Quicken Loans to Provide Origination Outsourcing for Smaller Banks
Quicken Loans, an online lender, launched a new division to provide mortgage services, such as consulting and underwriting, to community banks and credit unions nationwide. Quicken Loans Mortgage Services (QLMS) will market toward these smaller institutions facing stricter origination rules such as new Fannie Mae (FNM) quality control standards. According to Quicken many of these banks and credit unions want to offer home loans but are not big enough to justify hiring. Bill Emerson, CEO of Quicken Loans said QLMS can provide an opportunity for many small-to-midsize financial institutions. QLMS aims to provide clients the ability to investigate a borrower’s situation and goals before beginning the mortgage application process. The bank or credit unions is the contact, while QLMS manages the loan work through program such as FHA, VA, Fannie Mae HomePath mortgages and others. Quicken closed more than $25bn in loan volume for 2009, according to a company statement. Write to Jon Prior.