Quicken Loans, a US-based online retail mortgage lender, has created Quicken Loans Mortgage Services (QLMS), a new division servicing the home financing needs of community banks and credit unions across the US.
Through Quicken Loans Mortgage Services, partner financial institutions will be able to meet with their existing clients, investigate their current situation and goals, and then begin the mortgage application. The bank or credit union will remain the point-of-contact for the client, while QLMS will manage 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 Quicken Loans Mortgage Services will be able to offer a wide variety of mortgage programs, including conventional (Fannie Mae and Freddie Mac), FHA, VA and Fannie Mae HomePath mortgages.
Bill Emerson, CEO of Quicken Loans, said: “Quicken Loans Mortgage Services provides a very exciting opportunity for Quicken Loans, as well as for the thousands of small-to-midsize financial institutions who continually seek to improve their offerings to their clients. While there are a handful of other lenders who provide a similar service, none are able to offer the level of client service or mortgage technology platform that has made Quicken Loans the nation’s largest online lender for the past six years.”