For four consecutives quarters now, Quicken Loans Inc. has originated more residential loans than during any prior quarter in its 27-year history.
The record run started in the fourth-quarter 2011, when home-loan production reached $10.8 billion.
Each subsequent three-month period has been even better — and the latest quarter was no exception.
The Detroit-based lender reported to Mortgage Daily that business during the three months ended Sept. 30 was $20.1 billion. (after this story was published, Quicken asked Mortgage Daily to clarify that most of its loan production is generated through the retail channel)
Business ascended from the second quarter, when Quicken funded $13.9 billion.
Originations have more than doubled from the third-quarter 2011, when the total was $8.4 billion.
During the first nine months of 2012, production amounted to $44.9 billion. By the end of the year, originations are expected to reach as much as $75 billion, Quicken Loans Chief Executive Officer Bill Emerson reportedly told the Detroit Free Press earlier this month.
Quicken’s reverse mortgage subsidiary, One Reverse Mortgage LLC, originated 1,184 home-equity conversion mortgages during the third-quarter 2012, according to data provided by Reverse Market Insight. HECMÂ production fell from 1,220 units three months earlier but edged up from 1,161 federally insured reverse mortgages a year earlier.
The online lender reports that its current staffing stands at more than 5,500 team members, the same as at the end of the second quarter. But staffing has grown from 3,700 at the same point last year. (following the publication of this story, Quicken provided revised data indicating that staffing reached 8,000 as of Sept. 30)
