Quicken Loans partners with eOriginal to bring online mortgage to secondary market

by Francis Monfort19 Oct 2017
Quicken Loans has announced a partnership with eOriginal to create an electronic note and store it securely as an authoritative copy with delivery to both custodians and the secondary market.

The company said the partnership allows it to accelerate the time between origination and replenishment of capital.

“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 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 closed over $7 billion in mortgage volume through its online mortgage process, Rocket Mortgage, in its first full year in market. The company said the eNote is the most important component of the transaction from the perspective of an investor. The eVault is the designated location for the eNote, which is the authoritative or 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,” Quicken Loans CEO Jay Farner said. “Taking the mortgage process online provides home buyers 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.”

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