Quicken Loans announced today that it originated $20.5 billion in retail home loans during Q1.
This keeps the creator of “Rocket Mortgage” in the top spot of retail loan originators, $4 billion in originations ahead of second place Wells Fargo. This is the second quarter in a row for Quicken to lead the industry in originations.
Note that the last time these numbers were independently verified was in 2016 as part of the Home Mortgage Disclosure Act annual report. When correspondent loans are factored in, Wells Fargo reported $43 billion in home loans during the first quarter, more than doubling Quicken's first quarter loan numbers.
According to its press release, Quicken Loans saw a 5% increase in loan originations year-over-year as many competitors face declining origination numbers. The company pointed to its proprietary technology like Rocket Mortgage as a key driver in its year-over-year origination growth.
“Quicken Loans is focused on the same things that have differentiated us for many years. We are committed to our unique culture, investing in our talented people, leading technology, and our unparalleled client experience,” CEO Jay Farner said in a statement.
“Rocket Mortgage is game-changing technology, but it's just the beginning," Farner continued. "Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives.”
