“Revenue $2.8 B As of December 2013
At a Glance
- Industry: Diversified Financials
- Founded: 1985
- Country: United States
- CEO: Bill Emerson
- Website: www.quickenloans.com
- Employees: 10,000 e
- Fiscal Year End: Iun 30, 2013
- Sales: $2.8 B e
- Headquarters: Detroit, MI
#174 America’s Largest Private Companies
Online mortgage lender Quicken Loans offers residential mortgages in all 50 states, providing such financing options as fixed- and adjustable-rate mortgages, reverse mortgages and refinancing. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. The company closed a record $70 billion of volume across all 50 states in 2012.Rock Holdings, which is led by billionaire founder and chairman Dan Gilbert, owns Quicken Loans.”
“Quicken Loans History
Quicken Loans, originally Rock Financial Mortgage, was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. In July 1987 the name was changed to Rock Financial Corp. Rock Financial became one of the largest independent mortgage companies in the country. As RFC grew so did the head count, hitting 50 employees in August 1991 as the “refi” boom began. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for $532M. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for just $64M.
On November 12, 2007, Quicken Loans founder Dan Gilbert announced a development agreement with the city to move the company headquarters to downtown Detroit, consolidating suburban offices.The construction sites reserved for development by the agreement included the location of the former Statler on Grand Circus Park and the former Hudson’s location.
Quicken Loans moved its headquarters from the Michigan suburbs to the Compuware Building in the heart of Detroit’s business district in August 2010. The initial move brought 1,700 employees to the city.
Since 2009, Quicken has leased office space in the Compuware building facing Campus Martius Park in Detroit. The company also houses its employees in Downtown Detroit’sFirst National Building, The Qube, Chrysler House, One Woodward Avenue, and 1001 Woodward – all owned by Quicken Loans’ parent company, Rock Ventures.
In 2014, Quicken Loans has grown to be the 2nd largest mortgage lender in the USA, and remains the nation’s largest online mortgage lender. The company employs 10,000 people, with more than 8,000 now working in the city of Detroit.“
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “quickenloans“