Quicken Loans now the second-largest retail mortgage company

Quicken Loans now the second-largest retail mortgage company

DETROIT — a buzz that is low the air as a military of home loan bankers, perched below drifting canopies in a kaleidoscope of vivid pinks, blues, purples and greens, works their phones, guaranteeing borrowers simple financing and low prices for mortgage loans.

By the elevators, no body blinks whenever a worker wearing a tutu that is pink past. A company mascot, Simon, a bespectacled mouse, goes on the hunt for “gouda, ” or good ideas, from the workers on any given day.

A trip towards the head office of Quicken Loans in downtown Detroit might appear like a vacation to destination where “Glengarry Glen Ross” satisfies Seussville. However the whimsical, irreverent atmosphere sits atop a fast-growing company in an industry — the selling associated with American dream — which has had changed drastically since an early on generation of mortgage brokers propelled the economy to near collapse in 2008 by issuing dangerous, also fraudulent loans.

When you look at the years because the crisis, lots of the nation’s largest banks pulled back once again their mortgage-lending tasks. Quicken Loans forced in. Today, this is the second-largest retail mortgage company, originating $96 billion in mortgages this past year — an eightfold increase from 2008. Continue reading “Quicken Loans now the second-largest retail mortgage company”