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.
BALTIMORE (PRWEB) October 17, 2017
eOriginal, Inc. and Quicken Loans today announced a partnership to complete the final steps of the online mortgage process – to digitally create an electronic note, and securely store it as an authoritative copy with delivery to both custodians and the secondary market. This advancement accelerates 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 eOriginal General Manager of Digital Mortgage Simon Moir. “Quicken Loans’ decision was driven by our proven track record of providing highly scalable solutions in mortgage and non-mortgage asset classes to expedite secondary market financing from weeks to days.”
Quicken Loans, the country’s largest online mortgage lender, closed more than $7 billion in mortgage volume through Rocket Mortgage, the nation’s first fully online mortgage process, in 2016 – its first full year in market. The rapid growth of Rocket Mortgage comes from its appeal to a new generation of homebuyers. In fact, two-thirds of Rocket Mortgage clients used the online process to finance a home purchase, and 80 percent of those consumers were first-time home buyers. While millennials are more likely to use Rocket Mortgage, adoption has been strong across all demographics.
“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. 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.”
From an investor perspective, the eNote is the most critical component of a mortgage transaction. Additionally, the eVault is designated as the location for a given note and it holds the “authoritative copy,” or the electronic original copy.
eOriginal’s platform delivers a fully digital mortgage and supports every type of digital closing strategy. Available for both Mortgage Electronic Registration System (MERS) and non-MERS loans, the platform has been vetted in mortgage, auto finance and lease, deeded vacation ownership, and marketplace lending. It is accepted by the major rating agencies, issuers’ counsel, top lenders and investors in the secondary markets. The platform can leverage any loan origination system (LOS) or document preparation provider and is designed to be extensible as lenders complete their digital transformation.
Earlier this year, Fannie Mae, the largest Government Sponsored Enterprise (GSE) in the United States, selected eOriginal for the launch of its next generation electronic vault, which involved moving billions of dollars of assets onto its hosted platform to enable the secure management of eNotes throughout their lifecycle. Fannie Mae’s utilization of eOriginal’s platform validated the benefits of the company’s platform, including enhanced storage capabilities, accelerated deployment and reduced overall costs.
eOriginal is the leading provider of Digital Transaction Management solutions to the financial services industry. The eAsset® management platform is 100 percent secure, enabling originators, custodians, investors and others to digitize lending and securitization processes. eOriginal solutions ensure that every transaction is verifiably secure, legally compliant and enforceable. As the first company to execute a digital mortgage, eOriginal is also core to the digital transformation of the mortgage industry. For more information, visit http://www.eoriginal.com.
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.
Quicken Loans was ranked No. 10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top 30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s "100 Best Places to Work in IT" the past 13 years, ranking No. 1 for eight of the past 12 years, including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.