Detroit-based lender’s proprietary technology and award-winning client service leads to further market share gains
DETROIT, May 2, 2018 – Quicken Loans has extended its lead as America’s largest mortgage lender, originating $20.5 billion in home loan volume during the 1st quarter of 2018, which increases its lead on the next largest competitor by more than $4 billion in volume. This marks the second consecutive quarter the Motown mortgage lender has topped the list of more than 30,000 lenders nationwide.
Quicken Loans’ origination volume was an increase of 5 percent year-over-year in the 1st quarter. This growth comes at a time when many of the industry’s largest players continue to face strong headwinds as they deal with the effects of rising interest rates, an expensive cost structure, and the need for significant capital investment into technology and talent development.
“Quicken Loans is focused on the same things that have differentiated us for many years. We are committed to our unique culture, investing in our talented people, leading technology, and our unparalleled client experience,” said Jay Farner, Quicken Loans CEO. “Rocket Mortgage is game-changing technology, but it’s just the beginning. Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives.”
Rocket Mortgage, the first completely online and fully personalized mortgage experience, is no longer a stand-alone product. Quicken Loans has been integrating technology that was once exclusive to the Rocket Mortgage experience across its entire business. 98% of the company’s volume in the first quarter accessed the Rocket Mortgage platform during the processing and closing of their mortgage.
Whether clients choose to start the process directly online at RocketMortgage.com, or with the expert help of our talented mortgage bankers, this integration allows clients to leverage the efficiency and speed of Rocket Mortgage, providing instant approvals and shaving days – or even weeks – off the time from application to closing. Rocket Mortgage technology has allowed clients to go from creating an account to signing closing documents in as few as 8 days on a refinance, and 16 days on a purchase.
Quicken Loans is always finding new ways to improve speed and transparency for its clients. An important step in that process is ending the mortgage experience the same way it starts – digitally. Quicken Loans successfully e-closed its first loan in late 2017, when a client accessed all of their information and legal documents on a mobile tablet. In addition, in February, a Quicken Loans client participated in the first remote online notarization – closing on a mortgage with the notary present via video chat. As a result, the entire mortgage process from application to closing was done digitally.
Rocket Mortgage has been especially popular with first-time home buyers, translating to record purchase mortgage volume in Q1.
Quicken Loans continues to invest in connecting with current and future homebuyers. In addition to reaching the 100 million+ viewers of Super Bowl LII, the Quicken Loans brand was recently featured in a major motion picture release during Marvel Studios’ Avengers: Infinity War. The national lender is also in the middle of its third PGA TOUR season with pro golfer Rickie Fowler. Additionally, the company entered the fast-growing esports world, by sponsoring 100 Thieves and the Cavs Legion, two of the country’s most exciting professional video gaming teams.
*1st quarter 2018 lender volumes and market share were acquired from information gathered from public company disclosures, industry publications, and other highly-credible sources known to Rock Holdings, Inc., the parent company of Quicken Loans. Calculations of closed loan volume and market share do not include closed loans purchased from other originating lenders who handled all consumer communication and interaction, processed, closed and funded the loan.
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About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past eight consecutive years, 2010 – 2017, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past four consecutive years, 2014 – 2017.
Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2018 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 15 consecutive years. The company was also named the #1 place to work in technology in 2017 by Computerworld magazine’s “100 Best Places to Work in IT,” a recognition it has received 8 times in the past 12 years.
For more information and company news visit QuickenLoans.com/press-room.