After roughly a year in partnering with financial institutions to offer mortgages, 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's 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 million and $100 million in mortgage volume each month and has seen a steady expansion of business with financial institutions, he added.
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