. and Quicken Loans
have partnered to complete the final steps of the online mortgage process–to digitally create an electronic note, and securely store it as an authoritative copy with delivery to both custodians and the secondary market. This advancement accelerates the time between origination and replenishment of capital.
“eOriginal’s Digital Mortgage technology provides Quicken Loans the ability to create an industry-leading SMARTDoc eNote for an eClosing, followed by eVaulting capabilities to support servicing of the mortgage and the accelerated movement of the asset to the secondary market,” said eOriginal General Manager of Digital Mortgage Simon Moir. “Quicken Loans’ decision was driven by our proven track record of providing highly scalable solutions in mortgage and non-mortgage asset classes to speed secondary market financing from weeks to days.”
eOriginal’s platform delivers a fully digital mortgage and supports every type of digital closing strategy. Available for both mortgage electronic registration system (MERS) and non-MERS loans, the platform has been vetted in mortgage, auto finance and lease, deeded vacation ownership, and marketplace lending.
“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 Chief Executive Officer. “Taking the mortgage process online provides home buyers with accuracy, clarity and transparency–in addition to speed and convenience. We are fanatical about innovating and will continue to invest our time and resources in technology that helps us breaks down the cumbersome barriers of the old-fashioned mortgage process.”