In a federal false-claims lawsuit filed in 2015, the Department of Justice charged that, among other things, the company misrepresented borrowers’ income or credit scores, or inflated appraisals, in order to qualify for Federal Housing Administration insurance.
Privately held Quicken, like some of America’s largest banks before it, has also landed in regulators’ cross hairs. Today, it is the second-largest retail mortgage lender, originating $96 billion in mortgages last year - an eightfold increase from 2008. In the years since the crisis, many of the nation’s largest banks pulled back their mortgage-lending activities. But the whimsical, irreverent atmosphere sits atop a fast-growing business in a field - the selling of the American dream - that has changed drastically since an earlier generation of mortgage lenders propelled the economy to near collapse in 2008 by issuing risky, even fraudulent loans.
On any given day, a company mascot, Simon, a bespectacled mouse, goes on the hunt for “gouda,” or good ideas, from the workers.Ī visit to the headquarters of Quicken Loans in downtown Detroit may seem like a trip to a place where “Glengarry Glen Ross” meets Seussville. DETROIT - A low buzz fills the air as an army of mortgage bankers, perched below floating canopies in a kaleidoscope of vivid pinks, blues, purples and greens, works their phones, promising borrowers easy financing and low rates for home loans.īy the elevators, nobody blinks when an employee wearing a pink tutu bustles past.
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