Quicken Loans now the second-largest retail mortgage company

Quicken Loans now the second-largest retail mortgage company

DETROIT — a buzz that is low the air as a military of home loan bankers, perched below drifting canopies in a kaleidoscope of vivid pinks, blues, purples and greens, works their phones, promising borrowers easy funding and low prices for mortgage loans.

By the elevators, no body blinks whenever a member of staff using a red tutu bustles past. A company mascot, Simon, a bespectacled mouse, goes on the hunt for “gouda, ” or good ideas, from the workers on any given day.

A trip into the headquarters of Quicken Loans in downtown Detroit might appear like a vacation up to destination where “Glengarry Glen Ross” meets Seussville. Nevertheless the whimsical, irreverent environment sits atop a fast-growing company in a industry — the selling associated with United states dream — that features changed drastically since a youthful generation of mortgage brokers propelled the economy to near collapse in 2008 by issuing dangerous, also fraudulent loans.

Into the years because the crisis, lots of the nation’s largest banks pulled back once again their mortgage-lending tasks. Quicken Loans forced in. Today, this is the second-largest mortgage that is retail, originating $96 billion in mortgages this past year — an eightfold increase from 2008.Read more