Skip to main content

Quicken Loans Acquires Servicing Rights from Ally Bank

NationalMortgageProfessional.com
Mar 21, 2013

Detroit-based Quicken Loans Inc. announced the purchase of approximately $34 billion in mortgage servicing rights from Ally Bank. The servicing pool is comprised of non-delinquent Freddie Mac and Fannie Mae-backed mortgages that currently have higher-than-market interest rates which could substantially benefit from refinancing. The acquisition, expected to close in the second quarter following approvals from Fannie Mae and Freddie Mac, will dramatically increase Quicken Loans' servicing footprint. In the last year, the company has aggressively built a $90 billion mortgage servicing portfolio, making it the nation's 17th largest servicer. With the addition of the $34 billion in servicing from Ally Bank, the company is expected to grow to be a top-10 servicer by mid-year. "We have not been bashful in making the market aware of our interest in acquiring servicing rights," said Bill Emerson, chief executive officer of Quicken Loans. "This transaction with Ally Bank allows us to purchase a well performing pool of loans, and will help grow our servicing footprint. This servicing pool will also create a large opportunity for Quicken Loans to refinance a substantial amount of these clients into significantly lower monthly payments." The company also announced that it will continue to pursue servicing pools, while also growing its servicing portfolio organically through its mortgage origination business. In 2012, Quicken Loans originated a company record $70 billion in residential home mortgages, making it the nation's third largest mortgage lender.
Published
Mar 21, 2013
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022