Quicken Loans Super Bowl ad stirs controversy

Posted at 8:57 AM, Feb 09, 2016
and last updated 2016-02-09 10:57:09-05

A Super Bowl ad selling mortgages in minutes on mobile devices is stirring up controversy.

"Push button. Get Mortgage." That's the motto of Quicken Loans' 60-second commercial that aired Sunday night.

For some, the message brings back reminders of the 2008 financial crisis.

Quicken Loans say the Rocket Mortgage app allows consumers to complete the process online. In response to critics, Quicken tweeted a message saying the loans are fully underwritten and the company verifies information from trusted partners to cut down on paperwork.

"I was a mortgage broker back -- sadly to say -- during the crash, and they were giving out mortgages pretty easily back then," said Craig Deleone, who thinks the ad is reminiscent of 2008.

The Consumer Financial Protection Bureau tweeted a warning, encouraging consumers to take their time, ask questions, and "know before you owe."

A real estate expert tells The NOW's Anne McNamara it's important for consumers to have face-to-face relationships with lenders, especially for first-time buyers.

"That's a huge purchase, and it certainly strikes me," said Spencer Bradley, Director at ARA Newmark in Denver, Colorado. "You're not buying a blender or new shirt."

In another tweet, Quicken Loans called the mortgage process "clunky and confusing," saying, they "found a way to simplify it with technology."

"It's easy, when it shouldn't be that easy," said Deleone.