Fortress, Quicken Loans Form Joint Venture For Loan Mods

Fortress Investment Group LLC and Quicken Loans Inc. have entered into an exclusive joint venture. The partnership will help Fortress implement a comprehensive refinancing and loan modification strategy for its mortgage portfolio and investments, the companies state.

Quicken Loans has the capacity and capability to deploy up to 2,600 of its team members to refinance borrowers in all 50 states into many different loan programs, including conventional, Federal Housing Administration and reverse mortgages, from its centralized Web centers.

‘This partnership will help bring needed liquidity to homeowners facing increasingly limited options, while, at the same time, providing investors in Fortress funds with a competitive advantage,’ says Pete Briger, president of Fortress.

Sources: Fortress Investment Group, Quicken Loans

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