The reports of the housing industry’s downturn have been greatly exaggerated: Despite some worry late last year, Quicken Loans just announced that it had its best quarter of all time.
The lender said in a statement this week that during each month in the second quarter of 2019 it originated more than $10 billion in loans. Each month consequently set a company record, which was then broken during the subsequent month. This process culminated in June, when the company originated more than $11 billion and achieved the “best month” in Quicken Loans 34-year history, according to a company statement.
Jay Farner
In the statement, Quicken Loans CEO Jay Farner added that his company’s “single focus” has been helping “our clients achieve the dream of homeownership while delivering the highest levels of service and care.”
“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,” Farner continued.
Quicken Loans also said in its statement that it had a banner year for its Rocket Mortgage product, which provides a fully digital loan experience, and for Rate Shield, which locks in a would-be homebuyers interest rate for 90 days while he or she searches for a property.
Quicken Loans explosive second quarter is striking because it was less than a year ago when interest rates were rising and industry observers were widely predicting some kind of slowdown in the housing market. Some of those predictions have come to pass. International buying has dropped dramatically during the last fiscal year, for example, and pending home sales have remained down year-over-year.
But during the first months of 2019 interest rates have actually fallen, and Quicken Loans’ experience shows that money is continuing to move through real estate in record amounts.
For Quicken Loans these boom times are also translating into growth. Thanks to all the new business, the company is now hiring software engineers, mortgage executives, underwriters and other positions across the country.
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