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Quicken Adding AZ Employees

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Quicken Adding AZ Employees

400 Scottsdale jobs being added

October 17, 2006
(revised October 19)

By COCO SALAZAR

photo of Coco Salazar
The nation’s largest online retail mortgage lender will add hundreds of high-earnings jobs in the Grand Canyon State.

Quicken Loans announced it plans to open a division in Scottsdale, Ariz., that will create nearly 400 “high-paying” jobs over the next two to three years. The division will originate and close loans for all 50 states.

A majority of the North Scottsdale hires will be mortgage bankers, and there will be a few mortgage banking training and technology positions involved as well, Quickens said in an e-mail statement to MortgageDaily.com.

Overall, the new unit is expected to contribute as much as $30 million in annual salaries, the Livonia, Mich.-based lender reported. Mortgage bankers, after their first year with Quicken, during which they receive initial training, earn an average of $75,000 to $85,000 per year.

Quicken has already begun recruiting workers for the new operation, which still doesn’t have a specified location but is slated to open its doors in early 2007. Operations will initiate with about 90 people, including 75 mortgage bankers, and 15 trainers, human resources and technology staff, the announcement said.

“The type of person who would succeed at Quicken Loans is someone who is driven to providing a high level of client service, is always thinking about the client and their business, and always looking for ways to improve the way things are done,” said Chief Executive Bill Emerson in the written statement. “We have a flat organization where everyone is encouraged and empowered to contribute their good ideas.

Such “unique culture” contributes to Quicken’s ability to grow at a time when peers are downsizing, as it attracts “many great people” who “have helped us harness technology to simplify the mortgage process for our clients and develop innovative mortgage loan programs,” Quicken told MortgageDaily.com.

Quicken, ranks as the nation’s largest online retail lender and the 12th-largest retail lender overall, according to the announcement. The company expects to grow mortgage production to $18 billion this year from $16 billion last year.

To fuel its growth, the Livonia, Mich.-based lender says it has been hiring an average of 250 employees each month. Currently, over 3,750 people work for Quicken, according to the e-mail statement.

The national lender first ventured outside of Michigan for space when it opened an office in Cleveland where it currently employs 150 mortgage bankers, a company spokesman said. That site is expected to grow to about 300 employees during the next year.

The decision to expand outside of Michigan into the Scottsdale-Phoenix area was based on the company’s continued growth and number of clients living in the West, as well as the area’s “rich talent pool” and business-friendly environment.

“As we continue to grow, it just makes sense to establish an office in the western time zone,” Emerson added. “Opening a division in Scottsdale will enable us to provide an even greater level of service and convenience for clients in the Western U.S.”


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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