Quicken Loans Reports 25-Year All-Time Record Closed Loan Production of $3.4 Billion in September 2010

DETROIT, Oct. 14 /PRNewswire/ -- Quicken Loans Inc., the nation's largest online home lender, and among the top-five overall retail lenders in the country, reported its largest monthly closed volume in the company's 25-year history in September 2010.

The Detroit-based mortgage bank closed approximately 15,500 home loans totaling $3.4 billion in loan volume in September.

The record month surpassed the previous record of nearly 14,000 closed loans and $3.15 billion in loan volume, which the 50-state centralized home lender achieved just one month prior in August 2010.

In addition, Quicken Loans maintained its industry leading closing times by processing nearly 75 percent of its loan closings in 28 business days or less, despite the immense volume that flooded the national Internet-based lender.  

"Our technology and process-driven home lending platform continues to separate itself from the entire industry with its unparalleled capacity, speed, geographic reach and client experience," said Dan Gilbert, Founder and Chairman of Quicken Loans.  "I am proud of the entire organization and our 4,000-plus brainforce for achieving this amazing accomplishment."

In 2009, Quicken Loans closed a company-record $25 billion in home loan volume, and is projecting to close more than $30 billion in home loan volume in 2010.  The company also has significantly increased its retail government lending programs (FHA and VA) closing more than 42,000 loans and $7.5 billion in home loan volume in 2009, which is expected to grow to approximately 45,000 closed home loans and more than $8 billion in closed home loan volume in 2010.

"The fact that we were able to meet an extremely strong market demand these past few months, and still deliver the world-class client experience that Quicken Loans has become known for, is a testament to the scalability and leveragability of our unique, coast-to-coast, retail home loan platform that we have spent numerous years and countless hours developing," said Quicken Loans CEO Bill Emerson.  "This principal strategy of Quicken Loans has allowed us to consistently outpace our peers in capacity, execution, and client satisfaction with far lower costs."

About Quicken Loans Inc.

Quicken Loans Inc. is the nation's largest online retail mortgage lender and among the five largest overall retail home lenders in the United States.  The company closed more than $25 billion in retail home loan volume across all 50 states in 2009.  Quicken Loans employs approximately 4,000 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona.  Quicken Loans also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit.  "QuickenLoans.com" has been named "Best of the Web" by Forbes and Money magazines.  Quicken Loans has been named to Fortune magazine's list of the country's "100 Best Companies To Work For" seven consecutive years, ranking as high as #2.  Quicken Loans has also been named in the top-15 of Computerworld magazine's "100 Best Places To Work In Technology" for six years in a row.  The company recently moved its headquarters and 1,700 of its full-time team members to downtown Detroit.  For more information about Quicken Loans, please visit www.quickenloans.com.

About Rock Holdings Inc.

Rock Holdings Inc. is the parent company for several financial services related businesses.  These client-focused and technologically-driven companies include Quicken Loans, the nation's largest online home lender and its One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit.  Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.

SOURCE Quicken Loans