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Detroit-based mortgage giant Quicken Loans on pace to set home loan record
Mortgage giant Quicken Loans, one of Detroit's biggest employers, says that 2019 will go down as the best year in its history for overall volume of home loans.
Driven by lower interest rates that pushed more consumers to refinance their mortgages, Quicken Loans is on pace to originate more than $140 billion in 10 year mortgage rates quicken loans for the year. That result would shatter the company's previous volume record of $96 billion set in 2016.
“It absolutely will be a record," Bob Walters, Quicken's president and chief operating officer, said Tuesday in a phone interview. "And it’s finishing strong. Usually this time of year there is a natural slowdown … but this year, we really aren’t seeing that."
A healthy Quicken Loans is ordinarily good news for Detroit. Quicken Loans is the biggest revenue generator in the business empire of Dan Gilbert, and since the firm moved its headquarters to Detroit from Livonia in 2010, profits from and investments by Gilbert's enterprises have helped to speed Detroit's revitalization — especially downtown.
Since late 2017, Quicken Loans has been 10 year mortgage rates quicken loans by industry publications as the nation's No. 10 year mortgage rates quicken loans direct-to-consumer mortgage lender, ahead of Wells Fargo and Bank of America.
More: How Dan Gilbert has made Quicken Loans thrive in mortgage industry
However, in the highly fragmented mortgage industry, where consumers can visit some 30,000 bank branches and credit unions for a home loan, Quicken commanded a market share of just 5.7% in the third quarter, according to Inside Mortgage Finance.
Walters said Quicken's market share could rise to about 7%.
Like mortgage lenders across the country, Quicken benefited from the surge in refinancing activity that kicked off in late winter and early spring once rates began falling.
The fixed rate on a 30-year mortgage was 4.4% in March, sliding down to 3.5% in September, according to data from Freddie Mac. The rate was about 3.7% last week.
With its online-only business model, Quicken Loans has traditionally performed well when consumers are doing a large amount of refinancing.
The Mortgage Bankers Association expects mortgage refinancing originations to total about $796 billion this year, a 70% increase from 2018. And the share of refinancing activity rose to 38% of all originations compared to 28% last year.
Quicken Loans does not disclose the amount of refinancing business it does in 10 year mortgage rates quicken loans to home purchase mortgages.
"I will say that with interest rates falling, refinance has skewed higher than in the past," Walters said, "but we don’t give out the exact numbers."
This year's refinancing surge was a surprise for some mortgage lenders such as Wells Fargo, which scrambled to hire this year after having cut hundreds of jobs last year in expectation of a mortgage business slowdown, according to Reuters.
Even though Quicken Loans never did any mass layoffs, Walters said the firm still needed to hire a lot more people this year and that its employee count is up about 3,500 people year-over-year. The majority of those new hires happened in Detroit, he said.
"It’s been a huge influx and obviously great for us and great for the city," he said.
Walters said that Quicken's total headcount is only slightly higher than when it hit its previous mortgage volume record three years ago. Quicken says it employs about 18,000 nationwide, more than 15,000 in Detroit.
“We’re able to process and close more loans per person," Walters said. "So that’s why we’re able to do $140 (billion), $145 billion with a relatively similar number of people as we had a couple years back.”
Yet the excitement of a phenomenal year has been tempered by concerns for Quicken's founder and chairman Gilbert, 57, who suffered a stroke during Memorial Day weekend. Gilbert has made no public appearances since then and has yet to return to his regular day-to-day work routines.
"He’s improving all the time," Walters said about Gilbert's recovery. "He’s focusing on himself at this point."
Founded in 1985, Quicken Loans is classified as a nonbank mortgage lender because it doesn't function as a traditional bank that takes deposits and offers checking accounts.
Among the 25 largest originators, nonbanks now do about 51% of all mortgages, up from 10% in 2009, according to the Financial Stability Oversight Council.
Contact JC Reindlat 313-222-6631 or [email protected] Follow him on Twitter@jcreindl. Read more on business and sign up for our business newsletter.
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Is There a Difference Between Quicken Loans and Rocket Mortgage?
Understanding the distinction between Quicken Loans and Rocket Mortgage is important if you’re looking to use the company during your homebuying journey. Rocket Mortgage is the online mortgage solution offered by Quicken Loans. You can use the Rocket Mortgage website to apply for a loan, get approved, and even to make your mortgage payment after the loan closes.
You’ll work entirely through the Rocket Mortgage platform during your transaction, but Quicken Loans is the company that actually processes and creates the loan behind the scenes.
Key Takeaways
- Rocket Mortgage by Quicken Loans might be the right fit for you if you’re looking to secure a mortgage quickly and feel confident doing so on your own.
- Rocket Mortgage provides less guidance than you would normally receive from personal contact with an agent.
- Consider all your mortgage lender options global cash card free atm withdrawal starting your homebuying journey.
Rocket vs. Quicken: The Same, But Different
Quicken Loans is the highest-volume lender in the U.S. when it comes to the total number of loans, originating over 541,000 in 2019, the most recent year for which statistics 10 year mortgage rates quicken loans available.
The company launched Rocket Mortgage in 2015 to serve as its “online retail lending platform,” according to CEO Bill Emerson in a press release in November 2015. Quicken Loans has continued to operate a separate company website, but consumer applications are usually routed through the Rocket Mortgage platform, which is available online or via mobile app.
You can talk to a Rocket Mortgage agent on the phone if you prefer not to apply online.
How Rocket Mortgage Works
The Rocket Mortgage application asks you a series of questions about your credit, your finances, and your potential home purchase. You’ll have to agree to a credit check and enter the passwords for your bank and other financial accounts. That allows the site to access and verify real-time financial data.
You’ll be told within minutes whether you’re approved for a loan after this information is entered and gathered, as well as the interest rate and the loan terms you’ve qualified for.
You can make your monthly mortgage payments through the Rocket Mortgage website after your loan is closed.
Benefits of the Rocket Mortgage Platform
The Rocket Mortgage platform (and the online process it offers) is one of Quicken Loans’ biggest selling points. The company says it saves users both time and money. It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes.
Rocket Mortgage also allows you to apply for a loan from anywhere using a computer or mobile device, and it requires no physical paperwork. The site imports your financial data, so there’s no need to fax, scan, or upload any financial documents. You can chat with your loan officer online, and e-signatures are accepted.
The company is also highly rated by past buyers. According to J.D. Power’s 2018 U.S. Primary Mortgage Origination Satisfaction Study, Quicken Loans claims the highest customer satisfaction levels in the country and had for nine straight years as of 2018.
Downsides of Rocket Mortgage
The biggest drawback of using Rocket Mortgage by Quicken Loans is that you have less guidance than you would if you were applying over the phone or in person. Yes, you have the option to chat or contact a “Home Loan Expert,” but it’s not required in most cases.
This lack of hand-holding can make the overall mortgage process seem more confusing and intimidating for first-time homebuyers. It’s also not the best option for buyers with poor credit or those who are self-employed. Rocket Mortgage requires a minimum credit score of 580, and self-employed applicants must work with an agent in order to get approved.
Rocket Mortgage Pros
Convenient application process
Fast preapproval and processing
High satisfaction ratings
No physical paperwork required
Rocket Mortgage Cons
Less hands-on help than traditional methods
Not suited for buyers with poor credit
Self-employed buyers can’t complete the application online
Who Should Use Rocket Mortgage?
Rocket Mortgage was created by Quicken Loans to allow buyers to conduct the entire mortgage transaction online. You can reach out to an agent on the platform if you’re not comfortable inputting your financial data online or if you have questions. Rocket Mortgage uses bank-level encryption to protect any data transmitted on its platform so you can apply and manage your mortgage right from home.
Frequently Asked Questions (FAQs)
How do home loans work?
A home loan, also known as a mortgage, is a loan you use to purchase a home. The loan is also secured by your home, which means that if you stop paying on your loan, the lender can seize the home and sell it. There are several types of home loans, including conventional, FHA, VA, and USDA mortgages. Home loans can also have fixed rates, which have the same interest rate for the length of the loan, or variable rates, which the lender can change subject to specific limits.
How do home equity loans work?
Home equity is the difference between the balance of your mortgage and the value of your home. If you have a home valued at $200,000 and you owe $150,000 on your home, you have $50,000 in equity. You may be able to borrow against a portion of that equity, which is a home equity loan. You can use the loan proceeds for any purpose, and the loan is also secured by your home.
Quicken Loans 
Introduction to Quicken Loans
Quicken Loans, which describes itself as "America's Home Loan Experts," draws upon more than 30 years of mortgage industry experience in serving the needs of its customers. As the nation's largest online mortgage lender (and second largest home loan lender overall), Quicken is licensed to do business in all 50 states, handling the entire mortgage process online or by phone – they can even bring the closing to you.
Quicken Loans has earned many nods of recognition in the industry, including top honors for customer satisfaction among primary mortgage originators from J.D. Power and Associates for seven years in a row and top mortgage servicer three years running. They've also garnered ‘Best of Web’ mentions from notable business publications such as Forbes, PC Magazine and Money magazine. All of this is to say that Quicken Loans is an excellent choice to 10 year mortgage rates quicken loans with your mortgage needs.
Mortgage Rates
As an online lender, Quicken Loans offers competitive and affordable rates to customers in every corner of the United States. Fixed-rate mortgages are its most popular product, including both 30- and 15-year loans, but borrowers also have the option of choosing any loan term they wish from eight to 30 years with a low, fixed rate. Financially sophisticated borrowers can opt for adjustable-rate mortgages (ARMs) with initial terms of five or seven years in order to minimize their payments.
Quicken also offers a variety of mortgage products to meet its customer's needs. In addition to conventional mortgages, FHA and VA loans are available with appealing mortgage rates and options. For borrowers interested in higher value properties, Quicken offers Jumbo loans in amounts ranging from $425,100 to $3 million, again with competitive mortgage rates and terms.
Refinance
Quicken Loans stands ready to help you refinance your existing mortgage in order to better meet the needs of you and your family. Their mortgage refinance rates will vary according to your borrow profile and the specifics of your loan, but are always competitive.
As with home purchase loans, Quicken offers a variety of options for borrowers looking to refinance their existing mortgage. In addition to conventional refinancing, Quicken has simplified streamlined refinancing for borrowers with FHA and VA loans that offers reduced fees and documentation. HARP refinancing is available for low- and no-equity borrowers in conventional Fannie Mae/Freddie Mac borrowers, through Sept. 2017.
Quicken doesn't currently offer home equity loans or HELOCs, but there are cash-out refinance options for homeowners looking to borrow against their equity. For those age 62 and above, reverse mortgages are available through the company's One Reverse Mortgage subsidiary.
Quicken Loans Information
Quicken Loans is an A-plus web-based company operating a full featured user-friendly website online at quickenloans.com. If instead of browsing the website’s features, you wish to 10 year mortgage rates quicken loans one-on-one with a live representative of Quicken Loans in order to learn more information, simply give them a phone call at 1-800-251-9080 for efficient, knowledgeable and friendly service.
Based in Detroit, Quicken Loans is part of a family of companies that include InHouse Realty, with a partner network of more than 25,000 real estate agents; Quicken Loans Mortgage Services, providing mortgage products through traditional "brick and mortar" lenders such as community banks, credit unions and selected brokers; TitleSource, the nation's largest independent provider of title insurance, property valuations and settlement services; and the aforementioned One Reverse Mortgage, among others.
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