Dan is a jackass. He makes himself the limelight rather than the team. I think he is a very crooked man and would hate to have him tarnish two of the more respected brands in sports.


Fair enough.

Last year they had a strong beginning as well.  Ah well, go Tigers.
 
2020-08-07 11:41:01 AM  

SirEattonHogg: great_tigers: SirEattonHogg: great_tigers: Keep Dan away from the Tigers and Red Wings please.

Why?  How can he make the Tigers any worse?

5-5 right now. Not expecting anything great for the season, but a decent start.

Dan is a jackass. He makes himself the limelight rather than the team. I think he is a very crooked man and would hate to have him tarnish two of the more respected brands in sports.

Fair enough.

Last year they had a strong beginning as well.  Ah well, go Tigers.


2006-2014 were freaking awesome. Hopefully we can get back.
 
2020-08-07 12:00:12 PM  
Good riddance. They tried giving me quotes that were totally unrealistic. Like 1% over the starting offers of anyone else while still requiring points.
 
2020-08-07 10:28:49 PM  

LesserEvil: With so much uncertainty in the mortgage market, especially with non-banking lenders who are most vulnerable when homeowners can't make their payments, this isn't terribly surprising. Dan had the stroke at a time when he was growing less involved with the companies... the IPO wasn't going to help the corporate culture there, either, which was heading downhill fast when I left. Bad timing and rotten luck.

Also, Axios sucks. Why does it constantly reload in Chrome?


I got more information about the subject of the """"""article"""""" from this post than I did from the """"""article""""""" itself.

That said, when the Mrs. and I were looking for a house, we thought Rocket Mortgage was a farking joke. Yeah, I'm gonna secure a quarter-million dollar mortgage using some shiat app advertised during Wheel of Fortune on my farking telephone. Get real. Sellers generally don't take to kindly to that kind of crap.
 
2020-08-07 11:00:25 PM  

Professor Horatio Hufnagel: Sellers generally don't take to kindly to that kind of crap.


You're telling me that sellers are going to turn down Quicken Loans? The largest mortgage lender in the U.S.?
 
2020-08-07 11:56:18 PM  

OptimisticCynicism: Professor Horatio Hufnagel: Sellers generally don't take to kindly to that kind of crap.

You're telling me that sellers are going to turn down Quicken Loans? The largest mortgage lender in the U.S.?


Yes, generally. They don't have a reputation for closing on time in some markets.
 
2020-08-08 12:15:30 PM  

Professor Horatio Hufnagel: That said, when the Mrs. and I were looking for a house, we thought Rocket Mortgage was a farking joke. Yeah, I'm gonna secure a quarter-million dollar mortgage using some shiat app advertised during Wheel of Fortune on my farking telephone. Get real. Sellers generally don't take to kindly to that kind of crap.


Yeah, about that.... I actually worked for Quicken for a few years (as a developer, along with 15,000 other "apparently fly-by-night" tech employees), I even worked on that "shiat app". Quicken pushes half a billion in loans every day; I know because I'm very familiar with their financing process. There is no seller in the United States who would question a mortgage approval from them.

I may question the business in this pandemic, but they are the top lender in the country, and far better than most long established bank lenders. I guess if you think hundreds of pages of documentation to sign and fill out and a weeks-long approval process makes a lender legit, then Chase and Wells Fargo are right up your alley... if a more modern and efficient process developed over 35 years (and a lot of lobbying to modernize lending regulations) seems like a smarter way off doing things, Rocket Mortgage is exactly where you want to be.
 
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