Quicken Loans [1], the company that first made waves on the national stage for its online mortgage platform during the 2016 Super Bowl ad, announced [2] to that it has struck a partnership that will expand online mortgage lending.
The deal will allow the nonbank lender to utilize technology provided by eOriginal—a provider of digital transaction management solutions—to incorporate an electronic note into Rocket Mortgage and store it as an authoritative copy through the eVault. An authoritative copy is considered the electronic original copy.
“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 CEO. “Taking the mortgage process online provides home buyers with accuracy, clarity and transparency–in addition to speed and convenience.”
According to data [3] released by NerdWallet [4], Quicken was recently ranked the third most commonly used mortgage lender nationwide, with Wells Fargo [5] coming in first and Bank of America [6] coming in third.
“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.