Quicken Loans Mortgage Services rolls out correspondent lending platform
Quicken Loans Mortgage Services, a division of Quicken Loans Inc., introduced a correspondent lending platform that will allow community banks and credit unions to work with clients on mortgage applications while Quicken's mortgage operation will handle all of the support services for the loans on the back-end. Under the program's design, clients will view their local community bank or credit union as a one-stop shop, where they can handle their part of the mortgage origination process. Essentially, all closing documents will be handled at the homeowner's bank or credit union, creating convenience while also establishing a structure where QLMS can handle the sale of the loan to Quicken Loans on the back-end. As part of the platform's structure, local credit unions and banks will be closing and funding loans in their own name, while tapping into Quicken Loans technology and client servicing platforms for support, QLMS said. Correspondent lenders typically have the ability to approve and fund their own loans, as opposed to loan brokers, which typically have no such control. “Moving into this segment of the market and offering these services will provide attractive options for community banks and credit unions," said Tod Highfield, divisional vice president of QLMS. "These financial institutions will be able to leverage the resources and expertise of Quicken Loans while maintaining the local presence they so deeply value.” QLMS says partnering banks will be able to offer Fannie Mae, Freddie Mac, FHA and VA mortgage options, as well as Fannie Mae HomePath mortgages to clients. Write to Kerri Panchuk.