Recent News
In the spring of 2008, Rock Holdings entered the reverse mortgage market with the acquisition of One Reverse Mortgage in Southern California.
Quicken Loans has not experienced the massive layoffs of other financial companies during recessions. The company saw a small drop in employment levels following the 2008 financial crisis. Today the company has grown significantly with an overall headcount of more than 8,000 team members.
In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response to that, Quicken Loans stopped doing all:
- Second mortgages
- Home equity lines of credit (HELOC)
- Alt-A products
- Deferred interest loans
In 2004, Quicken Loans Inc. became a defendant in a class action lawsuit. This was filed against the company on behalf of employees who worked as loan consultants for any Quicken office within the past three years. The claimants alleged that Quicken violated the Fair Labor Act for failing to pay the plaintiffs overtime for working beyond a 40-hour work week. Quicken Loans denied these claims, and said it is not aware of any such violations of the Fair Labor Act. On March 17, 2011, a federal jury in downtown Detroit found in favor of Quicken Loans, ending the seven-year-old lawsuit. The decision means that Quicken Loans is not responsible for overtime payments to the plaintiffs.
Read more about this topic: Quicken Loans
Famous quotes containing the word news:
“The greatest felony in the news business today is to be behind, or to miss a big story. So speed and quantity substitute for thoroughness and quality, for accuracy and context. The pressure to compete, the fear somebody else will make the splash first, creates a frenzied environment in which a blizzard of information is presented and serious questions may not be raised.”
—Carl Bernstein (b. 1944)
“Good news about someone never gets past the door, but bad news will travel a thousand leagues away.”
—Chinese proverb.