Online home lender Quicken Loans Inc. reports that September marked the company's largest monthly closed volume in its 25-year history. The Detroit-based mortgage bank closed approximately 15,500 home loans totaling $3.4 billion in loan volume last month.
The record month surpassed the previous record of nearly 14,000 closed loans and $3.15 billion in loan volume, which Quicken Loans says it achieved just one month prior in August.
Last year, Quicken Loans closed a company-record $25 billion in home loan volume and is projecting to close more than $30 billion in home loan volume this year.
The company says it has also significantly increased its retail government lending programs, closing more than 42,000 loans and $7.5 billion in home loan volume in 2009, which is expected to grow to approximately 45,000 closed home loans and more than $8 billion in closed home loan volume this year.
SOURCE: Quicken Loans Inc.