As it approaches its one-year anniversary of offering mortgages in partnership with financial institutions, Quicken Loans reports that a significant number of CUs have opted to use its mortgage platform for their mortgage lending needs.
Tod Highfield, divisional vice president with Quicken Loans’ Mortgage Services division, said roughly 350 community banks and credit unions have opted to partner with Quicken Loans Mortgage Services and that credit unions are among its largest clients in terms of mortgage volume.
“We have a few more community banks than we do credit unions, but I will tell you that our credit unions are the ones that generate our largest volumes,” Highfield said. The division generates between $75 and $100 million in mortgage volume each month and has seen a steady expansion of business with financial institutions, he added.
Detroit-based Quicken Loans is best known for its strong retail business which has recently won awards for customer service and has become highly visible for its highly transparent mortgage application process, the company said.
Highfield attributed the firm's success with CUs, in part, to its ability to carry that process and its customer service from its retail operation to its financial institution business.
“We have the goal of making sure that a loan officer in a partner credit union has the same information, if not more information, about that loan application as the retail borrower would have,” Highfield said.
“We want that loan officer to be able to provide in the name of the credit union with the same levels of customer service and information that we would provide if he or she were our retail customer,” the Quicken Loans executive said.