Marginal Revolutions
Mortgage: Quicken Loans
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Quicken Loans Inc. is the parent company of the QuickenLoans.com lending website. The parent company is based out of San Diego, California. In the year 2007 the company processed around $19 billion dollar residential mortgage loans. The company has over 2,890 workers and its now current headquarters is in Livonia, Michigan.
Quicken Loans was originally called Rock Financial Corporation and was founded in the year of 1985. Dan and Gary Gilbert founded the company with several childhood friends. This company quickly became a very large independent mortgage companies. In 1999 Intuit Inc bought Rock Financial for $525 million. In 2002 Gilbert purchased the Quicken Loans subsidiary back from the Intuit company for just $64 million dollars. In 2007 Dan Gilbert reached an agreement to move the office to Detroit. Other locations now include Livonia, MI, Southfield, MI, Cleveland, OH, and Phoenix, AZ.
In 2007 the mortgage crisis hit. To help and to make sure that it did not have many issues Quicken Loans quit doing deferred interest loans, Alt-A products, second mortgages and home equity lines of credit. Quicken Loans is not without its controversy. It is now active in a class action lawsuit. Quicken
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