Americans react adversely to Quicken Loans' Rocket Mortgage Super Bowl Ad, which promises easy loans.
It has been around eight years since the U.S. was hit by recession. Thousands of people lost their jobs and many people could not afford to pay their mortgages that resulted in their homes to be taken over by banks and sold off. It seems Quicken Loans has forgotten the disastrous financial situation.
Super Bowl Sunday is one of the most expensive days of the year for companies to promote products on TV. Quicken Loans may have expected to attract millions of people but now the company is facing a backlash.
"What if we did for mortgages what the Internet did for buying music and plane tickets and shoes?" says the narrator of the ad. The ad highlights 'Rocket Mortgage,' which is Quicken Mortgage's new product.
People have taken to social media criticizing the Super Bowl Quicken Loans ad.
Bold move by Rocket Mortgage titling its Super Bowl ad: "Hey the 2008 financial crisis wasn't so bad, right? Right?" https://t.co/jARIg1OaS0
— Chris B. Brown (@smartfootball) February 8, 2016
Frankly, i'm a little spooked by the vision of a world powered by home buying consumerism in QuickenLoans' #SB50 ad. — Eric Deggans at NPR (@Deggans) February 8, 2016
Quicken Loans wants to make it easier for people to take mortgages via their smartphones. "Push button. Get mortgage" is what appears at the end of the ad, which suggests at the simplicity of getting mortgages.
The Consumer Financial Protection Bureau as well as some market observers cautioned consumers against taking hasty decisions regarding life changing purchase such as buying a home.
However, the company talks more about the quality of the mortgage app.
"There's no better place to communicate how Rocket Mortgage will help Americans reach their homeownership goals, and in turn impact the entire economy, than during America's favorite game," says Jay Farner, President and Chief Marketing Officer for Quicken Loans. "It's always been our mission to help Americans buy the home of their dreams utilizing the easiest mortgage process possible. Quicken Loans' Rocket Mortgage technology was developed with that mission in mind."
Farner says that the company has a strong underwriting department and it has not underwritten subprime loans during the economic crisis and will continue following its principles. The company says that there are many qualified customers who can take a mortgage but they are not taking loans because of tiring paperwork involved with housing loans.
Quicken Loans comes to the rescue of those who qualify for a loan but do not want the hassles of lengthy documentation process.
