Quicken Loans Extends Reach to Community Banks and Credit Unions through New Mortgage Services Division

Quicken Loans Extends Reach to Community Banks and Credit Unions through New Mortgage Services Division

Livonia, Mich. – May 17, 2010 – Quicken Loans, the nation’s fourth largest retail lender, today announced the creation of Quicken Loans Mortgage Services (QLMS), a new division servicing the home financing needs of community banks and credit unions across the country.

With increased rules determining who can originate mortgages, many banks and credit unions have found themselves with a desire to offer home loans, but not large enough need to justify the cost of hiring mortgage consultants and underwriters. Quicken Loans Mortgage Services fills this need, while providing the high-level client service and technology-driven platform that has made Quicken Loans the nation’s largest online lender.

“Quicken Loans Mortgage Services provides a very exciting opportunity for Quicken Loans, as well as for the thousands of small-to-midsize financial institutions who continually seek to improve their offerings to their clients,” said Bill Emerson, Chief Executive Officer of Quicken Loans. “While there are a handful of other lenders who provide a similar service, none are able to offer the level of client service or mortgage technology platform that has made Quicken Loans the nation’s largest online lender for the past six years.”

Through Quicken Loans Mortgage Services, partner financial institutions are able to meet with their existing clients, investigate their current situation and goals, and then begin the mortgage application. The bank or credit union remains the point-of-contact for the client, while QLMS manages the work necessary to complete the loan. The client will then sign their loan closing documents in their hometown bank or credit union.

Banks partnering with Quicken Loans Mortgage Services will be able to offer a wide variety of mortgage programs, including conventional (Fannie Mae and Freddie Mac), FHA, VA and Fannie Mae HomePath mortgages.

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“Many banks and credit unions understand the incredible value in offering a wide variety of mortgage products and options to their customers,” said Tod Highfield, Vice President, Quicken Loans Mortgage Services. “With QLMS, these financial institutions will be able to increase their offerings, add to their revenue, and partner with a company with a reputation for closing loans quickly and for providing unparalleled client service.”

To learn more about Quicken Loans Mortgage Services, please visit www.qlmortgageservices.com.

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About Quicken Loans:
Quicken Loans is the nation’s largest online retail mortgage lender and the fourth largest retail mortgage lender in the United States, closing more than $25 billion across all 50 states in retail home loan volume in 2009. The company, with 3,000-plus team members, closes loans from five Web Centers located in Michigan, Ohio and Arizona, and from its San Diego-based One Reverse Mortgage unit. The QuickenLoans.com Web site has been named “Best of the Web” by Forbes and Money magazine. Quicken Loans has been named to Fortune Magazine’s “100 Best Companies to Work For” list for the past seven years, ranking as high as No. 2. The company also has been named one of Computerworld Magazine’s “100 Best Places to Work in Technology” for the past five years, ranking No. 1 in 2005, 2006 and 2007. In 2009, team members volunteered more than 1,500 hours with local charities and non-profit organizations.

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