Detroit’s Quicken Loans Inc. is America’s largest mortgage lender, having originated $20.5 billion in home loan volume during the first quarter of 2018. The volume was more than $4 billion above the next largest competitor.
The results mark the second consecutive quarter Quicken Loans has topped the list of more than 30,000 lenders nationwide.
The $20.5 billion is a 5 percent increase year-over-year, despite industry trends that include rising interest rates, an expensive cost structure, and the need for capital investment in 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,” says Jay Farner, CEO of Quicken Loans. “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.”
Quicken Loans has integrated technology from Rocket Mortgage, its completely online and fully personalized mortgage experience, into its entire business. About 98 percent of the company’s volume in the first quarter was generated via the Rocket Mortgage platform.
The company successfully e-closed its first loan in late 2017, when a client accessed all necessary information and legal documents on a tablet. In February, a client participated in the first remote online notarization, closing on a mortgage with the notary present via video chat. The entire mortgage process from application to closing was done digitally.
Quicken Loans has closed more than $400 billion of mortgage volume across the United States from 2013-2017.
Note: Quicken Loans reports the first 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.