Rocket Mortgage: Difference between revisions
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Quicken Loans Inc. is currently the defendant in a major 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 suit alleges that Quicken is in violation of the [[Fair Labor Act]] for failing to pay the plaintiffs overtime for working beyond a 40-hour work week.<ref>{{Citation| last = Dybis| first = Karen| title = Former Quicken Loans workers file suit| newspaper = The Detroit News| year = 2005| date = February 10| url = http://www.detnews.com/2005/business/0502/10/C01-85672.htm}}</ref> |
Quicken Loans Inc. is currently the defendant in a major 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 suit alleges that Quicken is in violation of the [[Fair Labor Act]] for failing to pay the plaintiffs overtime for working beyond a 40-hour work week.<ref>{{Citation| last = Dybis| first = Karen| title = Former Quicken Loans workers file suit| newspaper = The Detroit News| year = 2005| date = February 10| url = http://www.detnews.com/2005/business/0502/10/C01-85672.htm}}</ref> |
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== Executives == |
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Joel Gurman - Divisional Vice President<br /> |
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Graham Skidmore - Divisional Vice President<br /> |
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Tony Nuckolls - Divisional Vice President<br /> |
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Jeff Perry - Divisional Vice President<br /> |
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Jay Farner - Sales Manager<br /> |
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'''Top Producing Loan Officers'''<br /> |
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Bruce Schwartz<br /> |
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Victor You<br /> |
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Eric Brevik II<br /> |
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Merribeth Quigley<br /> |
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Lesley Shaheen<br /> |
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Cory Scholl<br /> |
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Michael Huber<br /> |
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Marcus Castro<br /> |
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Brad Shiffman<br /> |
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Jim Komoroski<br /> |
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Justin Fendelet<br /> |
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Kevin O'Shaughnesse |
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==References== |
==References== |
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Revision as of 05:56, 17 November 2007
| File:Ql logo w home.gif | |
| Company type | Private |
|---|---|
| Industry | Finance and Mortgage |
| Founded | 1985 |
| Headquarters | Livonia, MI, the United States |
Key people | Dan Gilbert, Founder and Chairman William Emerson, CEO Patrick McInnis, President |
| Products | Mortgage |
Number of employees | 4,000 |
| Website | www.quickenloans.com, |
Quicken Loans Corporation is a retail home mortgage lending firm in the U.S. Quicken Loans Inc. is comprised of the Quicken Loans and Rock Financial, and Title Source, a settlement service provider.
The company employs about 4,000 workers and is currently headquartered in Livonia, Michigan.
History
Quicken Loans, originally Rock Financial Corporation, was founded in 1985 by Dan Gilbert and Ron Berman and soon became one of the largest independent mortgage companies in the country. In May 1998, Gilbert took Rock Financial public, launching a successful IPO underwritten by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for a sum of $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.[1]
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.[2] The construction sites reserved for development by the agreement include the location of the former Statler on Grand Circus Park and the former Hudson's location.[3]
Employment Levels
While Quicken Loans has not had the massive layoffs of other companies in the industry, the company has seen a drop in employment levels due to attrition. Quicken Loans states that they have lost about 160 people over the past few months. Quicken Loans currently has a hiring freeze (no information on when the freeze took place) and an attrition level of about 36 percent per year. Quicken has hired an average of 250 Loan Officers per month since 2004 or about 3000 trainees per year. They did not hire new staff in September, October or November of 2007, but will be in December of 2007. [4]
2007 Credit Crunch
In August of 2007 the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response to that Quicken Loans stopped doing all:[5]
- Second Mortgages
- Home Equity Lines of Credit (HELOC)
- Alt-A Products
- Deferred Interest Loans
Gilbert is quoted as saying that Quicken is active in closing "plain vanilla loans".
Class Action Lawsuit
Quicken Loans Inc. is currently the defendant in a major 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 suit alleges that Quicken is in violation of the Fair Labor Act for failing to pay the plaintiffs overtime for working beyond a 40-hour work week.[6]
Executives
Joel Gurman - Divisional Vice President
Graham Skidmore - Divisional Vice President
Tony Nuckolls - Divisional Vice President
Jeff Perry - Divisional Vice President
Jay Farner - Sales Manager
Top Producing Loan Officers
Bruce Schwartz
Victor You
Eric Brevik II
Merribeth Quigley
Lesley Shaheen
Cory Scholl
Michael Huber
Marcus Castro
Brad Shiffman
Jim Komoroski
Justin Fendelet
Kevin O'Shaughnesse
References
- ^ "The 400 richest Americans". Forbes Magazine. 2007-8-24. Retrieved 2007-8-24.
{{cite news}}: Check date values in:|accessdate=and|date=(help) - ^ Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
- ^ Loc. cit.
- ^ "Gilbert: Housing slump hits Quicken". The Detroit News. 2007-10-15. Retrieved 2007-10-15.
- ^ "Gilbert: Mortgage squeeze could be blessing for Quicken". The Detroit Free Press. 2007-8-16. Retrieved 2007-8-16.
{{cite news}}: Check date values in:|accessdate=and|date=(help) - ^ Dybis, Karen (February 10), "Former Quicken Loans workers file suit", The Detroit News
{{citation}}: Check date values in:|date=and|year=/|date=mismatch (help)
External links