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Quicken Pushes Servicing Portfolio Past $300 Bil

For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion. Originations and staffing, meanwhile, held steady.

The aggregate unpaid principal balance of residential loans that were serviced by the Detroit-based mortgage banking organization as of Sept. 30 was $306.0 billion.

It was the first time that Quicken, which provided the data as part of the
Mortgage Daily Third Quarter 2018 Mortgage Origination Survey, pushed the portfolio past $300 billion.

Quicken initially began reporting servicing data to Mortgage Daily in 2012, when the portfolio ended the year at $80.0 billion.

The servicing portfolio stood at $296.1 billion as of mid-year 2018 and $267.9 billion as of Sept. 30, 2017.

Mortgage lending most recently came to $22.1 billion.
Business edged up from $21.2 billion closed during the second quarter. But loan production came up short of the $23.0 billion originated in the third-quarter 2017.

From Jan. 1, 2018, through Sept. 30, Quicken’s home loan originations
amounted to $63.8 billion.

Quicken
employed 17,000 “team members” as of the end of last month. While staffing was the same on a quarter-over-quarter basis, a thousand people have been added to the payroll on a year-over-year basis.

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