Quicken Loans introduced, simply earlier than the Tremendous Bowl, that it formally handed up Wells Fargo because the No. 1 lender within the U.S.
The lender then introduced its new place by way of its Tremendous Bowl advert marketing campaign, together with selling its product Rocket Mortgage, which it says makes understanding mortgages simpler for shoppers.
The video beneath exhibits the corporate’s advert marketing campaign for the 2018 Tremendous Bowl:
Nevertheless, as a result of Quicken Loans is a personal firm, there was no means for HousingWire to confirm its claims with out ready for 2017 Residence Mortgage Disclosure Act information to be launched. That’s, till now.
Inside Mortgage Finance performed a latest report displaying the highest originators within the third and fourth quarters and full 12 months of 2017. The info exhibits Quicken did certainly surpass Wells Fargo as the highest mortgage originator, nonetheless there may be one catch.
In the course of the fourth quarter of 2017, Quicken Loans was the highest lender $25.1 billion in originations, versus Wells Fargo’s $22.91 billion; a exceptional feat for a nonbank to beat a giant financial institution.
“I couldn’t be extra pleased with each one in all our 17,474 crew members, who every day carry unbelievable ardour and dedication to ship our shoppers the very best expertise, through the single greatest monetary transaction in most of their lifetimes,” stated Dan Gilbert, Quicken Loans Founder and Chairman.
“Attaining the #1 market share of all mortgage lenders is an thrilling accomplishment, however we’re much more impressed that we reached this vital milestone, whereas on the identical time delivering the very best shopper expertise within the nation for the final eight consecutive years and operating,” Gilbert stated.
Nevertheless, for the total 12 months of 2017, Wells Fargo nonetheless got here out on prime with its $94.67 billion, up from $86 billion from Quicken.
HMDA information exhibits that in 2016, Wells Fargo ranked first by complete origination quantity with its $126 billion, adopted by Quicken Loans with its $90.6 billion in complete originations.
And on this 12 months’s Fortune Journal Prime 100 Finest Locations to Work For, Quicken ranked No. 14, the very best rating firm within the mortgage trade.
And whereas its complete annual quantity nonetheless lags behind Wells Fargo, that might quickly change. That’s as a result of the Federal Reserve took an unprecedented step and ordered Wells Fargo to cease rising. The Fed cited what it known as compliance breakdowns and widespread shopper abuses, as the first motivations for the order.
Might the fourth quarter of 2017 be an instance of what might quickly change into the brand new norm? Solely time will inform.
IMF’s information additionally checked out different prime mortgage lenders within the U.S., rating Financial institution of America Residence Loans as third total in mortgage originations with $50.58 billion, adopted by Chase with $50.28 billion, loanDepot with $29.91 billion, PHH Mortgage with $20.83 billion, Fairway Unbiased Mortgage with $19.91 billion, Assured Charge with $19.14 billion, Caliber Residence Loans with $17.94 billion and U.S. Financial institution Residence Mortgage rounding out the highest 10 with $17.84 billion.
The info additionally included different revelations, akin to naming United Wholesale Mortgage because the No. 1 wholesale mortgage lender for residential loans for the third consecutive 12 months. UWM produced an all-time firm file loan quantity of $29.5 billion, up 29% from the 12 months earlier than.
“Rating because the No. 1 wholesale lender in America for 3 years in a row is a large accomplishment, and speaks to the modern work being finished and the dedication of our 2,300-plus crew members,” UWM President and CEO Mat Ishbia stated. “We don’t take being No. 1 with no consideration.”
“We by no means calm down as a result of we all know we have now to earn our shoppers’ enterprise each single day, and our brokers are rising quicker due to their partnership with us,” Ishbia stated.