Quicken Loans Inc., which saw its origination ranking fall last quarter, is fed up with being compared to mortgage lenders that also originate loans from mortgage brokers and correspondent lenders. So the retail lender said it will stop reporting origination data. Except when it has a record month.
Quicken’s residential production ranking deteriorated to No. 10 in the second quarter from No. 9 in the first quarter based on data compiled by Mortgage Daily. The second-quarter title was shared with MetLife Home Loans — which wasn’t on the top-10 list during the prior period.
Detroit-based Quicken declined Mortgage Daily’s request for third-quarter production data.
“We recently made the decision to suspend providing quarterly origination data for use in listings of top residential lenders,” Quicken Loans spokesman Aaron Emerson said in a statement. “As you know, we have very strong feelings about the compilation of residential vs. retail lists.”
But the lender wasn’t shy about boasting a record September.
An Oct. 14 announcement indicated that last month’s originations totaled 15,500 loans for $3.4 billion, improving from a record 14,000 loans funded for $3.15 billion in August.
Based on an analysis of reported production for the second quarter, August and September — estimated third-quarter originations were around $9.0 billion. The prior period’s production was $5.1 billion, while $4.1 billion was originated a year earlier.
Quicken reported that nearly three-quarters of its monthly business was processed within 28 business days.
Quicken Founder and Chairman Dan Gilbert noted in the statement that the company’s “brainforce” stands at more than 4,000.
During the first three quarters of 2010, Quicken closed around $19.1 billion in home loans. Full-year production is projected to jump from $25 billion last year to $30 billion this year — suggesting around $11 billion in fourth-quarter volume.
In 2009, government originations at the online lender were 42,000 loans for $7.5 billion. This year, 45,000 government mortgages for $8 billion are projected.