An increase in the size of the mortgage servicing portfolio was reported for Quicken Loans Inc. Although originations retreated from the prior quarter, Quicken again claimed to be the biggest U.S. home lender.
As the first quarter of this year ended, the Detroit-based firm’s mortgage servicing portfolio stood at $287.4 billion based on data provided as part of the Mortgage Daily First Quarter 2018Â Mortgage Origination Survey.
Quicken’s portfolio continued to grow, expanding from $279.1 billion at the conclusion of last year. The portfolio was previously reported at $251.0 billion as of the same date last year.
Residential loan originations for the first-three months of this year were reported at $20.5 billion. Business decelerated from the fourth-quarter 2017, when
$25.2 billion in home loans were funded. But production increased from $18.6 billion previously reported for the first-quarter 2017.
In an announcement Wednesday, the lender proclaimed it was again “America’s largest mortgage lender.”
Quicken based its standing on retail originations.
Quicken Loans Chief Executive Officer Jay Farner acknowledged in the statement the success of Rocket Mortgage but noted that there is more to come.
“Rocket Mortgage is game-changing technology, but it’s just the beginning,” Farner stated. “Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives.”
The company said that because Rocket Mortgage is
especially popular with first-time home buyers, it drove purchase-money production to a record high in the first quarter.
Staffing stood at 17,000 as of March 31, 2018. Headcount was unchanged from three months earlier but up a thousand from a year earlier.
