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Quicken Touting Million Loans

Mortgage News

Quicken Loans Inc. is making a fuss about reaching 1 million closed loans.

According to data provided by Quicken to Mortgage Daily, the Detroit-based lender saw residential loan originations more than double between 2008 and 2009 — when retail originations rose from $12 billion to $25 billion.

During the first-half of this year, retail volume was reported at $10 billion.

Reverse mortgage subsidiary One Reverse Mortgage LLC ranked as the fourth biggest originator of home-equity conversion mortgages during August, with 299 HECMs closed.

On Saturday, Quicken reported that it has originated 978,342 since 1985. In anticipation of reaching 1 million mortgages, the lender has been promoting its “Thanks a Million” campaign that includes gifts and a sweepstakes.

The company, which claims to be “America’s largest online retail mortgage lender,” says it has already given away more than 20,000 gifts and awards as part of its celebration promoting the upcoming 1 million mark. Among the giveaways are gift cards and Fathead wall graphics

Quicken said it is paying off one borrower’s loan in full as part of the promotion.

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