Privately held Quicken, like some of America’s largest banks before it, has also landed in regulators’ cross hairs. Today, it is the second-largest retail mortgage lender, originating $96 billion in mortgages last year - an eightfold increase from 2008. In the years since the crisis, many of the nation’s largest banks pulled back their mortgage-lending activities. But the whimsical, irreverent atmosphere sits atop a fast-growing business in a field - the selling of the American dream - that has changed drastically since an earlier generation of mortgage lenders propelled the economy to near collapse in 2008 by issuing risky, even fraudulent loans. On any given day, a company mascot, Simon, a bespectacled mouse, goes on the hunt for “gouda,” or good ideas, from the workers.Ī visit to the headquarters of Quicken Loans in downtown Detroit may seem like a trip to a place where “Glengarry Glen Ross” meets Seussville.
DETROIT - A low buzz fills the air as an army of mortgage bankers, perched below floating canopies in a kaleidoscope of vivid pinks, blues, purples and greens, works their phones, promising borrowers easy financing and low rates for home loans.īy the elevators, nobody blinks when an employee wearing a pink tutu bustles past.
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