No Lending Crunch Here: Quicken Closes $2.1 Billion in March

Bucking an industry trend towards lower origination volume, Quicken Loans announced today that for the first time in the company’s nearly 22-year history, the company has surpassed closing $2 billion in home loan volume in a single month — closing $2.1 billion in home loans for the month of March, 2007. The amount represents the largest amount ever closed by an online lender in a single month in U.S. history. Quicken Loans closed nearly $18 billion in home mortgage loans in 2006, the company’s strongest year. The 50-state home loan lender closed more than $5.8 billion in retail mortgage volume for the first quarter of calendar year 2007, which is up 75 percent from the first quarter of calendar year 2006.

Quicken Loans said it is continuing to hire more than 250 team members each month. Many of the new positions created are based in southeast Michigan, the company said. The company does not disclose the number of subprime loans it closes relative to total loan volume. For more information, visit

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