Quicken Loans has partnered with eOriginal, Inc., to complete the final steps of the online mortgage process, the company recently announced. The two companies will 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, according to a release on the announcement.
“Quicken Loans has worked diligently to provide clients a completely online mortgage experience from application to closing,” says Jay Farner, CEO of Quicken Loans, in reference to Rocket Mortgage. “The next step in this evolution is to digitally move the note to the industry stakeholders who need it. Taking the mortgage process online provides homebuyers 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.”
“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,” says Simon Moir, general manager of Digital Mortgage at eOriginal. “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.”
Quicken Loans, the country’s largest online mortgage lender, closed more than $7 billion in mortgage volume through Rocket Mortgage, the nation’s first fully online mortgage process, in 2016—its first full year in market, according to the release. The rapid growth of Rocket Mortgage comes from its appeal to a new generation of homebuyers; in fact, two-thirds of Rocket Mortgage clients used the online process to finance a home purchase, and 80 percent of those consumers were first-time homebuyers. While millennials are more likely to use Rocket Mortgage, adoption has been strong across all demographics.
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. It is accepted by the major rating agencies, issuers’ counsel, top lenders and investors in the secondary markets. The platform can leverage any loan origination system (LOS) or document preparation provider and is designed to be extensible as lenders complete their digital transformation.
Earlier this year, Fannie Mae, the largest Government Sponsored Enterprise (GSE) in the U.S., selected eOriginal for the launch of its next generation electronic vault, which involved moving billions of dollars of assets onto its hosted platform to enable the secure management of eNotes throughout their lifecycle. Fannie Mae’s utilization of eOriginal’s platform validated the benefits of the company’s platform, including enhanced storage capabilities, accelerated deployment and reduced overall costs.
For more information, please visit www.quickenloans.com.
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