Quicken Loans has announced the creation of Quicken Loans Mortgage Services (QLMS), a new division servicing the home financing needs of community banks and credit unions across the country. With increased rules determining who can originate mortgages, many banks and credit unions have found themselves with a desire to offer home loans, but not large enough need to justify the cost of hiring mortgage consultants and underwriters. Quicken Loans Mortgage Services fills this need, while providing the high-level client service and technology-driven platform that has made Quicken Loans the nation's largest online lender.
"Quicken Loans Mortgage Services provides a very exciting opportunity for Quicken Loans, as well as for the thousands of small-to-midsize financial institutions who continually seek to improve their offerings to their clients," said Bill Emerson, chief executive officer of Quicken Loans. "While there are a handful of other lenders who provide a similar service, none are able to offer the level of client service or mortgage technology platform that has made Quicken Loans the nation's largest online lender for the past six years."
Through Quicken Loans Mortgage Services, partner financial institutions are able to meet with their existing clients, investigate their current situation and goals, and then begin the mortgage application. The bank or credit union remains the point-of-contact for the client, while QLMS manages the work necessary to complete the loan. The client will then sign their loan closing documents in their hometown bank or credit union. Banks partnering with Quicken Loans Mortgage Services will be able to offer a wide variety of mortgage programs, including conventional (Fannie Mae and Freddie Mac), Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and Fannie Mae HomePath mortgages.
"Many banks and credit unions understand the incredible value in offering a wide variety of mortgage products and options to their customers," said Tod Highfield, vice president of Quicken Loans Mortgage Services. "With QLMS, these financial institutions will be able to increase their offerings, add to their revenue, and partner with a company with a reputation for closing loans quickly and for providing unparalleled client service."
For more information, visit www.qlmortgageservices.com.