Quicken Loans Inc. was the first major lender to report fourth-quarter results, and if its activity is any indication — the final three months of 2012 were a blockbuster for U.S. lenders. Quicken has now moved into mortgage servicing.
During the three months ended Dec. 31, Quicken originated $25.1 billion in residential loans, according to data released Wednesday.
Fourth-quarter volume was higher than in any other quarter during Quicken’s 27-year history. Had the Detroit-based company generated that much production in the third quarter — it would have ranked as the third-biggest lender in the country.
Annual originations also set a new record: $70 billion. That was more than double the $30.0 billion originated by Quicken in 2011.
“We handled our explosive growth quite well over the past year,” Quicken Chief Executive Officer Bill Emerson said in the report. “In addition to record revenue and volume, we positioned ourselves for 2013 and beyond by developing key partnerships that will serve as a foundation for the continued future growth of our business and market share.”
The company disclosed that it has “significantly” moved into mortgage servicing.
As of Dec. 31, 2012, its mortgage servicing portfolio had reached $80 billion “and growing.”
More than 8,000 “team members” are employed at the company, including 7,000 in Detroit, according to the announcement. While headcount hasn’t changed from Sept. 30, 2012, it has doubled compared to the end of 2011.
The report indicated that Quicken has become the exclusive provider of home loans for Charles Schwab Bank. In addition, it licensed its proprietary loan origination technology to JP Morgan Chase & Co.