One Reverse Moving Headquarters to Detroit

July 26th, 2010 | by John Yedinak Published in News, Quicken, Reverse Mortgage | 7 Comments

One Reverse Mortgage is moving the company’s headquarters to downtown Detroit later this summer.

The company said 110 team members will move to the Compuware Building and share space with its sister companies, Quicken Loans Inc., Fathead and In-House Realty.

“It is a great time to move to the city, and to be part of a budding group of new-economy, technology-focused companies that are looking to call Detroit home along the new ‘WEBward Avenue’,” said Jay Farner, CEO of One Reverse Mortgage, which conducts its business primarily over the Internet.

The majority of One Reverse Mortgage’s team members will relocate to Detroit, others will remain in the company’s San Diego, California, offices. ”The focus on reverse mortgages is at an all-time high, and as baby boomers continue to reach retirement age, the market is expected to grow dramatically,” Farner added.

“Our move allows us to begin transforming Detroit into a high-tech hub of business and ingenuity,” said Dan Gilbert, Founder and Chairman of Quicken Loans Inc. “We expect additional businesses within our family of companies, as well as other technology companies, to join us in the WEBward Avenue corridor in the near future.”

The company has endorsed 2,215 HECMs during fiscal year 2010 and is the fourth largest reverse mortgage lender in the country according to US Department of Housing and Urban Development data.

One Reverse recently added the “Fonz” as its company spokesperson.

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Anonymous

oldguy49,rnrnMaybe that statement should have read: “Could Quicken make a louder declaration that it believes the market will not substantially exceed 2009 endorsements for several years?”
Anonymous

“Does Quicken project that the market will remain low for the next few years?”rn…Who doesn’t?
Anonymous

Last month (June) Quicken only had 251 loans endorsed. That is an annual rate of just over 3,000 endorsed HECMs. That computes into less than 30 loans per person for those who are moving.rnrnThis sounds like a move of administrative and operational staff. There are many questions here. One of those questions is whether or not this move was in part to cover over a significant reduction in staff. Contraction in the middle of u201ca recoveryu201d is an interesting move. Does Quicken project that the market will remain low for the next few years? rnrnIn the 80s, a common comic seen around Houston displayed a city limits sign for Detroit that showed the population number being crossed out with lower numbers replacing it. Then added to the sign was a notice that read: u201cWill the last one out, please turn off the lights.u201d Detroit was once a great American city, hopefully it will be revitalized by moves such as the one which One Reverse is making.rnrnOne thing is sure; the timing from a financial view could not come at a better time. Detroit and Michigan are hurting and offering some great incentives for businesses which move there. California is on the hunt for more tax revenues. Payroll costs are lower in Detroit because housing costs are so much lower. No doubt office rent will be lower as well.rnrnWe have seen Financial Freedom make a similar move. With volume down, both moves seem to be well timed. How many lenders will follow this pattern? rnrnHere is hoping for the best for those employees who will be displaced by this move! rnrnrnrnrnrnrn
The_Cynic

Last month (June) Quicken only had 251 loans endorsed. That is an annual rate of just over 3,000 endorsed HECMs. That computes into less than 30 loans per person for those who are moving.

This sounds like a move of administrative and operational staff. There are many questions here. One of those questions is whether or not this move was in part to cover over a significant reduction in staff. Contraction in the middle of “a recovery” is an interesting move. Does Quicken project that the market will remain low for the next few years?

In the 80s, a common comic seen around Houston displayed a city limits sign for Detroit that showed the population number being crossed out with lower numbers replacing it. Then added to the sign was a notice that read: “Will the last one out, please turn off the lights.” Detroit was once a great American city, hopefully it will be revitalized by moves such as the one which One Reverse is making.

One thing is sure; the timing from a financial view could not come at a better time. Detroit and Michigan are hurting and offering some great incentives for businesses which move there. California is on the hunt for more tax revenues. Payroll costs are lower in Detroit because housing costs are so much lower. No doubt office rent will be lower as well.

We have seen Financial Freedom make a similar move. With volume down, both moves seem to be well timed. How many lenders will follow this pattern?

Here is hoping for the best for those employees who will be displaced by this move!
oldguy49

“Does Quicken project that the market will remain low for the next few years?”
…Who doesn't?
The_Critic

oldguy49,

Maybe that statement should have read: “Could Quicken make a louder declaration that it believes the market will not substantially exceed 2009 endorsements for several years?”
Anonymous

oldguy49,rnrnMaybe that statement should have read: “Could Quicken make a louder declaration that it believes the market will not substantially exceed 2009 endorsements for several years?”

One Reverse Moving Headquarters to Detroit

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