The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Investments

Quicken Loans brings digital mortgages to secondary market through eOriginal partnership

Digitalizes final steps of Rocket Mortgage

A new partnership between Quicken Loans and eOriginal takes the digital mortgage to the next level and helps bring it to the secondary market.  

Through the partnership, Quicken Loans’ end-to-end online mortgage platform, Rocket Mortgage, will be able to digitally create an electronic note, and securely store it as an authoritative copy with delivery to both custodians and the secondary market.

The electronic place the eNote is stored is known as the eVault. A break down of all the digital mortgage terms can be found here.

eOriginal added that the eNote will accelerate the time between origination and replenishment of capital, which is a part of the mortgage process that has struggled to go digital.

“Quicken Loans has worked diligently to provide clients a completely online mortgage experience from application to closing. The next step in this evolution is to digitally move the note to the industry stakeholders who need it,” said Jay Farner, Quicken Loans CEO.

When Quicken Loans first unveiled the first-ever digital mortgage nearly two years ago, the industry was quick to point out that the closing process failed to live up to the digital standard.

Users would complete most of the mortgage process online and then hit a roadblock when it was time to close the loan.

However, as of late, the industry has started to make a lot of progress in electronic closings.

Earlier this month, Quicken Loans’ sister company, Title Source, an independent provider of title insurance, valuations and closing services, announced it partnered with the eClosing platform company Pavaso. Title Source’s partnership with Pavaso allowed Quicken Loans’ clients to finish the mortgage process online.

“Our goal is to provide a closing experience that is fast and easy, both for the closing agent and the client they are helping,” said Title Source Chief Operating Officer Brian Hughes on the announcement. “Rather than dealing with a mountain of paperwork, a digital closing allows clients to scroll through every page of their closing package, eSigning each document as needed.”

This latest announcement with eOriginal now takes the eClosing one step further and gives Rocket Mortgage the ability to create an eNote and store it in an eVault.

The announcement explained that from an investor perspective, the eNote is the most critical component of a mortgage transaction.

And the digital concern to investors has been enough to hold up the final stages of the closing process and moving into the secondary market.

Nancy Pratt, Pavaso vice president of Partner Relations & Government Affairs, previously explained that a hybrid closings are necessary since many investors still require a physical, rather than digital signature for certain closing documents.

The hold up wasn’t due to the capability to make this part digital but from investors only accepting wet signatures. 

Most Popular Articles

Ex-loanDepot COO: Tony Hsieh cut corners to boost volume

The suit, filed by former COO Tammy Richards, accuses loanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers” and close loans, disregarding proper underwriting etiquette. 

Sep 23, 2021 By and

Latest Articles

UWM announces Bolt underwriting system for brokers

In a keynote session about the future of mortgage, UWM CEO Mat Ishbia previewed Bolt, an underwriting system that he said would enable brokers to underwrite a loan in 15 minutes or less, which will go live on Monday, Sept. 27.

Sep 25, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please