Quicken Loans Inc., Detroit, funded $10.7 billion of home mortgages in the fourth quarter, a 14% gain from the same period a year ago.
Quicken's showing is significant because many top ranked lenders saw production decline in 4Q compared to the same period a year ago. (However, most lenders had a better fourth quarter than third, Quicken included. On a sequential basis, the firm's origination volume grew by almost 30%.)
Moreover, the privately held company also reported for the first time its correspondent volume. In 4Q Quicken bought $68 million worth of loans from other mortgage bankers.
National Mortgage News is still compiling fourth quarter results, but it appears likely that it will once again rank eighth nationwide, just behind PHH Mortgage, Mt. Laurel, N.J.
A nonbank, Quicken does not service home mortgages but instead sells its production 'servicing-released' in the secondary market.
