Intuit to Acquire Rock Financial

October 07, 1999, 1:00 p.m. EDT 1 Min Read

Software giant Intuit Inc., Mountain View, Calif. -- the maker of the immensely popular Turbo Tax program -- has agreed to purchase direct/online lender Rock Financial, Bingham Farms, Mich., for $370 million in stock. Intuit already owns QuickenMortgage, an online loan broker that hopes to facilitate $1.2 billion in residential loan closings this year. Rock Financial, according to the Quarterly Data Report (http://mortgagestats.com), ranked 73rd among all lenders in the first half. Rock funds loans in its own name with its own money. QuickenMortgage does not. The marriage between the two should give QuickenMortgage the expertise -- including processing/underwriting/back office -- it needs to compete against the current residential online giants: E-Loan, Dublin, Calif.; Mortgage.com, Plantation, Fla.; and Countrywide Home Loans, Calabasas, Calif.

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Housing markets

Freddie Mac lower Q2 income due to rising credit provisions

Freddie Mac boosted its single-family provision because of modeled and observed declines in home prices and future appreciation during the second quarter.

By Brad Finkelstein

47m ago
Servicing

Underwater mortgages post uptick from year-ago levels

While rising national home values leave close to half of owners on solid financial footing, growth in seriously underwater loans points to pockets of stress.

By Spencer Lee

July 31
Politics and policy

Pulte takes issue with Powell statement on Fed housing role

The regulator renewed his fight with the policymaker after the latter left the rates he oversees unchanged and distinguished them from those for mortgages.

By Bonnie Sinnock

July 30
Fraud

More lenders suffer data breaches, face consumer lawsuits

One mortgage firm is out of business months after a cybersecurity incident, which compromised the personal information of over 30,000 of its former clients.

By Andrew Martinez

July 30
Fraud

Consumers fearful of fraud, but willing to exaggerate income

Fears of identity theft are top of mind for many Americans, even as many admit they're open to lying themselves in order to get mortgage credit.

By Jarrod Barry

July 30
Tariffs

Powell: 'Many, many uncertainties' remain for tariff impacts

Federal Reserve Chair Jerome Powell said during his regular press conference Wednesday that the process of determining tariff-related price increases was always going to be slow, but it has taken longer than he expected.

By Kyle Campbell

July 30