Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform.
As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
Earlier this week, Quicken Loans moved to “pause” the operations of One Reverse Mortgage, one of the biggest reverse mortgage companies in the nation, and is shifting all of the company’s employees over to Rocket Mortgage.
According to a statement provided to HousingWire, One Reverse Mortgage will cease originating new reverse mortgages and all of the company’s employees will move to Rocket Mortgage.
The company said the decision comes as the result of both the growth of Rocket Mortgage and “shifting demand” for reverse mortgages.
“As the nation’s largest lender, we are constantly evaluating our portfolio to make sure we are delivering the most sought after financial solutions to our clients at all times,” Quicken Loans said in a statement.
“As the Rocket Mortgage brand continues to grow, and we see demand shifting from the reverse mortgage market, we have made the decision to pause reverse mortgage originations and transition all current One Reverse Mortgage team members to positions with Rocket Mortgage,” the company continued.
“This move will allow us to leverage the skill and expertise of our ORM team members to quickly scale and meet the unprecedented demand Rocket Mortgage is experiencing as it grows its position as America’s largest mortgage lender.”
It was just over a year ago that One Reverse Mortgage was growing, introducing its first proprietary reverse mortgage, which it called the Home Equity Loan Optimizer.
But now, the company’s workforce is shifting to forward mortgages instead.
The exact number of people employed by One Reverse Mortgage is not currently available. The company’s LinkedIn page lists the company’s size as between 201-500 employees.
Quicken Loans did not respond to repeated questions about an exact number of employees that would be making the shift to Rocket Mortgage.
Regardless, all of the company’s unknown number of employees are now moving to Rocket Mortgage.
The news of the changes at One Reverse Mortgage was first reported by Reverse Mortgage Daily.
