quicken . quicken loans type private industry mortgage lending founded 1985 ; 31 years ago 1985 as rock financial founder dan gilbert ron berman lindsay gross gary gilbert headquarters one campus martius formerly compuware building detroit michigan u.s. products 15 and 30 year fixed rate mortgages fha loans va loans arm loans jumbo loans number of employees 13 000 nationally 1 website www.quickenloans.com quicken loans inc. is a mortgage lending company headquartered in one campus martius building in the heart of the financial district of downtown detroit michigan . in 2012 it became the second largest overall retail lender in the u.s. it is also the largest online retail mortgage lender . 2 unlike other large mortgage lenders that depend on deposits quicken loans relies on wholesale funding to make its loans and uses online applications rather than a branch system . 3 title source and one reverse mortgage are also part of the quicken loans family of companies . 4 quicken loans closed more than 70 billion in home loan volume in 2012 a 133 percent increase over its previous record of 30 billion set in 2011 . the company also doubled its growth . 5 contents 1 history 2 see also 3 references 4 external links history edit quicken loans originally rock financial was founded in 1985 by dan gilbert ron berman gary gilbert and lindsay gross . 6 in july 1987 the name was changed to rock financial corp. rock financial became one of the largest independent mortgage companies in the country . as rfc grew so did the head count hitting 50 employees in august 1991 . in may 1998 gilbert took rock financial public launching an ipo underwritten by bear stearns and prudential securities . in december 1999 intuit inc. makers of quickbooks turbotax and quicken purchased rock financial corp. for 532m . the company was renamed quicken loans . in june 2002 gilbert led a small group of private investors in purchasing the quicken loans subsidiary back from intuit for 64m . 7 the company started to change course in the late 1990s shifting from a traditional mortgage provider to an online focused lender . traditionally the home mortgage business in america has been fragmented due to varying regulations in each state and locality . gilbert challenged this orthodoxy however by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters . 3 on november 12 2007 gilbert announced a development agreement with the city of detroit to move the company headquarters downtown consolidating suburban offices . 8 the construction sites reserved for development by the agreement included the location of the former statler hotel on grand circus park and the former hudson s location . 8 quicken loans moved into its downtown headquarters in august 2010 . the initial move brought 1 700 employees to the city . 9 since 2009 quicken has leased office space in the compuware building facing campus martius park in detroit . the company also houses its employees in downtown detroit s first national building the qube chrysler house one woodward avenue and 1001 woodward all owned by quicken loans parent company rock ventures . 10 in 2014 quicken loans has grown to be the 2nd largest mortgage lender in the united states and remains the nation s largest online mortgage lender . 11 the company employs 13 000 people with more than 11 000 now working in the city of detroit . 12 in the spring of 2008 rock holdings entered the reverse mortgage market with the acquisition of one reverse mortgage . the company saw a small drop in employment levels following the 2008 financial crisis . 13 14 in august 2007 the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds . in response quicken loans discontinued 15 second mortgages home equity lines of credit heloc alt a products deferred interest loans in 2004 quicken loans became a defendant in a class action lawsuit . this was filed against the company on behalf of employees who had worked as loan consultants for any quicken office within the past three years . the claimants alleged that quicken violated the fair labor standards act flsa by failing to pay the plaintiffs overtime for working beyond a 40 hour work week . quicken loans denied these claims and said it is not aware of any such violations of the flsa . on march 17 2011 a federal jury found in favor of quicken loans ending the seven year old lawsuit . the decision means that quicken loans is not obligated to pay overtime payments to the plaintiffs . 16 see also edit metro detroit portal companies portal quicken loans arena a multi purpose arena in downtown cleveland ohio . suburban collection showplace previously known as the rock financial showplace a convention center in novi michigan references edit gallagher john 18 november 2012 . quicken loans top echelon cares about rank and file . detroit free press . biggest mortgage lenders in 2012 . yahoo finance press release . mortgagedaily.com . 2013 02 25 . archived from the original on 2013 03 24 . retrieved 2013 03 01 . a b a new foundation . the economist . issn 0013 0613 . retrieved 2016 06 03 . financial services rock ventures . www.rockventures.com . retrieved 2016 08 19 . walsh tom 9 october 2012 . tom walsh quicken loans on pace to hit 70b in lending . detroit free press . retrieved 28 november 2012 . segal david april 13 2013 . a missionary s quest to remake motor city . new york times . new york times . retrieved 26 january 2016 . the 400 richest americans . forbes magazine . 2007 08 24 . retrieved 2007 08 24 . a b howes daniel november 12 2007 . quicken moving to downtown detroit.the detroit news . retrieved on november 12 2007 . randolph ned 2 november 2011 . detroit native dan gilbert bets big on the city s rebound . reuters . retrieved 28 november 2012 . wayland michael 11 october 2011 . gilbert s glory 1 500 quicken loans employees move to detroit help transform downtown . mlive . retrieved 28 november 2012 . morris bill 18 october 2012 . finally a downtown s upswing . new york times . retrieved 28 november 2012 . pinho kirk december 21 2015 . how detroit riverfront lost out on gilbert s quicken headquarters . crain s detroit business . crain s communications . retrieved 26 january 2016 . gilbert housing slump hits quicken . the detroit news . 2007 10 15 . retrieved 2007 10 15 . quicken lays off 250 in mich. ariz. ohio . the detroit news . 2008 06 20 . retrieved 2008 07 01 . gilbert mortgage squeeze could be blessing for quicken . the detroit free press . 2007 08 16 . archived from the original on 2007 09 27 . retrieved 2007 08 16 . duggan daniel march 17 2011 . dan gilbert quicken s triumph in overtime trial a victory for right over wrong . crains detroit business . external links edit quicken loans retrieved from https en.wikipedia.org w index.php title quicken loans & oldid 743440716 categories companies based 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