Quicken Loans and United Shore Mortgages

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July-19-21, 01:36 PM
renf

Quicken Loans and United Shore Mortgages

For several years, Quicken and United Shore have been the two largest mortgage originators in the nation. In 2020, Quicken apparently originated more than 1.1 million mortgages and United Shore about 560,000. United Shore changed their name to United Wholesale Mortgage. Does that name change imply that they will move away from their retail activity in originating mortgages for individuals?

Is metro Detroit becoming something of a national financial center? Back in 1913, Detroit and Michigan did not have the political clout that Cleveland and Ohio had so Detroit lost its chance to become home to one of the federal reserve bank districts. But now, the Detroit area is home to the two largest mortgage originators in the country and Huntington - one of the nation's 25 largest banks - is about to move into their new 22 story building just across from Comerica. And Huntington promises $1 billion for loans to minorities, underserved communities and small businesses in Wayne County in the next few years.
July-19-21, 01:52 PM
Cincinnati_Kid

Also saw where UWM will partner with the Detroit Pistons. They will be the franchises official jersey and mortgage partner. Terms of the deal weren't announced. They both are probably making a ton of money, since housing prices are ridiculously through the roof.
July-19-21, 02:12 PM
Gistok

I like the change of the name of the 2 merged banks... to Huntington Bank. I like the rename of formerly Cobo Center... Huntington Center sounds better than TCF Center... ;)
July-19-21, 02:27 PM
Satiricalivory

Quote:

Originally Posted by renf

Is metro Detroit becoming something of a national financial center?

I think yes, definitely.
July-19-21, 03:55 PM
401don

It was more of a merger of TCF into Columbus based Huntington. 5th/3rd is expanding in Mich. also and is based in Cincinnati so I think Ohio still wins out on the banking side.
July-19-21, 04:00 PM
JonWylie

Quote:

Originally Posted by 401don

It was more of a merger of TCF into Columbus based Huntington. 5th/3rd is expanding in Mich. also and is based in Cincinnati so I think Ohio still wins out on the banking side.

Torgow is still the Chairman of Huntington, and Detroit is the Commercial banking center. I think even after the merger of TCF and Huntington, Detroit is going to net more jobs than they would have just with Chemical or TCF.
July-19-21, 05:26 PM
K-slice

I've said for years that the "Mo" in Motown is going to stand for Mortgage soon.

Don't forget [[I feel like they often are) we also have Ally Financial based right in downtown which is much bigger than Huntington. They also beat out Ohio based Key Bank and UBS when it comes to assets.
July-20-21, 11:30 AM
Scottathew

Quote:

Originally Posted by renf

Does that name change imply that they will move away from their retail activity in originating mortgages for individuals

It's my understanding that United Wholesale Mortgage is 100% into serving brokers, they've made a big deal out of it.

Quicken is the retail mortgage behemoth, but they also do a lot of other stuff, including "Rocket Pro TPO", which is their competitor to UWM.

It's pretty neat having two of the biggest players bookending Woodward Avenue.
July-21-21, 07:20 AM
sirrealone

Their CEOs don't like each other, and their silly antics are hurting the stock prices of both companies. Wall Street is not impressed by the pi**ing contest they have going on.
July-21-21, 11:29 AM
K-slice

Quote:

Originally Posted by sirrealone

Their CEOs don't like each other, and their silly antics are hurting the stock prices of both companies. Wall Street is not impressed by the pi**ing contest they have going on.

Really only one of the two CEO's is constantly trying to start sh*t, little brother...
July-21-21, 01:23 PM
jiminnm

Quote:

Originally Posted by Cincinnati_Kid

Also saw where UWM will partner with the Detroit Pistons. They will be the franchises official jersey and mortgage partner. Terms of the deal weren't announced. They both are probably making a ton of money, since housing prices are ridiculously through the roof.

The Red Wings played last season with UWM emblazoned on their helmets. It was the first season the NHL allowed ads on helmets.
July-21-21, 02:43 PM
renf

I think that Ally Financial is the fourth largest bank holding company/ financial services company in the country now. Huntington, which will be headquartered right down Woodward on the other side of Quicken, is among the top 25 banks in size, I think. And Flagstar, headquartered out in the suburbs is about 70th in side. And UWM is the second largest mortgage originator. Metro Detroit appears to becoming a more significant national financial center.
July-21-21, 04:48 PM
Satiricalivory

Flagstar announced a merger so it wont really be an HQ here anymore.

Don't get why banks are so desperate to merge like crazy lately, it's insane.
July-22-21, 04:36 AM
Richard

Quote:

Originally Posted by Satiricalivory

Flagstar announced a merger so it wont really be an HQ here anymore.

Don't get why banks are so desperate to merge like crazy lately, it's insane.

They have been doing that sense the 1990s non stop,the bailouts helped the largest take over or buy at a reduced price most of the little ones that were left,so now there is like 5 banks that control the majority of the business.

I have a house as a secondary property that I bought in 1992,I keep a $120 mortgage on it because for some reason the mortgage company gets a homeowners insurance rate that is thousands less per year then I can get on the open market.

I am now on the 11th bank that services the mortgage sense 1992,seems like every couple of years somebody is buying and selling the bank out.

I found out the hard way that if you need to recover any old information that is stored by a bank that has been merged or sold its $1000 per month for the information.

Things seem to get lost in the process,now when I find out that the current bank is getting ready to change hands,as a current customer the information is free so I get it then,they give it to me on a little thingy that you stick in the side of the computer instead of boxes of papers.

I am not sure what the definition of a banking center is and when it comes to cities benefiting from being a major banking center or financial center,most of the banks around me anymore have all gone online and just have their little “banking center “ kiosks planted around town and everything is done online.

I could see Detroit as being not as vulnerable to things like hurricanes and severe weather and suited for the technology side of the servers and base for the technical side of things etc.

Anything that provides diversity though is a good thing,the names may change behind the marquee but the dollar is still there and somebody somewhere has to play with it.

I say a dollar but try and deposit cash anymore and you get penalized and charged a fee.
July-22-21, 11:20 AM
Cincinnati_Kid

Quote:

Originally Posted by sirrealone

Their CEOs don't like each other, and their silly antics are hurting the stock prices of both companies. Wall Street is not impressed by the pi**ing contest they have going on.

I find it odd that they don't like each other, and both are MSU graduates.
July-22-21, 03:25 PM
Gistok

Quote:

Originally Posted by Richard

Then they give it to me on a little thingy that you stick in the side of the computer instead of boxes of papers.

I say a dollar but try and deposit cash anymore and you get penalized and charged a fee.

That "thingy" is called a flash drive... and unless you prefer to store your important computer files on the Cloud... a flash drive is also where you can upload your important computer documents/images.

As for getting charged for depositing cash.... almost all ATMs allow the depositing of both cash and checks into your account on the machine. You no longer even need deposit envelops... you just deposit your standalone cash/checks into the ATM, and there is no fee.