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Arizona Mortgage Rates: Smashing The Competition

Arizona Wholesale Mortgage here... Just having some fun with our super low mortgage rates and a little fun with our Arizona mortgage competition ...

Quicken hiring 1,300 as it reports record loan volume

Quicken Loans Inc.'s biggest quarter to date means more jobs in Detroit.

The 34-year-old privately held mortgage lender is the country's largest retail home mortgage lender by loan volume. It said this week it is hiring 1,300 people mostly for its downtown headquarters after reporting a record $32 billion in home loan originations for the second quarter. The hiring expands Quicken founder and chairman Dan Gilbert's workforce from 17,000 in the city and comes as competition in the home loan market builds up.

"We're always hiring hundreds of people a month," said Mike Malloy, Quicken's chief people officer said. "With our record-breaking quarter, we're accelerating that. About 85-90% of those jobs are in Detroit."

Low interest rates helped boost home loans in the second quarter, as major banks and lenders reported upticks in originations for the three-month window. The No. 2 lender in the country, Pontiac-based United Wholesale Mortgage, said Thursday it originated $28.3 billion in mortgages, its highest to date.

What the government shutdown means for home loans

During the shutdown.

If you’re seeking a conventional loan
Most mortgages are considered conventional loans, meaning they aren’t backed by the federal government. However, they are facilitated by government-sponsored enterprises, such as Fannie Mae and Freddie Mac.

As private companies, Fannie and Freddie aren’t directly affected by the shutdown. Mortgage processing is continuing as usual, except in cases where the federal government provides information required for underwriting.

“The IRS has not been processing 4506-T tax transcripts — tax return verifications — which are required on most files, although that service is restarting,” Rood says. “There will still be a backlog due to requests that have been piling up since Dec. 22.”

Self-employed borrowers are particularly affected by the lack of access to federal income tax transcripts. Some lenders may accept signed tax returns in lieu of transcripts.

And the shutdown could also stall verification of employment for government employees.

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