- Value of Quicken’s home mortgages grows to $70 billion in 2012
- Business environment mixes casual with high power
- Going all-online assists business shrink mortgage approval time and energy to about thirty day period
DETROIT — Nerf gunfights and costume competitions aren’t motivated inside major home loan banking organizations. But at Quicken Loans’ head office in downtown Detroit, high jinks and horseplay figure prominently in a corporate tradition that is upending the industry’s more buttoned-down players.
The newest data reveal the worthiness regarding the company’s home mortgages soaring to $70 billion just last year from $12 billion in 2008. Quicken, which runs on line with no brick-and-mortar storefronts, now ranks because the country’s third-largest mortgage that is residential, shutting in on number 2 JP Morgan Chase, centered on 2012 fourth-quarter numbers. In a very fragmented industry, Quicken now writes almost 5% of most domestic mortgages in the U.S., and it is nevertheless growing.
Record-low interest levels have assisted, spurring a refinancing boom which have boosted earnings. And despite several fees of extremely aggressive product sales practices plus some debateable loans, analysts credit Quicken with prospering today given that it mostly remained out of the worst kind of home loan methods that punctuated the country’s housing meltdown. Read More