Quicken Loans Surpasses Wells Fargo As America's Biggest Mortgage Lender
Quicken Loans' well-reviewed Super Bowl ad features comedian Keegan-Michael Key swooping in to simplify the complicated. He translates rap lyrics, dating profiles, abstract art and, of course, mortgage mumbo-jumbo. The big news in the 60-second spot, slipped into a tagline at the end, however, was easy to miss: Quicken Loans is now America's largest mortgage lender.
In the fourth quarter of 2017, Detroit-based Quicken made $25 billion worth of mortgages, overtaking Wells Fargo as the largest of the nation's 30,000 home lenders with a roughly 6% market share. The San Francisco-based bank made $23 billion in loans over the same period. Number three Bank of America came in at $13 billion.