Quicken Loans Mortgage Services, a nonbank, late this past week unveiled an expansion of its correspondent business, offering a new platform to community banks and credit unions.
The channel’s offerings will include conventional Fannie Mae and Freddie Mac products as well as Fannie’s HomePath mortgage. It also will offer FHA and VA loans.
Tod Highfield, divisional vice president, QLMS, said there is an increased interest on the part of CUs and community banks for correspondent lending partnerships because of the expanded rules surrounding originations. Also, some lenders may not have the financial resources to hire additional staff needed under the new regulatory regime.
Among all residential lenders, Quicken Loans Inc., of Livonia, Mich., ranks eighth nationwide, according to figures compiled by National Mortgage News and the Quarterly Data Report. QLMS is part of Quicken Loans.
