Quicken Loans Inc., which only originates mortgages through retail channels, has become a top-10 residential lender.
The Livonia, Mich.-based lender reported to MortgageDaily.com that during the first quarter, it funded $5.0 billion in home loans.
Quicken’s business fell from $6.2 billion in the fourth quarter and $6.8 billion a year earlier.
None of the lender’s production is generated through third parties; all volume is retail.
Quicken’s standing — even factoring in third-party business by its competitors — improved from No. 11 in the fourth-quarter 2009 to around No. 9 based on MortgageDaily.com’s analysis of first-quarter earnings data.
Quicken subsidiary One Reverse Mortgage ranked as the eighth biggest reverse mortgage lender during February.
