The Rock Health Collective is aimed at the 17,000 workers of the. is opening its own medical center at the top of the First National Building. "Each of our approximately 20,000 team members is empowered to apply the ISMs in all aspects of their work and life," the filing says. Giant downtown Detroit employer Quicken Loans Inc. Quicken Loans is a registered service mark of Rocket Mortgage, LLC. The filing includes extensive detail about Gilbert's "ISMs," or core principles for doing business at Rocket Companies that serve as "a cultural operating system to guide decision making by all of our team members." Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906. The filing discloses the sources of Quicken's financing sources for making its mortgages. The company has nine "loan funding facilities" that can provide up to $16.25 billion, seven of which are large global financial institutions.Īdditionally, as of May 31, the company had about $2.6 billion in cash and $1.2 billion in undrawn lines of credit.Īs for salary disclosures, Quicken Loans CEO Jay Farner made a total $11.7 million last year, which broke down as a $650,000 base salary and $11 million-plus in bonus money. The forbearances have yet to present a significant problem for Quicken, the filing says. Overall, about 5% of all the mortgages that Quicken Loans services were in forbearance as of June 30 with the borrowers not making payments because of the coronavirus pandemic. Quicken then services all the mortgages it sells to government-backed entities by collecting and advancing borrowers' principal and interest payments to the investors that will ultimately own the loans. That means Quicken would generally not be on the hook if those mortgages later soured.
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Most of the $145 billion in mortgages that Quicken originated last year, or 91%, were sold to government-backed entities such as Fannie Mae and Freddie Mac that insure such loans against default. "Historically, our originations have been more heavily refinancings than the overall origination market," the filing says. The majority of Quicken Loan's mortgage business involves refinancing activity, according to the filing, and 27% of its mortgage origination volume last year was home purchases. Its tech tools, combined with the expertise of 33,000-plus employees in the real estate, sports, media, entertainment, venture capital, property management. The company’s unbeatable advancements in digital technology have been revolutionizing the industry for more than three decades. For the first three months of 2020, the company had $97 million in net income, compared with a net loss of $299 million for the same three months in 2019. Quicken Loans is the nation’s largest mortgage lender. Rocket Companies had $5.1 billion in total revenue and $894 million in net revenue in 2019. The filing publicly discloses key financial details about Gilbert's businesses for the first time.
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