Quicken Loans reported it closed approximately 15,500 home loans totaling $3.4 billion in loan volume in September, the largest monthly volume in the company’s 25 year history.
The record month surpassed the previous high of nearly 14,000 closed loans and $3.15 billion in loan volume, which the 50-state centralized home lender achieved just one month prior in August 2010.
“Our technology and process-driven home lending platform continues to separate itself from the entire industry with its unparalleled capacity, speed, geographic reach and client experience,” said Dan Gilbert, Founder and Chairman of Quicken Loans. “I am proud of the entire organization and our 4,000-plus brainforce for achieving this amazing accomplishment.”
In addition, Quicken Loans maintained its industry leading closing times by processing nearly 75 percent of its loan closings in 28 business days or less, despite the immense volume that flooded the national Internet-based lender.
In 2009, Quicken Loans closed a company-record $25 billion in home loan volume, and is projecting to close more than $30 billion in home loan volume in 2010. The company also has significantly increased its retail government lending programs (FHA and VA) closing more than 42,000 loans and $7.5 billion in home loan volume in 2009, which is expected to grow to approximately 45,000 closed home loans and more than $8 billion in closed home loan volume in 2010.
“The fact that we were able to meet an extremely strong market demand these past few months, and still deliver the world-class client experience that Quicken Loans has become known for, is a testament to the scalability and leveragability of our unique, coast-to-coast, retail home loan platform that we have spent numerous years and countless hours developing,” said Quicken Loans CEO Bill Emerson. “This principal strategy of Quicken Loans has allowed us to consistently outpace our peers in capacity, execution, and client satisfaction with far lower costs.”
According to data from the Department of Housing and Urban Development, the company’s reverse mortgage division − One Reverse Mortgage − endorsed 306 HECM loans in September.