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Record Annual Originations at Quicken

Mortgage News

Despite a drop in quarterly mortgage production at Quicken Loans Inc., annual activity reached the highest level on record.

From Oct. 1 through Dec. 31, the Detroit-based lender closed approximately $13.7 billion in residential loans, according to publicly reported data. (after the publication of this story, Quicken provided revised data indicating that fourth quarter production was $12.6 billion)

New business retreated from the third quarter, when Quicken originated $17.0 billion.

Mortgage production slid from the fourth-quarter 2012, when volume amounted to $25.1 billion, a record at the time.

For all of last year, mortgage originations amounted to $80 billion — an all-time high. (revised production data indicate that full-year 2013 originations were $78.9 billion)

The prior year’s production was $70 billion, a record up to that point.

Quicken claims it was the fourth-largest retail lender last year.

At subsidiary One Reverse Mortgage LLC, fourth-quarter 2013 home-equity conversion mortgage originations numbered 1,258, according to data reported by Reverse Market Insight.

HECM volume slipped from 1,346 three months earlier and 1,159 a year earlier.

Annual HECM endorsements at One Reverse climbed to 5,405 units from 4,803 in 2012.

Quicken reports that it serviced $138 billion as of the end of last year, inching up from $137.1 billion at the end of September. (revised production data indicated that the servicing portfolio finished 2013 at $140.5 billion)

The mortgage servicing portfolio finished 2012 at $80.0 billion.

Quicken says it is the 11th largest mortgage servicer.

Headcount was unchanged from the end of the third quarter at 10,000 employees but has expanded from 8,000 as of Dec. 31, 2012.

Quicken came in at No. 5 on FORTUNE’s 100 Best Companies to Work For — the highest ranking mortgage-related firm on the list.

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