Quicken Loans, the fourth largest mortgage lender in the U.S., has rolled out a loan origination service aimed at community banks and credit unions.
Quicken says the new service, Quicken Loans Mortgage Services, will meet an unmet need among both community banks and credit unions that might want to issue mortgages but lack necessary expertise, time or resources, the company said.
"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 large enough need to justify the cost of hiring mortgage consultants and underwriters," the company said when announcing the new service. "Quicken Loans Mortgage Services fills this need, while providing the high-level client service and technology-driven platform that has made Quicken Loans the nation's largest online lender."
"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," said Bill Emerson, Chief Executive Officer of Quicken Loans. "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."