||A major contributor to this article appears to have a close connection with its subject. (July 2013)|
|Headquarters||Detroit, Michigan, USA|
Quicken Loans Inc., headquartered in Detroit, Michigan is, since 2012, the largest online retail mortgage lender (NMLS #3030) and the second largest overall retail lender in the United States. The company consists of Quicken Loans, One Reverse Mortgage, and Title Source, a mortgage settlement service provider. Quicken Loans closed more than $70 billion in home loan volume in 2012, a 133 percent increase over the previous record of $30 billion set in 2011. The company also doubled its growth.
Quicken Loans, originally Rock Financial Mortgage, was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. In July 1987 the name was changed to Rock Financial Corp. Rock Financial became one of the largest independent mortgage companies in the country. As RFC grew so did the head count, hitting 50 employees in August 1991 as the "refi" boom began. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for $532M. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for just $64M.
On November 12, 2007, Quicken Loans founder Dan Gilbert announced a development agreement with the city to move the company headquarters to downtown Detroit, consolidating suburban offices. The construction sites reserved for development by the agreement included the location of the former Statler on Grand Circus Park and the former Hudson's location.
Quicken Loans moved its headquarters from the Michigan suburbs to the Compuware Building in the heart of Detroit’s business district in August 2010. The initial move brought 1,700 employees to the city.
Since 2009, Quicken has leased office space in the Compuware building facing Campus Martius Park in Detroit. The company also houses its employees in Downtown Detroit’s First National Building, The Qube, Chrysler House, One Woodward Avenue, and 1001 Woodward – all owned by Quicken Loans’ parent company, Rock Ventures.
In 2014, Quicken Loans has grown to be the 2nd largest mortgage lender in the USA, and remains the nation’s largest online mortgage lender. The company employs 10,000 people, with more than 8,000 now working in the city of Detroit.
In the spring of 2008, Rock Holdings entered the reverse mortgage market with the acquisition of One Reverse Mortgage in Southern California.
In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response, Quicken Loans discontinued:
- Second mortgages
- Home equity lines of credit (HELOC)
- Alt-A products
- Deferred interest loans
In 2004, Quicken Loans Inc. became a defendant in a class action lawsuit. This was filed against the company on behalf of employees who worked as loan consultants for any Quicken office within the past three years. The claimants alleged that Quicken violated the Fair Labor Standards Act (FLSA) by failing to pay the plaintiffs overtime for working beyond a 40-hour work week. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. On March 17, 2011, a federal jury in downtown Detroit found in favor of Quicken Loans, ending the seven-year-old lawsuit. The decision means that Quicken Loans is not responsible for overtime payments to the plaintiffs.
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