Quicken Loans has joined Fannie Mae’s Single Source Validation pilot program, the company recently announced. The goal of the pilot program is to test the process, provide feedback and improve it before a broad rollout in 2018.
Rocket Mortgage by Quicken Loans already enables clients to securely import their data directly from their financial institutions; now, in collaboration with Fannie, the company will use that data to identify clients’ employment and income information by reviewing direct deposit information from their bank account. Employment and income verification are typically separate steps in the mortgage process, relying on pay stubs, W2s, and manually contacting employers; now, three steps are combined into one.
“Quicken Loans is the pioneer of the online mortgage,” says Jay Farner, CEO of Quicken Loans. “We have been communicating with our clients remotely and receiving their documents electronically for more than 15 years, always striving to make the process less cumbersome and reduce the stress for our clients. Now that the entire mortgage process is online with Rocket Mortgage, we continue to drill down into each step of the process, focusing on ways to improve transparency and speed. Starting today, our clients are able to provide more financial information in less steps, greatly reducing the time they need to commit to their mortgage.”
Fannie’s Single Source Validation program is part of its DU Validation Service. It isn’t limited to clients who started the process in Rocket Mortgage; Quicken Loans mortgage bankers can assist their clients in the use of the online asset import tool. Clients who import income and assets shave an average of 12 days off of the mortgage process.
“In addition to the added speed and convenience, this is also a major accomplishment in making the process safer and more accurate—because we are gathering robust data directly from the source,” Farner says.
For more information, please visit www.QuickenLoans.com.
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