Quicken Loans Inc. , is a mortgage lending company headquartered in the One Campus Martius building in the heart of downtown Detroit, Michigan's financial district. In January 2018, the company became the largest retail lender in the US (also the largest online retail mortgage lender). Unlike other large mortgage lenders that rely on deposits, Quicken Loans relies on wholesale funding to make loans and use online applications rather than branch systems. Source Titles and One Reverse Mortgage are also part of the Quicken Loans Corporate Family. The company shuts down more than $ 400 billion of mortgage volume across 50 countries from 2013 to 2017.
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Histori
Quicken Loans, originally Rock Financial , was founded in 1985 by Dan Gilbert, Gary Gilbert and Lindsay Gross. In July 1987, its name was changed to Rock Financial Corp .
As the RFC grew so did the head count, hit 50 employees in August 1991. In May 1998, Gilbert took on the Rock Financial public, launching an IPO covered by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (maker of QuickBooks, TurboTax, Quicken, and QuickenMortgage online lending platforms) bought Rock Financial Corp for $ 532 million. The company changed its name to Quicken Loans. In June 2002, Dan Gilbert led a small group of private investors to buy Quicken Loans subsidiaries back from Intuit for $ 64 million.
Companies began to change direction in the late 1990s, switching from traditional mortgage providers to online-focused lenders. Traditionally, home mortgage business in America has been split due to various regulations in every state and locality. Gilbert challenges this orthodoxy, however, by offering online loan applications that are reviewed by experts experienced in the respective regulations of the region but who are at the headquarters.
On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the downtown headquarters, consolidating the suburban offices. Construction sites provided for construction with the agreement include the location of the former Statler Hotel at Grand Circus Park and the former Hudson location. Quicken Loans moved into its headquarters in August 2010. The initial step brought 1,700 employees to the city.
Since 2009, Quicken rented an office space in the Compuware building overlooking Campus Martius Park in Detroit. The company also accommodates its employees at First Main Building in Downtown Detroit, The Qube, Chrysler House, One Woodward Avenue and 1001 Woodward, all owned by Quicken Loans parent company Rock Ventures.
In the spring of 2008, Rock Holdings entered the reverse mortgage market with the acquisition of One Reverse Mortgage.
The company saw a small drop in job levels following the 2008 financial crisis.
In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response, Quicken Loans is discontinued:
- Second Mortgage
- House equity credit line (HELOC)
- Alt-A products
- Deferred interest loan
In 2004, Quicken Loans became defendant in a class action lawsuit. This was filed against the company on behalf of an employee who has worked as a loan consultant for Quicken's office in the last three years. Prosecutors allege that Quicken violated the Fair Labor Standards Act (FLSA) by not paying overtime plaintiffs to work beyond 40 hours of work a week. Quicken Loans rejects this claim, saying it does not know of any violation of the FLSA. On March 17, 2011, a federal jury agreed with Quicken Loans, ending a seven-year lawsuit. The decision means that the Quicken Loan is not obligated to pay overtime to the claimant.
In 2014, Quicken Loans grew to become the 2nd largest mortgage lender in the United States, and remains the largest online mortgage lender in the country. The company employs 24,000 people across the country, with some 17,000 now working in Detroit, making it the largest company in Detroit, a minority company, and taxpayers.
In 2016, Quicken Loans launched Rocket Mortgage, one of the first online mortgage lenders to the fullest.
In January 2018, Quicken Loans became the largest mortgage lender in the country.
Maps Quicken Loans
See also
- Quicken Loans Arena - A multi-purpose arena in Downtown Cleveland, Ohio.
- Suburban Collection Showplace (formerly known as Rock Financial Showplace) - Convention center in Novi, Michigan
References
External links
- Quicken Loans
Source of the article : Wikipedia
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