Getting a mortgage has traditionally involved filling out a ton of paperwork and gathering a mountain of documentation from various sources. With Rocket Mortgage® by Quicken Loans, we’ve been able to take the process of gathering your documentation online.
Now, as part of a new pilot with Fannie Mae that will roll out more broadly in 2018, we’re working to simplify the process even further: We’re able to verify your income, assets and employment just by looking at the direct deposit information on your bank statement.
We’ll go over exactly how this works and what it means for clients applying for Fannie Mae conventional loans.
The Power of the Bank Statement
Bank statements are already used by lenders, including Quicken Loans, to verify the amount of assets you have for reserves – a measure of the number of months you would be able to make your payment if your income lapsed. Under the new pilot program, we can also use the direct deposits on your bank statement to verify income and employment.
Quicken Loans CEO Jay Farner said that this was a major step forward for our clients.
“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 Farner. “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.”
If you have your checks direct-deposited, we can analyze your direct deposits in order to verify your income. This eliminates the need for clients to provide pay stubs and W-2s.
Since these direct deposits come from the same source when you get paid, we can also use them to verify your employment without the need to manually call an employer, saving time and getting you to the closing table faster.
This benefits both our Rocket Mortgage clients and those who choose to talk to us on the phone. One of our Home Loan Experts will happily take you through the use of our online tool for asset imports. Clients importing income and assets see an average of 12 days cut off their mortgage process.
Farner said it isn’t just about speed.
“In addition to the added speed and convenience, this is also a major accomplishment in making the process safer and more accurate – because we are gathering robust data directly from the source,” he said.
If you’re ready to buy or refinance, you can get started online or get in touch with one of our Home Loan Experts by calling (800) 785-4788. We’ll be happy to answer any questions in the comments.
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