While Rocket Mortgage has several physical locations around the United States, these locations exist for team members who work in sales, operations, underwriting, and technology.According to internal company documents, the lender closed $145 billion in mortgage volume in 2019. Quicken Loans/Rocket Mortgage currently employs 20,000 team members across North America.
This review explains all this company has to offer, why they stand out among other mortgage lenders, and what you should know before you apply for a home loan. If you’re in the market for any type of home loan, you have probably heard about Quicken Loans and their dominance in the mortgage lending space. And in 2017, the company became the nation’s largest residential mortgage lender. By the end of the following year, the company had closed more than $30 billion dollars in home loans.īy 2014, Quicken Loans was the largest provider of FHA mortgages, and Rocket Mortgage still holds this distinction today. After getting started in Livonia, Michigan, Quicken Loans moved its headquarters to Detroit, Michigan in 2010. With that in mind, you should know that Quicken Loans and Rocket Mortgage are synonymous with one another.Įither way, this company quickly became a leader in the online mortgage space after its initial founding in 1985. This is worth noting because you may see online reviews and ratings for both companies on various platforms. While Quicken Loans is still in existence, the company announced they were changing their name to Rocket Mortgage earlier this year. Primary Mortgage Servicer Satisfaction Study. Rocket Mortgage earned the #1 spot for customer satisfaction in J.D.As one of the top mortgage originators in the United States, Quicken Loans/Rocket Mortgage offers new home purchase loans, mortgage refinancing, VA home loans, FHA loans, USDA loans and more.While the name Quicken Loans is still used in some promotional materials, the company announced it was changing its name to Rocket Mortgage in May of 2021.Founded in 1985, Quicken Loans was one of the earliest companies to break into the online mortgage space.The higher the capitalization number the more secure a bank is considered.
Mercantile Bank has a Capitalization of 10.55% versus the BestCashCow average of 10.23.Ĭapitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. A bank with a consistently high ROE can be considered well run.Ī bank with a consistently low ROE can be considered poorly run. Return on equity measures how efficiently a bank is making money from its capital. Mercantile Bank has a Return on Equity of 10.23% versus the BestCashCow average of 9.98%. To cover these potential losses it had $531,640,000 in equity and $35,974,000 in loans loss reserves. Mercantile Bank had $1,788,000 in non-current loans and $0 in owned real estate. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank With its tangible common equity and its loan loss reserves.Ī lower Texas ratio indicates better coverage of problem loans. The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) No depositor has ever lost deposits that have been within the FDIC insurance limits. The following ratios and data are available to help you better understand the financial condition of Mercantile Bank.
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