Volume 2014 - Number 47
December 11, 2014
Quicken Completes LPMI ‘Sale’ in 60 Hours, Gives Up Profits for Exposure; Other Wholesalers May Follow Suit
Quicken Loans, the nation’s largest nonbank lender, recently offered a lender-paid mortgage insurance “sale” through loan brokers, committing $100 million to the effort and wrapping up the promotion in roughly 60 hours. According to Tod Highfield, vice president of loan production at Quicken, the sale wasn’t designed to hit any volume targets per se, but was meant to heighten the firm’s profile among certain segments of the origination market, namely brokers, credit unions and community banks. The offer was pitched...
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