Quicken Loans, which surpassed recently surpassed Wells Fargo as the largest residential mortgage lender in the US, has extended its lead.
The firm originated $20.5 billion of home loan value in the first quarter of 2018, pushing its lead to more than $4 billion in volume. It means Quicken has topped the list of more than 30,000 lenders for two consecutive quarters.
The rise quarter-over-quarter was 5% and has been achieved despite headwinds including tighter supply of available homes and rising interest rates.
“Quicken Loans is focused on the same things that have differentiated us for many years. We are committed to our unique culture, investing in our talented people, leading technology, and our unparalleled client experience,” said Jay Farner, Quicken Loans CEO.
Extension of “game changer” technology
Quicken’s digital mortgage product Rocket Mortgage has been extended across its entire business and the firm says 98% of new loans originated in Q1 2018 accessed the Rocket Mortgage platform.
This extension means that along with borrowers using the platform directly, those dealing with a mortgage banker also benefit from the efficiency of the technology.
“Rocket Mortgage is game-changing technology, but it’s just the beginning. Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives,” added Farner.
The firm says that Rocket Mortgage has been especially popular with first-time buyers.
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