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Record Production at Quicken

Mortgage News

More home loans were closed last year at Quicken Loans Inc. than in any other year since the company has been in business. It was also a record quarter.

The Detroit-based company saw new mortgage business surge 29 percent between the third and fourth quarters of last year.

That made fourth-quarter originations $10.8 billion, Quicken reported to MortgageDaily.com.

A spokeswoman confirmed that fourth-quarter volume was higher than any other quarter on record.

Production was lower at $8.4 billion three months earlier and a revised $10.2 billion a year earlier.

For all of 2011, residential production totaled $30 billion — an all-time record according to the online lender. Last year’s business inched up from a record $29 billion during 2010.

Reverse mortgage subsidiary One Reverse Mortgage LLC closed more than 4,600 home-equity conversion mortgages in 2011, jumping from more than 3,200 during 2010, based on data reported by Reverse Market Insight. At the same time, overall HECM production from all lenders fell to 68,694 from the previous year’s 72,748.

Quicken Loans says it employs around 4,000 people, including 3,700 at its Detroit headquarters. A year ago, the company reported total headcount at 3,700.

Quicken was founded in 1985 as Rock Financial Corp. by Dan Gilbert.

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