Quicken Loans Inc. is an online residential mortgage lender based in Detroit. Ranked as one of the nation's top three mortgage loan originators for 2015, Quicken Loans has closed $220 billion in loans since 2013. Unlike many mortgage lenders, Quicken Loans continued to grow its market share during the housing market meltdown of 2008-2009 by staying away from originating subprime loans. Quicken Loans founder and chairman Dan Gilbert moved the company's headquarters to the Chase Tower building in downtown Detroit in 2010. The lender also has national processing centers in Cleveland and Scottsdale, Arizona, and has a total of 15,000 employees across all of its locations.

History

Founded in 1985 by Gilbert, Quicken Loans is the most well-known member of a portfolio of companies held by Rock Ventures LLC. Other related companies owned by Rock Ventures include Bedrock Real Estate Services, Title Source Inc., In-House Realty LLC and One Reverse Mortgage LLC. Quicken Loans began as a branch-based lender, but transitioned into online lending in 1999 as Rockloans.com. Software-maker Intuit Inc. (NASDAQ: INTU) purchased Rockloans.com in 1999 and renamed it Quicken Loans. Gilbert and a group of private investors repurchased Quicken Loans in 2002. The lender currently owns more than 60 buildings in downtown Detroit. In November 2015, it launched Rocket Mortgage, a completely online service where consumers can apply for a mortgage using a smartphone app.

Mortgage Products Offered

Quicken Loans offers a broad range of mortgages to fit borrower profiles, including fixed-interest rate mortgages, adjustable-rate mortgages (ARMs), Federal Housing Authority (FHA) loans, Veteran's Administration (VA) loans and jumbo loans. Borrowers can qualify for Quicken Loans Amazing 5 and Amazing 7 ARM loans on a primary home with as little as 10% down. These loans carry a fixed-interest rate for five, seven or 10 years. Quicken Loans 30- and 15-year fixed-interest rates require down payments as low as 3%. Borrowers make payments based on interest rate, loan principal and amortized interest over 15- or 30-year periods. Payments for fixed-rate loans stay the same over the lifetime of the loan, and do not have a penalty for pre-payment. Borrowers can qualify for VA loans with credit scores as low as 620 with no money down. Jumbo loans are offered for borrowers looking to finance homes over the conventional loan limit. As of May 2016, the Quicken Loans range for jumbo loans is $417,000 through $3,000,000. VA borrowers may also qualify for a VA ARM or jumbo loans with no money down.

Mortgage Rates

As of May 2016, the Quicken Loans rate for a 30-year fixed-rate mortgage was 3.625%, and the annual percentage rate (APR) was 3.852%. The rate for a 15-year fixed-rate was 2.75%, and the APR was 3.18%. Quicken Loans ARM rates vary depending on the product and borrower profile. The Quicken Loans five-year ARM rates are 2.875 and 3.531% for the first five years of the loan. After the first five years of the loan, the rate is variable and can change every year for the remaining 25 years of the loan.

What Customers Say

Consumer reviewers on Credit Karma give Quicken Loans 4.3 out of five stars, based on 5,375 reviews. In the lender's category ratings, borrowers give Quicken Loans over four stars for the application process, customer service and loan holder ratings. Reviews express satisfaction with easy loan processing, with the ability to scan and upload supporting documents, with attentive customer service and with fast loan approval times.

Borrowers on LendingTree gave Quicken Loans 3.9 out of five stars based on 1,865 reviews. Customers give Quicken high ratings on interest rates, fees and closing costs, and customer service categories. Reviewer consensus indicates that Quicken Loans originators are attentive and responsive to customers. However, some reviewers complain that the company failed to approve mortgage applications after collecting a nonrefundable application fee. Reviewers on both Credit Karma and LendingTree give Quicken Loans negative reviews for using low property appraisals.

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