Crain's reported today in their 'Week on the Web' snippets column that Quicken Loans closed more than $70 billion [yes that's a B] in home loans in 2012, more than doubling 2011's record $30 billion.
Whoa ho! Congrats Dan Gilbert and keep pouring it into your home town.
What a guy! But then welcome to the new world order.Quote:
Originally Posted by Lowell
You do know that almost all of those loans are sold to places like Freedie Mac and Fannie Mae and Quicken receives like a quarter of a percent of that in servicing rights?
you do realize that quicken loans is a national company? all that money was not loaned in southeast michigan.
I dont know about that new world order conspiracy crap but as much as I appreciate Dan Gilbert's saving downtown; I never like the idea of one man owning everything. The city will be screwed if he take up his marbles and decide to play somewhere else.Quote:
Originally Posted by Honky Tonk
Mr. Gilbert, we are lucky to have you in Detroit. Please continue with the great things are doing for Detroit!
Quote:
Originally Posted by Zozo
Watch who you put on a pedestal to worship...
You do know that he's making enough dough to buy up controlling interest in Greektown Casino??Quote:
Originally Posted by Shollin
I doubt it's 70 billion. Gilbert is worth about 3 Billion according to Forbes. The OP made it sound like Quicken was funding the 70 billion themselves.Quote:
Originally Posted by Gistok
You do know you're preaching to the choir here on your 70 billion number...Quote:
Originally Posted by Shollin
I'm sure everyone on this forum would know if he jumped ahead of Bill Gates [[$65 Billion) and Warren Buffet [[$43 Billion)... to be the richest man in America...
Some of you failed to read the OP.
It said QUICKEN LOANS SERVICED $70 Billion in loans, not that the company or Dan Gilbert is worth $70 Billion dollars. There is a difference.
Hold on. I clearly wrote, quoting from Crain's, "Quicken Loans closed more than $70 billion" in home loans in 2012. That has nothing to do with how much was made from those loans, which would be only a fraction of that total. But even 1%, and I'd bet it is a lot more, is more than enough to buy Greektown Casino and all the other properties he has acquired downtown.Quote:
Originally Posted by Shollin
The OP acts as if Quicken Loans made 40 billion since 2011 which is incorrect. Apparently not everyone knows that or else this thread would not have been startedQuote:
Originally Posted by Gistok
It's not 1%. The servicing right paid to loan servicers are usually 1/4 of a percent.Quote:
Originally Posted by Lowell
The low-interest rate environment has undoubtedly been helping Quicken succeed. With rates so low [[and then going lower) during the past few years, many people have refinanced and then refinanced again to save money. Rates should stay low through 2013 and most of 2014, but at some point rates will go up and the number of refinancings will significantly decrease. Hopefully, the economy will have improved by then and they can make up for that with new originations.
Welcome to the forum, ArmDetroit. Saw you deleted that little snip.
That's ok, we all get spanked by our PR and HR departments once in a while.
Hope you didn't lose the job as company shill, though, because we would appreciate direct interaction! 5 posts would be an awfully short career...even under your boss.
I want to believe that Dan Gilbert is for real. I really, really do.
But I need him to answer that Kwhyme bailout first.
Cheers
For the rest of ya, he called Shollin' out for nitpicking the mortgage rate skim...
I seen that and the difference between 1/4% and 1% on 70 billion is 525 millionQuote:
Originally Posted by Gannon
Probably had something to do with the original $200 mil of course K could have let it pass through his fingers without imposing a service charge.Because he was after all a nice guy with the cities best interests at heart.Quote:
Originally Posted by Gannon
I guess that is the difference one who benefits from the game while the city suffers or one who benefits from the game while the city improves,but the past does show us that when the game is controlled by the few the risk is also there.
Are you saying he 'only' makes $175 million off $70 billion of closed property and nothing else? Just curious on the take. Aren't there loan application fees and other income?Quote:
Originally Posted by Shollin
Does that include these?? :confused:Quote:
Originally Posted by Shollin
Lending Fees
Flat fees charged by the lender to fund and process a mortgage are known by a variety of names, and in general, can be categorized all together and commonly referred to as "garbage fees.” These fees include processing, underwriting, document preparation, as well as administrative and funding fees. Tax service fees, wire, and flood certifications are all additional lending fees. Nearly all lenders charge these fees, and homeowners can expect to pay between $650-$850 to cover them all.
If that happened, Detroit would just go back to the way it was. At least the single person controlling downtown's destiny has made visible accomplishments.Quote:
Originally Posted by stasu1213
Those are not servicing fees paid to the servicer by the investor. A lot of times loans are closed by brokers and the brokers collect those fees and sell the loans to quicken. Honestly, servicers make a good majority of income on late fees, payoff request fees, document request fees, etc.Quote:
Originally Posted by Gistok
Shollin... Its a lot more than what you are saying. I work in the mortgage business. Depending on the type of loan, the lender earns usually between 1% and 4% of the loan amount. That comes from Fannie, freddie, or from the FHA. On top of that, they will earn any additional origination fees [[which most loans have). If the lender continues to service the loan [[ which QL does), they earn a certain percentage of each month's interest payment.
Armin,
Since you're an insider, how much control does the industry attempt to exercise over the schenanigans I've personally witnessed in some mortgage companies? Granted, it was during the boom, but that was the only time I was lobbied fiercely to buy property. The words my old high school buddy uttered had something to do with fogging a mirror to qualify. I told him if his industry was writing loans to those like me, doom was coming, and it did.
But the stuff I learned about their cash-only last-minute loans to cover bullshit fees dropped onto unsuspecting people trying to finally buy into the American Dream at the CLOSING...which amounted to loan-sharking, which the agents were profiting quite well off the books from...made me never, ever want to approach that game again.
It was no surprise that most of the agents used to be in car sales, either. High pressure crap over probably the biggest purchase in that couple's life...please tell me you've never witnessed anything like this and the industry has suddenly become run by angels.
Cheers,
John