Record-breaking quarter, year for Quicken Loans

Quicken Loans, the largest mortgage lender in the United States, has recorded another record-breaking quarter.

The Detroit-based company announced that it closed $40 billion in mortgages during 2019’s third quarter, the largest quarterly volume since Quicken was established in 1985. It’s previous quarterly high, $32 billion, came in the second quarter of this year.

Quicken also closed a record high of $15 billion in volume during the month of September, though a statement from the company noted that amount would likely be surpassed in the coming months. So far in 2019, the company has not only exceeded its total 2018 mortgage volume of $83 billion, but also topped its highest full-year mortgage volume of $96 billion in 2016.

“The first nine months of the year have been nothing less than inspiring — not only in terms of how much our company has grown, but because of the incredible number of clients we have helped achieve the American dream of homeownership,” said Quicken Loans CEO Jay Farner.

The company’s apex volume comes on the heels of its new status as the first lender with the capability to perform electronic mortgage closings in all 50 states, a feat it achieved earlier this month. Since its first electronic closing in November 2017, Quicken has completed 96% of the nation’s electronic mortgage closings, according to data from the Mortgage Electronic Registration Systems (MERS) eRegistry.

Quicken Loans is also growing larger in terms of employment: The company is currently looking to fill 1,800 open positions, ranging from paid interns to mortgage bankers and underwriters to data scientists and software engineers.

Quicken’s monster quarter doesn’t exist in a vacuum, either. Many large lenders reported strong third quarters in their mid-month earnings reports, including Wells Fargo and Chase, both of which had their best quarters in terms of origination volume all year. Much of the surge is thanks to the refinance boom that has persisted throughout the latter half of 2019 so far, spurred by the mortgage rates hovering around historically low levels.


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