LIVONIA, Mich. – Quicken Loans on Monday announced it is entering the market for private label mortgage originations for credit unions with the creation of Quicken Loans Mortgage Services.
The company launched Quicken Loans Mortgage Services for credit unions and community banks that want to originate home loans, but do not feel they have sufficient resources to hire loan officers, underwriters and support staff.
The new operation will put Quicken in competition with PHH Mortgage, the biggest mortgage bank for credit unions and largest private label funder of mortgages in the U.S.
Quicken said through its new Mortgage Services, credit unions will be able to meet with their existing clients, investigate their current situation and goals, and then begin the mortgage application. The credit union will remain the point-of-contact for the client, while the company will manage the work necessary to complete the loan. The client will then sign their loan closing documents in their hometown credit union.
Credit unions partnering with Quicken Loans Mortgage Services will be able to offer a variety of mortgage programs, including conventional (Fannie Mae and Freddie Mac), FHA, VA and Fannie Mae HomePath mortgages.
Quicken Loans has 3,000 employees and closes loans from five Web Centers located in Michigan, Ohio and Arizona, and from its San Diego-based One Reverse Mortgage unit.
