That initiative was launched in November 2015, with a controversial Super Bowl ad to follow that subsequent January. Wells Fargo, and thus volume is lower.Īs noted, much of that success can be attributed to its Rocket Mortgage technology, which allows borrowers to complete much of the loan process from their smartphones or computers, without ever speaking to a human. To their credit, they originate a greater number of home loans, it’s just that the loan amounts are smaller vs. Still, it represented a 75% year-over-year increase, which was well above their old record of $96 billion originated back in 2016.
In reality, their $83 billion in home loans in 2018 was well short of the $177 billion originated by Wells Fargo.Īnd while they blew away prior years with $145 billion in total loan volume for 2019, it still paled in comparison to Wells’ $204 billion. However, that didn’t include the correspondent lending channel, for which Wells originated an additional $30 billion. While they didn’t surpass Wells Fargo for the entire year, they narrowly beat them for the quarter with $25 billion in total volume versus $23 billion for Wells Fargo. In the fourth quarter of 2017, Quicken Loans hailed itself the nation’s largest residential mortgage lender, beating out roughly 30,000 other commercial banks, savings and loans, mortgage bankers, credit unions, and mortgage brokers. They also run a wholesale mortgage division called QLMS.Quicken is a nonbank direct-to-consumer lender with no physical branches.Finally surpassing Wells Fargo for loan volume over an entire quarter.
They originated the most home loans via the retail channel in the fourth quarter of 2017.Quicken Loans Calls Itself America’s Largest Mortgage Lender Today, the company has some 17,000 employees spread out across Detroit, Cleveland, Phoenix, San Diego, and Charlotte, North Carolina. Power awards – a whopping 11 for mortgage origination (2010-2020) and six for mortgage servicing (2014-2019), easily beating out all other mortgage lenders. Power award for customer satisfaction in mortgage origination.Īnd since then, they’ve snagged 17 total J. In August 2010, they moved their company headquarters to Detroit, Michigan, where they’ve been ever since. Just three years later, he took the company public with the help of Bear Stearns and Prudential Securities. Has closed over half a trillion dollars in mortgages since 2013īack in 1985, Dan Gilbert started Rock Financial, which would later be known as Quicken Loans.Bought back by Gilbert and investors in 2002 and taken private.Later went public and sold to Intuit in 1999 and renamed Quicken Loans.
Wells Fargo has since taken back their crown, but the two will yo-yo in the rankings between #1 and #2 unless Quicken really breaks out and leaves them behind. They are at times the largest mortgage lender in the United States (when only counting retail loan originations), recently overtaking San Francisco, CA-based bank Wells Fargo thanks to the success of their Rocket Mortgage technology. If you’re looking to buy a home, or refinance an existing home loan you already have, you will undoubtedly come across Quicken Loans during your search.
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