Quicken Loans Doubles Mortgage Volume in 2009
Online lender Quicken Loans more than doubled its mortgage originations to $25bn in 2009, from $12.04bn in 2008, CEO William Emerson told Bloomberg. Quicken ranked the 14th largest mortgage lender overall in 2009, and the fifth-largest in retail originations, he said, representing a huge jump in business from previous years. Quicken Loans ranked the 24th largest mortgage originator in 2008, with $12.04bn of loans - or 0.8% of the market share, according to industry publication Inside Mortgage Finance. It fell between HSBC Mortgage Corp. (No. 23) and Fifth Third Bank (No. 25). Some of Quicken's gains might stem from its relative success compared with other top-ranking lenders, particularly as distressed loans take their toll on the larger firms. For example, Quicken's origination volume did not change greatly in the past few years (to $12bn in 2008 from $12bn in 2007). But it's ranking improved six slots to No. 24 in 2008 from No. 30 in 2007. Quicken ranked 13th in the top 20 retail originators in 2008 with 1.9% of the retail origination market share. It ranked 18th of the top 20 producers of loans insured by the Federal Housing Administration (FHA) and Veteran Affairs (VA) programs in 2008, with 0.9% of the market share. The online lender originates loans through call centers, which also offer refinance options. Requests sent to Quicken Loans for competitive refinancing result in direct calls from loan representatives, rather than the standard written correspondence, according to sources. Quicken loans could not return calls requesting comment before this story was published. Write to Diana Golobay.