The impact of when Quicken Loans unveiled the first-ever digital mortgage nearly two years ago went far beyond being just a new product for the Detroit-based lender.
Quicken Loans’ Rocket Mortgage pushed the technology innovation conversation to another level and forced companies to start doing something on the digital side.
At the time, Quicken Loans boasted that it offered a fully online mortgage through its new end-to-end online product Rocket Mortgage.
However, the industry was quick to point out that there was one key part of the “fully online digital mortgage” that was not living up to the digital standard: the closing process.
But now two years later, the industry has made huge strides in this area, as it worked to digitalize the final step in the mortgage process.
Moving in this direction too, Quicken Loans announced a new partnership to digitalize Rocket Mortgage’s closing process.
“Quicken Loans’ number one priority is simplifying the mortgage process for our clients,” said Jay Farner, Quicken Loans CEO. “Rocket Mortgage made our industry stand up and take notice, and our company continues taking the lead in revolutionizing the mortgage experience with eClosing.”
Quicken Loans’ sister company, Title Source, an independent provider of title insurance, valuations and closing services, announced it partnered with the eClosing platform company Pavaso. Title Source’s partnership with Pavaso now allows Quicken Loans’ clients to finish the mortgage process online.
“Our goal is to provide a closing experience that is fast and easy, both for the closing agent and the client they are helping,” said Title Source Chief Operating Officer Brian Hughes. “Rather than dealing with a mountain of paperwork, a digital closing allows clients to scroll through every page of their closing package, eSigning each document as needed.”
