Quicken Loans has announced that the second quarter of 2019 marked the company’s best quarter in Quicken's 34-year-old history. The second quarter of the year was the first three times the company has originated more than $10 billion in a single month, with each month setting a new record for the highest closed loan volume–culminating in June being the best month in Quicken Loans history. In June, the company closed nearly $11 billion in mortgage volume, contributing to the $32 billion originated for the quarter.
"The single focus since our company's inception has been to help our clients achieve the dream of homeownership while delivering the highest levels of service and care," said Jay Farner, chief executive officer of Quicken Loans. "This simple philosophy has created a unique culture empowering our dedicated team members to set and surpass records while growing our position as America's largest lender. Our team members have never wavered from setting the bar and delivering the best client service in the industry to our millions of clients–even through this significant growth."
Adding to the historic quarter, in May Quicken Loans had the highest closed loan volume for home purchases in the company's history. More than two-thirds of those using Rocket Mortgage, with three-quarters of those home shoppers are buying their first home.
Homebuyers have also been drawn to Quicken Loans' exclusive Rate Shield product, which locks an interest rate for 90 days while the buyer looks for a home. The buyer is protected if rates rise, but if rates drop, their rate drops too. This allows them to search for a home without having to worry about changing rates affecting their budget.
"The ultimate impact of a record-breaking quarter is that we can continue to reinvest our resources into communities like Detroit through our 'For-More-Than-Profit' approach," said Farner. "From education and housing stability initiatives to entrepreneurship programs, our team members are at the forefront of growth—both in the business and the communities in which they live, work, and play."
