As Quicken Loans Inc. completes its move to the Motor City, quarterly retail production edged higher. Quarterly reverse mortgage originations were also higher.
Retail residential originations were $5.1 billion during the second quarter, the Michigan-based lender reported to MortgageDaily.com.
Three months earlier, volume at Quicken was $5.0 billion. But, as has been the case with most mortgage bankers during the latest period, business was down from the second-quarter 2009 when Quicken production was $7.9 billion.
Quicken-subsidiary One Reverse Mortgage LLC originated 726 home-equity conversion mortgages during the second quarter, according to Reverse Market Insight.
One Reverse volume was 642 reverse mortgages in the first quarter and 758 in the same period last year.
During July, 263 HECM were originated by the reverse mortgage lender.
Last month, One Reverse announced it would move its headquarters from Livonia, Mich., to downtown Detroit. The move involves 110 “team members.”
A spokesman at Quicken Loans Inc. today said the company is in the process of moving to the Detroit location. That move involves around 1,700 full-time employees.
Parent Rock Holdings Inc., which is also moving to the downtown facility, reports organization-wide headcount of 3,500.
