- Joined
- May 7, 2006
- Messages
- 292
- Reaction score
- 1
Quicken loans was ROCK financial that was sold to Intuit (then called mortgage division Quickenloans) before the 99 Fed rate hikes. Danny Gilbert was the main owner, with partners. Quicken didn't do so well, and it was sold back (by Intuit) a few years ago for pennies on the dollar, to Dan Gilbert and friends. It retains the name quicken and is also called ROCK. Their corporate HQ is back in Michigan - Detroit suburbs.
Most of their products are Countrywide's. They are a huge originator of CW wholesale. Thus they have the no doc with the best rate if you qualify. It's called "Fast and Easy". I did many of those for my clients during my short 1 yr stint with CW Novi, MI while I was doing a fellowship in Ann Arbor, since RBC didn't have a large branch there, and I didn't want to keep sending my deals back to Chicago.
Now then - there is the different option, called the correspondent. A bank/broker can use Citimortgage guidelines, underwrite and close the loan, which becomes Citimortgage loan right after closing.
We can get into more details about selling, and how a bank/broker can not only directly sell their own loans to Fannie Mae/FHMLC, etc or on Wall Street (bundled 10-20mil) but can also sell the "servicing" of the loan to Chase, WAMU or CW.
Lot's of options.
Anyway - I know the folks at Quicken/Rock, and they have a great system.
Most of their products are Countrywide's. They are a huge originator of CW wholesale. Thus they have the no doc with the best rate if you qualify. It's called "Fast and Easy". I did many of those for my clients during my short 1 yr stint with CW Novi, MI while I was doing a fellowship in Ann Arbor, since RBC didn't have a large branch there, and I didn't want to keep sending my deals back to Chicago.
Now then - there is the different option, called the correspondent. A bank/broker can use Citimortgage guidelines, underwrite and close the loan, which becomes Citimortgage loan right after closing.
We can get into more details about selling, and how a bank/broker can not only directly sell their own loans to Fannie Mae/FHMLC, etc or on Wall Street (bundled 10-20mil) but can also sell the "servicing" of the loan to Chase, WAMU or CW.
Lot's of options.
Anyway - I know the folks at Quicken/Rock, and they have a great system.
Dude..
Perhaps I should have expanded when I said I was self-employed...
So your implying that quickenloans.com does not require income documentation when underwriting a loan? They don't need any proof?
That means that Quickenloans services their own loans, right? Unless the mortgage company is a huge bank 99% of the time a mortgage bank is going to sell your loan to another bank. The reason they sell the loan is to make additional revenues. The bank gets paid to sells loans to other banks.
In order to sell a loan (like yours) the mortgage bank that originates the loan must abide by a general set of underwriting guidelines to approve the mortgage. In other words Quicken uses rules that Wells Fargo makes so that Quicken can turn around and sell the loan to them for a fast profit. Wells Fargo doesn't want a bunch of risky loans so they make the rule. Countrywide, Chase, PNC, are just a few of the huge mortgage banks out there. Everyone else is just a starts the loan and the biggies buy them up on the secondary mkt.
So you saying Quicken doesn't check income requirements is wrong. They don;t service their own loans...unless you believe some hack on the phone y...you better stick to chem and bio...
They don;t sell their loan off to Countrywide or Wells Fargo?