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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.
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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.Company was founded in 1985 by Dan Gilbert, originally called Rock Financial.
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How Quicken Loans Got Started: A Little History Let’s learn more about Quicken Loans to determine if they’re a good choice for your mortgage needs. 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.