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Why is Quicken Loans the No. 1 Lender in the Country?



additional comments on
"Why is Quicken the No. 1 Lender in the Country?"

  1. Scott Johnson says:

    If you want to dethrone Quicken it’s an easy process. Service, service, service. Problem is almost every mortgage company and bank doesn’t understand it. Ask a Processor, Underwriter or Closer who their #1 customer is on a transaction and they will give you the name of your Borrower and while they should receive great service, they ARE ABSOLUTELY WRONG! Your customer is who you get the business from. Processors, Underwriters and Closers get the business from the LO. The LO is their #1 customer and no one seems to get that. I don’t blame Processors, Underwriters and Closers. I blame us, the industry, because we as an industry have never trained them or even showed them what GREAT customer service looks like or sounds like. Have you noticed recently how your local McDonalds is all of a sudden bringing you your fast food order? Can you say Chick-fil-A? Ever shop at Nordstroms? Bet you’ve been back to buy another $150 dress shirt that you could have bought at Men’s Wearhouse for $75. Service, service, service, all the way down the line. Want to dethrone Quicken? It’s called SERVICE.

    1. Matthew Fallon says:

      Couldn’t agree with you more.

  2. Great show Frank and Brian. It’s a part of my daily industry review and I really appreciate your perspective on things.
    I love Quicken Loans. I’ve had the pleasure of working here for over 8 years and the culture is second to none. Bob Walters is right, it doesn’t matter how big or small your company is, culture drives success.
    Looking forward to seeing the other 4 questions.

  3. Sometimes it boils down to…”just being in the right place at the right time.” The same was true for Glenn Stearns, (Stearns Lending), when he was a broker about the same time. He used to broker to my company then, Empire of America Realty Credit Corp. He had the opportunity to acquire failing wholesaler, SCME, and the rest as they say, is history. Both, Quicken and Stearns appears to have caught the big waves that brought them all the way in. No harm in that.

  4. REORealtor1 says:

    Two experiences with Quicken. I was recently rather appalled at a Quicken LO. A buyer was doing an interfamily purchase. The Quicken Loan officer supplied him with a Florida Real Estate Contract that was probably 15 years old. I believe he also filled it out for them. Pretty weird. I had a friend doing a refi through them using his credit line on another property to pay down some of the debt on his house. He was told his funds had to be seasoned for two months. I reviewed the guidelines with Fannie Mae which clearly states on a refi a line of credit can be used to provide funds and no seasoning is required of funds being used on refinancing. I’m a Realtor, I shouldn’t be doing their research and certainly shouldn’t be witnessing a Quicken Loan Officer acting in the capacity of an agent by writing a contract. I’m assuming Michigan law doesn’t allow this any more than Florida law would. Perhaps Bob should spend more money on QC and educating his work force than he does on his marketing and promotions.

  5. Ty Threatt says:

    Good question! I’ve personally used Quicken Loans and have clients that have used them. My experience begs the question as it was less than spectacular! I think it’s all about advertising, advertising, advertising!

  6. Mr. Krispy says:

    It was amusing to watch Frank do a verbal slow dance around the Quicken Loan interview while trying not to cheese off the Brokerages that advertise on this site and the LOs that are a large part of the audience.

    About the only people that don’t like Quicken Loans are their competitors…

  7. SarcasmDetector says:

    Unreal to hear they’re offering ‘preferred pricing’ to brokers who use their title insurance company. Talk about a RESPA violation! I’m sure the CFPB will be catching up with them very soon.

  8. Jonathan Mallinga says:

    Bob’s statements about culture are reinforced at Quicken everyday and by every leader within the company. Culture is the foundation of values that centers every team member no matter the role. It’s not difficult to Google Quicken’s ISMs, take that blueprint and run with it in your own practices no matter the size and keep them front and center as you scale your business.

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