How 35 Years of Experience is Being Leveraged to Help Brokers Thrive
“Dan Gilbert and two close friends started a small mortgage brokerage, Rock Financial, in a shared office space 35 years ago. In the years since, it transitioned to focus more on direct lending and has grown to become one of the largest lender in the nation,” said Austin Niemiec, Executive Vice President of QLMS. “I attribute much of Dan and Quicken Loans’ success to this origin as a broker. They had, and still possess, the entrepreneurial spirit needed to succeed and the drive to provide clients with the best experience possible.”
QLMS is a lender with one of the fastest growing broker channels in the country, but why is it so well positioned?
Since the company started as a broker, it understands how best to help businesses that look a lot like Rock Financial did. For some lenders, this can be a very transactional and one-sided relationship. However, QLMS has grown by putting its partners first. There is a constant feedback loop with AEs and Regional Vice Presidents asking what they can do to improve the process for LOs.
“Being a broker is in our DNA,” said Niemiec. “Our history and experience tells us this is a business based on relationship building and true partnerships. When we say ‘Stronger Together’ we mean it. We believe a strong way to grow our business is to help our partners succeed. We are solely focused on them and their clients.”
Brokers also need to partner with lenders that have a strong infrastructure, resilient business model and balance sheet that can withstand any climate. In its 35 years, Quicken Loans has experienced, and grown through, multiple economic cycles. Brokers need assurance that if there is some volatility in the market, their lending partners will still be by their side. That is what happened in March and April during the start of the Coronavirus outbreak in the United States. Some lenders couldn’t keep up with demand. Others told brokers to put business on hold. QLMS, on the other hand, was still there for its partners and their clients.
QLMS has leveraged Quicken Loans’ 35 years of experience to establish a business model that continues to perform. Just in the last few years, it has experienced significant growth. Most recently, QLMS took three months to add 1,000 new partners to it’s network – which now include more than 8,000 brokers, community banks and credit unions. To put that into perspective, it took the lender more than seven years to hit it’s first 1,000.
“When I think about our recent success, I think about Rock Financial and what Dan started 35 years ago. We wouldn’t be here without that start as a brokerage and we will continue to enable our partners and help them succeed because of it,” said Niemiec.