by: Wayne Duggan, Benzinga Staff Writer
Quicken Loans is teaming with Federal National Mortgage Association FNMA to leverage the power of technology and provide mortgage applicants with a simplified, one-stop digital verification service. The Single Source Validation pilot program allows homebuyers and to digitally verify assets, employment and income all in one step.
In the past, these verification steps required manually verifying pay stubs, obtaining W2s and reaching out to employers directly. The Single Source Validation program allows Quicken and Fannie Mae to verify this information all in one step by accessing clients’ data directly via their financial institutions.
“Starting today, our clients are able to provide more financial information in less steps, greatly reducing the time they need to commit to their mortgage,” Quicken Loans CEO Jay Farmer said of the program.
Quicken estimates that clients who import their financial data digitally save an average of 12 days during the mortgage process. Farmer said the process is safer and more accurate as well.
If the pilot is successful, Fannie Mae plans to roll out the Single Source Validation for all of its customers starting in 2018.
Quicken has been aggressively pursuing new technology initiatives to help make the mortgage process quicker and easier for its customers. Quicken recently launched a new eSign feature that allows clients to digitally sign mortgage documents rather than dealing with a mountain of paperwork. Quicken also now creates, stores and digitally delivers eNotes to the secondary mortgage market.
U.S. existing home sales bounced back in September after hurricanes Harvey and Irma put a damper on the market in August.
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