DETROIT, Feb. 8, 2018 /PRNewswire/ — Detroit-based Quicken Loans, America’s largest residential mortgage lender and leader in FinTech innovation, today announced a partnership with Airbnb, enabling the property rental company’s hosts to use rental income on a primary residence to refinance their mortgages.
“Technology is at the heart of everything we do at Quicken Loans, so it is a natural fit for us to partner with one of Silicon Valley’s most innovative companies,” said Jay Farner, Quicken Loans CEO. “Quicken Loans created Rocket Mortgage, the world’s first and only fully online, on-demand mortgage product. Rocket Mortgage has quickly become our company’s platform where all of our client focused technology is accessible to consumers. Rocket Mortgage is to Quicken Loans as iPhone is to Apple. We are very excited to be collaborating with the leader in home-sharing and tech-driven property rentals. Airbnb and Quicken Loans are firmly aligned to drive innovation in the real estate industry to dramatically improve and simplify client experience, as well as saving homeowners time and money.”
Through this partnership, Quicken Loans clients can now use income from leasing all or part of their home to guests on Airbnb to refinance their mortgage. Using this additional revenue in debt to income (DTI) calculations opens refinancing opportunities to Airbnb hosts enabling them to easily tap into their home equity, making home improvements so they can increase their rent on Airbnb or even welcome more guests. This partnership – like all recent housing innovations – is driven by accurate, real-time, recorded data. Hosts’ home sharing income is shown on their Proof of Income, which they can download from their Airbnb account.
Quicken Loans is constantly finding ways to bring disruptive technology to improve Americans’ financial lives. In early 2016 Quicken Loans introduced Rocket Mortgage, the world’s first fully online, on-demand mortgage experience, completely customized to fit clients’ unique financial situations.
The company ended 2017 with the announcement that its clients can now make their mortgage payment with just the sound of their voice, thanks to Amazon’s Alexa. Among other recent tech-driven announcements, Quicken Loans is taking part in Fannie Mae’s Single Source Validation pilot – allowing clients to digitally verify their employment, income and assets in one step instead of three.
In September 2017, Quicken Loans joined with Facebook, Google, Amazon and other major tech brands when members of the Internet Association pledged more than $300 million to K-12 computer science education programs. Quicken Loans itself committed the financial resources required to ensure more than 15,000 Detroit Public Schools students receive the computer science training they deserve.