Quicken Loans Inc., which last week touted itself as America’s biggest retail mortgage lender, reported a quarter-over-quarter increase in originations but a year-over-year decline.
As of Dec. 31, 2017, the Detroit-based home lender’s servicing portfolio consisted of residential loans with a collective unpaid principal balance of $279.1 billion.
Quicken provided details about its servicing, along with other operating metrics, as part of
the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.
The portfolio
increased from $267.9 billion three months previous and $241.9 billion as of year-end 2016.
The report indicated that single-family originations during the three months ended year-end 2017 came to $25.2 billion.
Business ascended from $23.0 billion in the third quarter but was shy of $26.9 billion in the fourth-quarter 2016.
Full-year 2017 production amounted to $86.4 billion, not as much as the $96.0 billion in mortgage originations during 2016.
In an announcement
Thursday, Quicken proclaimed that it had become the biggest residential lender during the fourth quarter. The company based its standing on retail lending volume — surpassing Wells Fargo & Co.’s reported $23 billion in fourth-quarter 2017 retail production.
It’s not clear how much of Quicken Loan’s total volume is retail. In May 2012,
the lender said its Quicken Loans Mortgage Services subsidiary hoped to generate more than $1 billion in correspondent lending volume that year alone.
A Quicken spokesman has repeatedly declined to clarify how much volume is generated from the subsidiary.
Quicken finished last year with 17,000 employees, according to its survey response. The Feb. 1 announcement indicated that headcount has since grown to 17,474 people.
Staffing was
previously reported at 16,000 employees as of Sept. 30, 2017, and also as of Dec. 31, 2016.
