September 19, 2014 7:31 AM ET

Thrifts and Mortgage Finance

Company Overview of Quicken Loans Inc.

Company Overview

Quicken Loans Inc. operates as an online retail mortgage lender that provides home loans to families in the United States. The company was formerly known as Rock Financial Corp. and changed its name to Quicken Loans Inc. in December 1999. The company was founded in 1985 and is based in Detroit, Michigan with additional operations in Cleveland, Ohio; North Scottsdale, Arizona; San Diego, California; and Charlotte, North Carolina. Quicken Loans Inc. operates as a subsidiary of Rock Holdings Inc.

1050 Woodward Avenue

Detroit, MI 48226

United States

Founded in 1985

Phone:

313-373-3000

Fax:

734-805-7073

Key Executives for Quicken Loans Inc.

Chief Executive Officer
President and Chief Marketing Officer
Founder and Chairman
Age: 52
Chief Financial Officer and Treasurer
Chief Operations Officer
Compensation as of Fiscal Year 2014.

Quicken Loans Inc. Key Developments

The Fourth U.S. Circuit Court of Appeals Vacates an Order Remanding Mortgage Loan Borrowers' Action against Quicken Loans and Title Source

The Fourth U.S. Circuit Court of Appeals vacated an order remanding mortgage loan borrowers' action against Quicken Loans and a class of unnamed appraisers under the Class Action Fairness Act's (CAFA) local controversy exception. It was improper for the district court to consider absent members of the class of defendant appraisers in determining whether at least one defendant was a 'significant' defendant from whom significant relief was sought. Phillip Alig, Sara J. Alig, Roxanne Shea and Daniel V. Shea obtained mortgage loans from Quicken Loans Inc. They filed a class action lawsuit against Quicken Loans, Title Source Inc. and a class of defendant appraisers represented by Appraisals Unlimited Inc., Dewey Guida and Richard Hyett. The plaintiffs alleged the existence of a scheme by the defendants that resulted in borrowers closing on a loan that was underwater from the beginning. Before the appraisers conducted an appraisal, Quicken Loans allegedly provided them with a suggested appraisal value. According to the plaintiffs, the appraisers would then arrive at the same appraisal value as the suggested appraisal value. Quicken Loans removed the case to federal court. The plaintiffs filed a motion for remand, arguing the local controversy exception to CAFA applied. The district court granted the motion. Quicken Loans appealed. The local controversy exception requires that at least one defendant be a local defendant from whom members of the plaintiff class are seeking significant relief and whose conduct forms a significant basis for the plaintiffs' claims. The parties disputed whether the defendant appraisers qualified as a significant local defendant. Quicken Loans argued the at least 1 defendant requirement could not be satisfied by aggregating claims against multiple defendants. The Fourth Circuit found the term at least contemplated that more than one defendant could satisfy the relevant element of the local controversy exception. It was proper for the district court to aggregate the named defendant appraisers for purposes of the local controversy exception. They were citizens of the state in which the plaintiffs filed their action and the plaintiffs' alleged injuries arose. The district court erred, however, in considering absent members of the putative class in finding that the at least 1 defendant requirement was met. The Fourth Circuit reasoned that an unnamed member of an uncertified class is not a party to the litigation.

Similar Private Companies By Industry

Company Name Region
Capital Farm Credit, ACA United States
Commerce Mortgage United States
Mortgage Co. of Santa Barbara, Inc. United States
BancOklahoma Mortgage Corporation United States
Northland Funding Group, LLC United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
NYC2012, Inc. United States
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Quicken Loans Inc., please visit www.quickenloans.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.