Quicken Loans Reports Best Quarter in Company’s 34-year History

Detroit-based Quicken Loans today announced that the second quarter of 2019 was the best in the 34-year-old company’s history, closing on $32 billion in loans during the second three months of the year.
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Quicken Loans building
Quicken Loans reported the second quarter of 2019 was the best in its 34-year history. // Photo courtesy of Quicken Loans

Detroit-based Quicken Loans today announced that the second quarter of 2019 was the best in the 34-year-old company’s history, closing on $32 billion in loans during the second three months of the year.

The second quarter of the year was the first three times the company has originated more than $10 billion in a single month, with each month setting a new record for the highest closed loan volume – culminating in June being the best month in Quicken Loans history. In June, the company closed nearly $11 billion in mortgage volume, contributing to the $32 billion originated for the quarter.

In addition to the historic quarter, Quicken Loans is hiring in its offices in Detroit, Cleveland, Phoenix, and Charlotte. There currently area 1,300 positions available for mortgage bankers, QLMS account executives, underwriters, software engineers, data scientists, paid interns, and other position. Job-seekers can go to MyRocketCareer.com to learn about the available positions and to apply.

“The single focus since our company’s inception has been to help our clients achieve the dream of homeownership while delivering the highest levels of service and care,” says Jay Farner, CEO of Quicken Loans. “This simple philosophy has created a unique culture empowering our dedicated team members to set and surpass records while growing our position as America’s largest lender. Our team members have never wavered from setting the bar and delivering the best client service in the industry to our millions of clients – even through this significant growth.”

Adding to the historic quarter, in May Quicken Loans had the highest closed loan volume for home purchases in the company’s history. More than two-thirds of those using Rocket Mortgage, Quicken Loans’ ubiquitous, fully online mortgage process, use it to buy a home. Three-quarters of those home shoppers are buying their first home.

Homebuyers also have been drawn to Quicken Loans’ exclusive Rate Shield product, which locks an interest rate for 90 days while the buyer looks for a home, according to the company. The buyer is protected if rates go up, but if rates go down, their rate drops too. This allows them to search for a home without having to worry about changing rates affecting their budget.

“The ultimate impact of a record-breaking quarter is that we can continue to reinvest our resources into communities like Detroit through our ‘For-More-Than-Profit’ approach,” says Farner. “From education and housing stability initiatives to entrepreneurship programs, our team members are at the forefront of growth both in the business and the communities in which they live, work, and play.”

Over the last nine years, Quicken Loans and the Rock Family of Companies have invested more than $200 million and more than 500,000 volunteer hours in its communities. These efforts are only possible because of the record number of mortgage closings the company has reached.

Successes, like the one in the second quarter, have allowed Quicken Loans to impact the community through a variety of programs. Some examples include: helping Detroiters stay in their homes and avoid tax foreclosure through the Neighbor to Neighbor initiative, being a lifeline to nearly 5,000 residents. Each mortgage Quicken Loans closes paves the way for renters, whose landlords have neglected to pay property taxes, to become the owners of the properties they’ve called home. Nearly 600 already have become homeowners through the Make it Home program. Having started as a small business 34 years ago, Quicken Loans’ growth allowed the company to create events like Quicken Loans Detroit Demo Day providing $3.4 million to entrepreneurs over the last three years, to build their businesses in Detroit.

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