Quicken Loans files for IPO

Second-largest U.S. mortgage originator could be worth tens of billions

National /
Jun.June 12, 2020 03:45 PM
Quicken Loans’ Dan Gilbert (Getty)

Quicken Loans’ Dan Gilbert (Getty)

Mortgage giant Quicken Loans is heading to Wall Street in what could be the largest initial public offering of the year.

The Michigan-based non-bank lender has confidentially filed with the U.S. Securities and Exchange Commission, the Financial Times reported.

The listing could come as early next month and value Quicken Loans in the tens of billions of dollars, according to the publication.

Quicken Loans, founded by billionaire Dan Gilbert in 1985, was among the non-traditional lenders that surged in the wake of the financial crisis to fill a void in the mortgage market left by traditional banks that were limited by new regulations.

The company was second only to Wells Fargo last year in mortgage originations in the United States, initiating $80 billion in new loans.

Quicken Loans could be looking to capitalize on a heated market for new public listings: Last week was the busiest week in a year for IPOs with $3 billion in proceeds, led by Warner Music’s $1.9 billion listing, according to the FT.

The mortgage market, in the meantime, is being spurred on by low rates in the wake of the Federal Reserve’s cutting rate targets to zero to help the economy. Also, government interventions to help homeowners by offering forbearance could extend the term on loans.

Non-bank mortgage lenders, however, have been hurt by capital calls and falling prices in mortgage bond markets. [FT] — Rich Bockmann


Related Articles

arrow_forward_ios
Fifth Wall’s Brendan Wallace (right) and Andriy Mykhaylovskyy (Facebook/Fifth Wall; iStock)
Fifth Wall hits the wall on $150M real estate SPAC
Fifth Wall hits the wall on $150M real estate SPAC
Ladder Capital CEO Brian Harris (Getty, Ladder Capital)
Nonbank CRE lenders expect bumper year
Nonbank CRE lenders expect bumper year
Private club goes public: Soho House IPO raises $420M
Private club goes public: Soho House IPO raises $420M
Private club goes public: Soho House IPO raises $420M
NexPoint founder and principal James Dondero (Nexbank)
NexPoint-managed single-family landlord eyes IPO amid rental boom
NexPoint-managed single-family landlord eyes IPO amid rental boom
From left: Howard Lorber, Spencer Rascoff, Rob Speyer, and Steve Witkoff (Getty, Twitter)
The definitive real estate SPAC tracker
The definitive real estate SPAC tracker
Better.com CEO Vishal Garg (Better.com, iStock)
Mortgage lender Better to go public via SPAC merger
Mortgage lender Better to go public via SPAC merger
(iStock)
Drop in home refinancing crimps mortgage firms’ profits
Drop in home refinancing crimps mortgage firms’ profits
Sonder co-founder Francis Davidson (Sonder, iStock)
Sonder will merge with SPAC to go public
Sonder will merge with SPAC to go public
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...