“One of My Lenders Posts Strong Production Gains”
A few months ago, we took on Quicken as one of our Lender partners. One of the main reasons, was that they do odd year mortgages, like 8, 12, 14, 22 years, well you get the idea. Some of my clients don’t want to have to do 10, 15, 20, 25 or 30 year term, when refinancing, they want to refinance the exact remaining term, that they presently have.
We have two lenders that offer these products. This is a great option for a client that has only one goal, lower their monthly payment and not change their mortgage term.
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.
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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