Politics & MoneyMortgage

Quicken Loans files for IPO

No. 1 mortgage lenders looks at possible multibillion IPO

UPDATE: This story was updated on Thursday with a statement from a Quicken Loans spokesperson.

Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering, according to an article by CNBC.

The article explained that Quicken filed its IPO prospectus confidentially, but it could go public in the next month.

From the article:

Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information. The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.

However, in a statement from a Quicken spokesperson sent to HousingWire, they stated:

“As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities.

“Given our continued growth, market leadership and strong financial performance, we are frequent targets of rumor and speculation. If, and when, there is news to report, it will come directly from us.”

Back in 2018, Quicken Loans surpassed Wells Fargo as the No. 1 mortgage lender in the U.S. Since then, it has continued to see a surge in growth.

In fact, Detroit-headquartered Quicken Loans hired more than 1,500 people since the coronavirus pandemic took root in mid-March. The company is on track to hire and train an additional 1,500 over the next two months.

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