The nation’s second largest mortgage lender launches Single Source Validation pilot program with Fannie Mae
DETROIT, October 23, 2017 – The nation’s largest FinTech lender today took another leap forward to provide clients with a radically simple mortgage process. Quicken Loans is participating in a Single Source Validation pilot program with Fannie Mae, testing a new process allowing homebuyers, and refinancing homeowners, to digitally verify assets, employment and income information in one concise step.
“Quicken Loans is the pioneer of the online mortgage. We have been communicating with our clients remotely and receiving their documents electronically for more than 15 years, always striving to make the process less cumbersome and reduce the stress for our clients,” said Jay Farner, Quicken Loans CEO. “Now that the entire mortgage process is online with Rocket Mortgage, we continue to drill down into each step of the process, focusing on ways to improve transparency and speed. Starting today, our clients are able to provide more financial information in less steps, greatly reducing the time they need to commit to their mortgage.”
Rocket Mortgage by Quicken Loans already enables clients to securely import their data directly from their financial institutions. Now, in collaboration with Fannie Mae, the company will use that data to identify clients’ employment and income information by reviewing direct deposit information from their bank account. Employment and income verification are typically separate steps in the mortgage process, relying on pay stubs, W2s, and manually contacting employers. Now, 3 steps are combined into 1.
This innovation is an enhancement to Fannie Mae’s DU validation service. It isn’t limited to clients who started the process in Rocket Mortgage. Quicken Loans mortgage bankers can assist their clients in the use of the online asset import tool. Clients who import income and assets shave an average of 12 days off of the mortgage process.
“In addition to the added speed and convenience, this is also a major accomplishment in making the process safer and more accurate – because we are gathering robust data directly from the source” Farner continued.
The goal of this pilot program is to test the process, provide feedback and iterate to improve the process before a broad rollout in 2018.
This is the third technology announcement Quicken Loans has made within a month. The FinTech mortgage lender recently announced a partnership that will allow clients to eSign their documents on a mobile tablet rather than digging through a mountain of paper work. Additionally, Quicken Loans is now able to complete the final steps of the mortgage process online – creating and securely storing the eNote that can be digitally delivered to the secondary market.
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2016, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.
Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ’100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.