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Quicken Loans Business Analysis

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Quicken Loans, originally called Rock Financial, is a mortgage lending company headquartered in Detroit, Michigan. It was founded by Dan Gilbert in 1985, along with Ron Berman, brother Gary Gilbert, and Lindsay Gross. Two years later, the name was changed to Rock Financial Corporation and became the largest independent mortgage company in the United States. In a short amount of time, Rock Financial Corporation hit 50 employees in August of 1991, and RFC went public in 1998. In 1999 following its public launch, Rock Financial Corporation was purchased by Intuit Inc. for $532 million. Under control of Intuit Inc. it was renamed Quicken Loans, but bought back by Gilbert and private investors in 2002 for $64 million. Currently, Quicken Loans owns…show more content…
Using their “engineered to amaze” slogan to focus on their values, promises, products, and people. They call their “ingredients” for making a good company ISMs, “the ideals we live by at Quicken Loans and at every one of our family of companies. They have a lot more to do with who we are than what we do” (Quickenloans.com). Some of the culture within Quicken Loans is focused on clients, with employees responding to customers with a sense of urgency, awareness, and individual focus. They believe the company is built on one individual client at a time, by being on “a never ending quest to find a better way”. (Quickenloans.com). Quicken LOANS AS A COMPANY sticks to the highest standard of integrity when it comes to their products and customers, and believe taking the high road and doing what is right is crucial for A successful…show more content…
The company’s products include different mortgage and loan types, with four main products in total. Quicken Loans offers both adjustable rate (ARM) mortgages and fixed rate mortgages. Adjustable rate mortgages are adjusted periodically and are determined on changes in a specific index. Interest rate caps are usually included on ARM loans, and these interests following the trends of one’s specific overall interest rates. Fixed rate mortgage loans are usually in fifteen or thirty year terms, with the borrower agreeing on a fixed payment each month that does not fluctuate. Conventional loans are loans not secured by a government sponsored entity, such as the FHA or VA. Conventional loans conform to the Freddie Mac and Fannie Mae product lines. FHA loans are backed by the Federal Housing and Urban Development Administration. These are the most popular loans for first time home buyers, attending to allow housing to become more affordable. They are limited to specific home types and home locations. Quicken Loans jumbo mortgage loans are always larger than the limits set by the Freddie Mac and Fannie Mae agencies each January, with the agencies purchasing the underlying securities from mortgage originators. Currently, the jumbo loans are offered at
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