Quicken Loans has turn into the most important mortgage lender within the nation over the previous few years due largely to the expansion of Rocket Mortgage, the corporate’s digital mortgage platform.
Because it seems, Rocket Mortgage is turning into so large that it’s now consuming different components of the Quicken Loans household of firms too, specifically the corporate’s reverse mortgage lender.
Earlier this week, Quicken Loans moved to “pause” the operations of One Reverse Mortgage, one of many largest reverse mortgage firms within the nation, and is shifting all the firm’s workers over to Rocket Mortgage.
In line with a press release offered to HousingWire, One Reverse Mortgage will stop originating new reverse mortgages and all the firm’s workers will transfer to Rocket Mortgage.
The corporate mentioned the choice comes as the results of each the expansion of Rocket Mortgage and “shifting demand” for reverse mortgages.
“Because the nation’s largest lender, we’re always evaluating our portfolio to verify we’re delivering probably the most wanted monetary options to our shoppers always,” Quicken Loans mentioned in a press release.
“Because the Rocket Mortgage model continues to develop, and we see demand shifting from the reverse mortgage market, we’ve got made the choice to pause reverse mortgage originations and transition all present One Reverse Mortgage staff members to positions with Rocket Mortgage,” the corporate continued.
“This transfer will enable us to leverage the talent and experience of our ORM staff members to shortly scale and meet the unprecedented demand Rocket Mortgage is experiencing because it grows its place as America’s largest mortgage lender.”
It was simply over a yr in the past that One Reverse Mortgage was rising, introducing its first proprietary reverse mortgage, which it known as the Residence Fairness Mortgage Optimizer.
However now, the corporate’s workforce is shifting to ahead mortgages as a substitute.
The precise variety of folks employed by One Reverse Mortgage shouldn’t be at present obtainable. The corporate’s LinkedIn web page lists the corporate’s measurement as between 201-500 workers.
Quicken Loans didn’t reply to repeated questions on a precise variety of workers that may be making the shift to Rocket Mortgage.
Regardless, all the firm’s unknown variety of workers are actually transferring to Rocket Mortgage.
The information of the adjustments at One Reverse Mortgage was first reported by Reverse Mortgage Each day.