Fintech firm eOriginal announced on Tuesday it has formed a partnership with mortgage giant Quicken Loans to complete the final steps of its new online mortgage process to create an electronic note, and securely store as an authoritative copy with delivery to both custodians and secondary market. While sharing details about the process, eOriginal General Manager of Digital Mortgage Simon Moir, stated:
“eOriginal’s Digital Mortgage technology provides Quicken Loans the ability to create an industry-leading SMARTDoc eNote for an eClosing, followed by eVaulting capabilities to support servicing of the mortgage and the accelerated movement of the asset to the secondary market. Quicken Loans’ decision was driven by our proven track record of providing highly scalable solutions in mortgage and non-mortgage asset classes to expedite secondary market financing from weeks to days.”
Jay Farner, Quicken Loans CEO, also commented:
“Quicken Loans has worked diligently to provide clients a completely online mortgage experience from application to closing. The next step in this evolution is to digitally move the note to the industry stakeholders who need it. Taking the mortgage process online provides home buyers with accuracy, clarity and transparency – in addition to speed and convenience. We are fanatical about innovating and will continue to invest our time and resources in technology that helps us breaks down the cumbersome barriers of the old-fashioned mortgage process.”
The duo added that from an investor perspective, the eNote is the most critical component of a mortgage transaction. Additionally, the eVault is designated as the location for a given note and it holds the “authoritative copy” or the electronic original copy.