The mortgage business has been a bit rocky in recent years, but that doesn’t appear to be holding back Quicken Loans.
The Detroit-based lender logged its best quarter ever, raking in $32 billion in mortgage originations in the second quarter of 2019 – the most in its 34-year history.
In each month of Q2, Quicken Loans originated more than $10 billion – a company record – topping it off with $11 billion in June, marking its best month ever.
The company also said that it logged its greatest volume of closed purchase loans in May. Of these closed loans, two-thirds were handled through its digital Rocket Mortgage platform, and three-quarters were loans made to first-time homebuyers.
“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,” said Quicken Loans CEO Jay Farner.
“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,” Farner added. “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.”
Farner said that the record-breaking quarter will allow the company to channel more resources toward its philanthropic, community-building efforts.
In just under a decade, Quicken Loans and the Rock Family of Companies have invested more than $200 million in its communities, the company said.
“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,” Farner added.