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Detroit Free Press: “How Quicken Loans lives up to name”

Detroit Free Press: "How Quicken Loans lives up to name"
Insightful new article from the Free Press' Tom Walsh this morning which talks about us, our move and how we've been dealing with the mortgage "crisis" the last couple years.

Thing is, we didn't just deal with it. We took it and found every opportunity in it to come out on top. And come out on top is exactly what we did.

In May 2009, not even 2 years into the whole mortgage melee, we reported our best month ever, blowing past our original monthly goal of $2 billion in closed loans. Then we blew past $3 billion. At month's end, we had closed just over $3.1 billion in home loans. We were beyond proud, beyond excited and beyond thankful that, through it all, America had allowed us the privilege of working with them to refinance and buy new homes.

The article, which features commentary from an interview with Quicken Loans CEO Bill Emerson from just last week, explains the what and how of the perfect storm that allowed us to have our best month ever.

From Detroit Free Press:

Quicken's recent surge, Emerson said, has been fueled by a couple things:

• A refinancing boomlet triggered by falling interest rates.

• And more importantly, Quicken's fast-moving culture and cutting-edge technology enabled it to rapidly ramp up to handle the spike in volume, while major competitors bogged down and had trouble responding to the surge in consumer loan applications.

It also notes our jump in the nationwide rankings, both in retail lenders and overall FHA lenders. We've jumped up 7 spots to secure the #5 spot in retail mortgage lenders Q1 2009 and although we've been doing FHA loans less than 2 years, we're already the nation's #6 FHA lender.

The article also goes on to note that while we're seeing record numbers, we're smart enough to know it  the sunshine doesn't always last. The housing market is cyclical, and we have the pleasure of dealing with both the ups and downs. But after 24 years in business, we've learned a few things and will continue to find the opportunities, no matter what curve ball we're thrown.

I feel lucky to be a part of such a great company. We don't generally use the DIFF to toot our own horn, but sometimes it's nice to recognize the wins and even take a second to thank the people who've helped get us where we are today. So props to everyone who has ever shed the sweat, blood or tears to make us who we are – you are the DIFF.

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Today's Date:
Thursday, July 27, 2017