The Quicken Loans of a long time ago was set up to talk you into doing a loan and selling you on that they are a direct lender. The truth is that they are a large BROKER. They secure money of investors not their own and then sell the loan off to CountryWide or Bank of America. The loan process starts by first thing they buy leads from on line sites like Lower my bill.com or Lending Tree. Then their LOLA or lead origination lead allocation system feeds the leads to the mortgage bankers. The banker calls the lead until they can convince them to do a loan.
The puzzling part is that they are a broker in all sense of the words, meaning that the money comes from outside sources and bundled and sold off in thet market. More elaboration on this is that the loan tracker system is a data base of past clients and its some what of a farse. Pretty funny when you think about it as the top leadership in the Quicken struture are rolling in the money and paying the mortgage bankers a very low commission amount. It's looks more like a reverse pyramid if anything.
Matt
Scottsdale, Arizona
U.S.A.
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