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Quicken Turns In Record Production

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Quicken Loans Inc. managed an increase in both its quarterly and annual home-loan fundings. In fact, it was the biggest year on record for the retail lender. Employee count eased at the company.

Fourth-quarter 2010 originations at Quicken were approximately $9.9 billion, based on an analysis of quarterly production data.

Fundings during the prior three-month period were roughly $9.0 billion. A year earlier, quarterly home-loan fundings amounted to $6.2 billion.

During all of 2010, the Detroit-based company closed $29 billion. It was an all-time high, according to the announcement.

The period included the closing of Quicken’s 1 millionth mortgage.

Quicken, which has noted that its originations are all retail, previously reported $25 billion in 2009 production.

Approximately 3,700 people are employed by the online lender. In October, headcount was reported at 4,000.

Quicken claims to be “the nation’s largest online retail mortgage lender and among the five largest overall retail home lenders in the United States.”

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