Homebuyers and refinancing homeowners using Quicken Loans will now be able to submit their financial information in one step, thanks to Fannie Mae’s Single Source Validation pilot program.
Rocket Mortgage by Quicken Loans already allows buyers and owners to import data directly from their bank, and now the Single Source Validation tool will use that data to identify consumers’ employment and income information by reviewing direct deposit information from their bank account, instead of asking consumers to turn in pay stubs, W2s and manually contact employers.
“Quicken Loans is the pioneer of the online mortgage. We have been communicating with our clients remotely and receiving their documents electronically for more than 15 years, always striving to make the process less cumbersome and reduce the stress for our clients,” said Quicken Loans CEO Jay Farner in a press release.
“Now that the entire mortgage process is online with Rocket Mortgage, we continue to drill down into each step of the process, focusing on ways to improve transparency and speed. 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.”
The Single Source Validation program works in conjunction with Fannie Mae’s Desktop Underwriter Validation Service, a tool that enables mortgage bankers to validate loan application data upfront, released in March.
Farner says the goal of the pilot program is to get feedback from consumers and bankers, make improvements and launch a broad rollout in 2018.
We’ve reached out to Quicken Loans for more details and will update the story accordingly.