Quicken Loans Inc.’s quarterly home-loan production climbed, though federally insured reverse mortgage business eased.
Residential originations at the Detroit-based firm came in at $8.4 billion during the third quarter. The loan production figures were provided to Mortgage Daily by a company spokesman.
Like with most U.S. lenders, volume climbed from the second quarter. Quicken reported $5.5 billion in production for the prior period.
A year earlier, the online lender closed a revised $8.7 billion in mortgages.
In the first three quarters of 2011, Quicken originations totaled $19.2 billion.
The 26-year-old company declined to report how much of third-quarter business came from its correspondent lending unit, which opened in May.
Data reported by the newsletter Reverse Market Insight indicates that home-equity conversion mortgage production at its reverse mortgage subsidiary, One Reverse Mortgage LLC, was 1,161 units during the third quarter.
Reverse volume slipped from 1,180 reverse mortgages in the second-quarter but improved from 868 HECMs in the same period last year.
Quicken reports that its total headcount stands at 3,700, the same as the number reported as of the second quarter. Staffing stands at less than the 4,000 employees reported as of a year earlier.
