Quicken Loans, the nation's fourth-largest retail lender, has created a new division servicing the home financing needs of community banks and credit unions.
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 a large enough need to justify the cost of hiring mortgage consultants and underwriters, Quicken Loans says.
Through the company's new Quicken Loans Mortgage Services (QLMS) division, 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 QLMS will be able to offer a wide variety of mortgage programs, including conventional, Federal Housing Administration, Veterans Affairs and Fannie Mae HomePath mortgages.
SOURCE: Quicken Loans