Quicken Loans becomes the country’s largest mortgage lender
It’s also one of the best places in the US to work.
Quicken Loans has overtaken Wells Fargo as the country’s largest mortgage lender.
The Detroit-based lender posted $25 billion in loan volume during the last quarter of 2017, while Wells Fargo racked up $23 billion and Bank of America came in third with $13 billion.
Wells Fargo dropping down to second place was not helped by fallout from numerous scandals at the end of last year and so far this year.
These included opening millions of unauthorized customer accounts and improperly charging mortgage customers rate-lock fees, prompting the four members of the bank’s board of directors to step down.
The Federal Reserve has also prohibited the bank from expanding its balance sheet until it shows sufficient improvement in its governance and controls.
But while Quicken Loans admitted it still has challenges ahead, especially in staying at the nation’s No. 1 mortgage lender, co-founder and chairman Dan Gilbert said customer experience was key to stay ahead of the competition.
You can read our review of Quicken Loans mortgage loans.
The company was also given a boost by Fortune Magazine just a few weeks ago when it was named one of America’s top 15 places to work in the publication’s annual ranking of the “100 Best Companies to Work For.”
This marks the 15th straight year the company has been ranked in the top 30 on the prestigious list.
The company has also been named “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the eighth consecutive year.
The company was also ranked #1 by J.D. Power for mortgage servicing for the past four consecutive years – each year the company was eligible.
To see how Quicken Loans’ rates and loan options compare with other leading mortgage lenders, check out our comprehensive mortgage guide.