Quicken Loans is an online lender that offers residential mortgage loans to customers in all 50 states. It is one of the largest direct lenders in the United States and also offers title and other real estate services to its customers.
Quicken Loans offers fixed and adjustable rate residential mortgages ranging from 10 to 30 years in length. The company also participates in the Federal Housing Administration (FHA) and Veterans Administration (VA) mortgage programs.
Quicken Loans Origins
The company's precursor, Rock Financial Corporation, was founded in 1985 by Dan Gilbert to provide mortgage lending. Rock Financial became a public company in 1998, but in December 1999, Intuit, Inc. purchased the company and changed its name to Quicken Loans.
Quicken Loans Recent History
In 2002, Gilbert and other investors purchased the company from Intuit, Inc., taking it private. The new company kept the rights to use the Quicken Loans brand name.
Quicken Loans closed $15 billion in mortgage loan volume in the first six months of 2009. The company has 3,000 employees based in Michigan, Ohio, Arizona and California.
Other Brand Names
Quicken Loans also operates under other lending brand names, including Title Source, In-House Realty and One Reverse Mortgage.
- Image by Flickr.com, courtesy of Casey Serin