3/22/2023 0 Comments Quicken wholesale![]() When I asked why he was essentially urging brokers to boycott of Quicken, his written response, in part was, “I don’t assume a position of telling mortgage brokers which lenders to do business with, but as chairman of AIME, where our top priority is to protect and support the business growth efforts of our members, it is my obligation to inform mortgage brokers of lenders whose business practices are more inclined to hinder brokers’ long-term business growth aspirations than help them.” While Casa refused to meet with me for two interviews during the conference, he agreed to answer some written questions. Quicken, perhaps the best lifeline for mortgage brokers going back to the Great Recession, was getting slammed by an industry insider. Quicken is the Amazon of the mortgage industry.” ![]() “Quicken has so many angles to put us out of the game,” he said. Much to my surprise, Casa spent part of his hour-long remarks bashing the hand that feeds many mortgage brokers: Quicken Loans. 12 in Las Vegas to a group of some 2,000 mortgage brokers, most of whom gave him a standing ovation. Its chairman Anthony Casa gave a rousing afternoon speech Saturday, Oct. Recently I attended the national conference of a relatively new mortgage broker trade association called AIME, born in 2018. The Association of Independent Mortgage Experts’ mantra is “brokers are better.” (Full disclosure: My brokerage Mortgage Grader, is a Quicken customer). In short, more than a quarter of the behemoth’s loans came through mortgage brokers. Based on its Fannie, Freddie, FHA and VA business, 26% of Quicken’s business came from brokers in the first half (2019), Cecala told me. The broker share was 13% or $10.8 billion.Ĭecala noted that Quicken’s broker volume has doubled since last year. Quicken’s 2018 funded mortgage volume was $83.4 billion, according to Guy Cecala, CEO and publisher of Inside Mortgage Finance. “After the massive exodus of lenders left a huge hole for broker liquidity, we saw an opportunity to fill that need,” Austin Niemiec, an executive vice president at Quicken Loans, told me via email. Quicken Loans, which quickly ascended to become one of the nation’s top mortgage lender s, launched its wholesale lending channel in 2010. “My biggest mistake, probably of my whole career, was not closing down our mortgage broker business sooner,” JP Morgan Chase CEO Jamie Dimon said, according to a March 2009 blog post by the Los Angeles Times. These big four banks have never looked back as they maintained their traditional retail and call-center mortgage lending. ![]() ![]() Wells Fargo, Citibank, Bank of America and Chase all turned against mortgage brokers by terminating their third-party relationships, also called wholesale lending. This mortgage exec’s opposition to Quicken Loans is a head-scratcherĪbout a decade ago during the housing meltdown, mortgage brokers became political roadkill. ![]()
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