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"We have some of the best rates in the country because we are building out the technology to make the mortgage broker process faster," Ishbia said. United Shore plans to add 2,500 employees in 2020 and more than double the size of its campus after purchasing a building across from the headquarters it built and opened in June 2018. "We have more unique marketing campaigns planned for 2020, and we see this being a strong year for home purchases throughout the spring and summer," Walters said.īoth companies have been hiring. It experimented with some new promotions that led to its largest single-day volume of consumers to originate a mortgage on Cyber Monday in November. Historically, Quicken also has been a leader in refinancing. Home purchases accounted for 51% at United Shore, down from 70% in 2018. Inventory is low."įalling interest rates also encouraged refinancing, Ishbia said. "In a lot of communities, it is cheaper to own.
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"The recent dip from last summer in rates going lower made many homes affordable," said Rocke Andrews, president of the National Association of Mortgage Brokers. High employment levels, a growing economy and falling interest rates contributed to increased homebuying activity in 2019, according to the National Association of Realtors, which reported contract signings were up 7.4% year-over-year in November. "It’s no secret this was a good year industry-wide, but our tech infrastructure and commitment to service allowed us to continue to provide closings two weeks sooner than the industry average, a gap that grew even larger as the year went on," Bob Walters, Quicken president and chief operating officer, said in an email. It has been the largest mortgage lender in the country since the fourth quarter of 2017. Quicken's 2019 mortgage volume was a 75% year-over-year increase and beat the company's previous record volume of $96 billion in 2016.