Quicken executives say the company ranks among the top five in market share of home purchase mortgages, though its first-quarter ranking by Inside Mortgage Finance puts it at No. Walters’ range compares with 56 percent at Wells Fargo, 48 percent at JPMorgan Chase and 34 percent at LoanDepot, according to 2015 data from Inside Mortgage Finance.Īs a private company, Quicken is not required to disclose such metrics, Fylonenko said, and recent data would be “distorted” by Quicken’s outsized role in refinancing. The company declined to give a more specific figure. Quicken’s chief economist, Bob Walters, told Reuters that 25 to 35 percent of its mortgages are used for home purchases. Its business is nonetheless still tilted heavily toward refinancing, a simpler transaction where borrowers don’t have to fear losing out on their dream home. It has spent heavily to familiarize borrowers with its brand, he said, and gets positive reviews from its customers. Quicken spokesman Jordan Fylonenko rejected the notion that the company needs to rely on realtor referrals. “It is still a relationship business,” he said. “The central question of the Quicken story is, how much and how quickly can they convert what they’ve done to purchase-money transactions,” said Michael Drayne, a senior vice president at Ginnie Mae, a U.S. News last month that Quicken founder Dan Gilbert is trying to buy Yahoo Inc also suggests it wants to boost its brand with digital marketing and consumer data. Quicken is working hard to build its purchase mortgage business through a new tool called Rocket Mortgage. “I never really wanted to get a mortgage solely online – I still wanted to speak to somebody,” he said. Chen is quite comfortable conducting business online – except when it came to buying his first home.
#Quicken loans refinance software#
Quicken will still have to convince the likes of Jeff Chen, a 28-year-old software engineer from San Francisco. That raises the question of whether Quicken’s meteoric rise was a fluke of timing and historically low interest rates, or whether the company has truly disrupted an entrenched local culture of handshake real estate deals. The mortgage market is shifting to purchases, and borrowers rarely turn to online-only lenders for that type of mortgage. Now, with the refi market saturated, Quicken faces a pivotal challenge – convincing home buyers to trust that emotional transaction to a website instead of the banker next door. Dan Gilbert, Chairman of Rock Ventures and Founder Chairman of Quicken Loans, listens to a question from the audience, during a panel discussion at Techonomy Detroit held at Wayne State University in Detroit, Michigan, U.S.
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