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Quicken Correspondent Unit Reports Huge Growth

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A relatively new division of Quicken Loans Inc. that provides production services to financial institutions is reporting “explosive growth.” The unit is in heavy recruitment mode.

Quicken Loans Mortgage Services was launched in 2010 to provide mortgage fulfillment services to community banks and credit unions. The operation does the loan processing and completes the loan while enabling clients to continue being the point-of-contact and closing location.

In May 2011, the Charlotte, N.C., subsidiary expanded its offerings and began providing correspondent lending services, enabling banks and credit unions to close and fund the loans themselves with a subsequent sale to Quicken.

The business has apparently been successful.

On Tuesday, an announcement indicated that more than 800 clients have signed on, and the number is expected to exceed 1,000 by the end of this year. Monthly loan volume is expected to surpass $1 billion.

In order to accommodate the growth, the unit’s 150 employees are being moved next month to a new office that is more than twice as big as its current office.

By the end of 2012, another 75 employees are expected to be recruited by Quicken Loans Mortgage Services.

“We are growing very quickly — faster than even the most optimistic models we developed when we launched Quicken Loans Mortgage Service two years ago,” Tod Highfield, vice president of the operation, said in the statement. “Right now we are in explosive growth mode, adding both partner financial institutions and team members.”

Parent Quicken Loans Inc. plans to take over the space that is being vacated. Later in the summer, a recruiting campaign will begin to bring on 50 mostly underwriting employees by December.

Company-wide, Quicken added around a thousand employees nationally during the first quarter and expects to hire another 800 before the year is over.

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