Quarterly residential loan production at Quicken Loans Inc. blew past the online lender’s prior all-time record to cement its standing as one of the nation’s biggest originators of home loans. Quicken is hiring new employees as fast as it is increasing production.
The Detroit-based company previously reported record mortgage production for both the first quarter of this year and in the fourth quarter of last year.
The winning streak has continued into the second quarter even as some competing mortgage bankers have reported a decline in loan originations.
During the three months ended June 30, residential fundings amounted to $13.9 billion, according to data provided to Mortgage Daily.
Originations soared past $10.9 billion in record first-quarter production.
Business was more than double the $5.5 billion originated in the same period last year.
Quicken, which is part of Rock Ventures LLC, reports a national staff of 5,500 people, including 4,000 at its headquarters in Downtown Detroit — where it reportedly was ranked No. 1 by the Detroit Free Press in its Best Places to Work in Michigan list for 2010 and 2011.
Staffing has grown from around 5,000 at the end of the first quarter and roughly 3,700 at the same point last year.
By the end of 2012, Quicken expects to have another thousand employees on board in Detroit.
Title Source, another Rock Ventures subsidiary, announced this week that 500 of its employees are moving to Downtown Detroit. The company — which claims to be the largest independent provider of title insurance, property valuations and settlement servicers in the country — plans to bring all of its 1,500 Michigan employees to Detroit.
“By early 2013, the number of Rock Ventures team members working in downtown Detroit will surpass 6,500,” a news release said.
Quicken also plans to hire around 200 new recruits this year at an Internet Web Lending Center in Scottsdale, Ariz.
“The amount of calls we’ve received from clients looking to take advantage of record low mortgage rates and improve their financial situation has been incredible,” Quicken Loans Vice President Matt Stoffer, who heads up the Scottsdale location, said in a recent announcement.
The open positions are in mortgage banking, mortgage operations, and underwriting.
Stoffer added, “Quicken Loans is looking for passionate people who fit well in a company culture that is anything but corporate.”
Quicken reportedly was the winner of the Phoenix Business Journals‘ Best Places to Work in the Valley.
The lender also recently announced that it ranked No. 1 in The Plain Dealer’s Top Workplace list for mid-sized companies in Northeast Ohio. Quicken plans to hire 100 team members this year in Cleveland, home of the Cavaliers — the NBAÂ franchise owned by Quicken Founder and Chairman Dan Gilbert.
