Quicken Loans closes most mortgages ever in September
Quicken Loans closed more mortgages in September than any month in the firm's 25 years. The Detroit-based mortgage bank closed about 15,500 home loans with an aggregate balance of $3.4 billion last month, up from 14,000 and $3.15 billion in August, which were both records prior to September's results. An increase in the company's retail government-lending programs (through the Federal Housing Administration and Department of Veterans Affairs) helped monthly results. Overall the Internet-based lender closed $25 billion of mortgages last year and expects to close more than $30 billion in 2010. "Our technology and process-driven home lending platform continues to separate itself from the entire industry with its unparalleled capacity, speed, geographic reach and client experience," said Dan Gilbert, founder and chairman. Quicken Loans processed nearly three-fourths of its loan closings last month in 28 business days or less, "despite the immense volume that flooded". Chief executive Bill Emerson said the "principal strategy of Quicken Loans has allowed us to consistently outpace our peers in capacity, execution, and client satisfaction with far lower costs. Write to Jason Philyaw.