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:
“Go into all the world and proclaim the good news to the whole creation.”
—Bible: New Testament, Mark 16:15.
Jesus.
“If you are one of the hewers of wood and drawers of small weekly paychecks, your letters will have to contain some few items of news or they will be accounted dry stuff.... But if you happen to be of a literary turn of mind, or are, in any way, likely to become famous, you may settle down to an afternoon of letter-writing on nothing more sprightly in the way of news than the shifting of the wind from south to south-east.”
—Robert Benchley (1889–1945)