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Quicken Loans’ wholesale channel logs record week

Posts 400% spike from last year as retail channel boasts record-breaking Q2

Whether or not you’re a Rocket Mortgage fan, you can’t deny that Quicken Loans is on a bit of a winning streak.

Earlier this month, the lender revealed that it posted the best quarter in its 34-year history, logging a record $32 billion in mortgages in the second quarter of 2019.

Now, the lender has announced that Quicken Loans Mortgage Services – its wholesale channel that works with mortgage brokers, regional banks and credit unions – logged its best week ever with a 400% increase in clients compared with the same time last year.

According to the lender, QLMS now has more than 5,000 partners, which is more than twice the number of companies it worked with at this time last year.

The record-breaking week follows a banner second quarter for QLMS, which saw a 220% increase from the previous year, Quicken Loans said, adding that it expects to close out the year with four times the volume it saw in 2018.

Austin Niemiec, executive vice president of QLMS, said that while reduced rates have given the entire mortgage industry some momentum, Quicken Loans is building on this with exceptional products and services.

“We are proud of the fact that we have already closed more purchase volume this year than we have in any previous year in QLMS history, and it’s only July!” Niemiec said. “It speaks volumes to the confidence our partners have in our execution. We are confident that no matter the rates or the state of the economy, our partners will continue to work with us.”

Niemiec credits the company’s enhanced vendor process for driving its recent success.

“Unlike most lenders, we take care of the majority of third-party items for our brokers – like payoffs, homeowners insurance, VOEs, etc. – so our partners can spend more time generating business,” Niemiec said. “Not only do we do the work for our partners, we heightened the visibility around it on our world-class portal. Our partners are in the know 24/7.”

In the second half of the year, Niemiec said the wholesale arm will focus on continued growth by “listening, innovating and providing value” to its partners, a process that includes feedback sessions where Quicken Loans leaders can learn more about their partners’ needs.

“Put simply, our focus is on our partners,” Niemiec said. “We work relentlessly on helping our partners win more business.”

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