Quicken Loans planning IPO: Report
Largest U.S. mortgage lender reportedly could go public next month
Detroit-based mortgage lender Quicken Loans is planning an initial public offering as soon as next month, according to a CNBC report.
A spokesperson for Quicken Loans and Rocket Mortgage, the online mortgage application offered by Quicken Loans, said the company is always looking for ways to expand.
“As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities,” the spokesperson told FOX Business in a statement. “Given our continued growth, market leadership and strong financial performance, we are frequent targets of rumor and speculation. If, and when, there is news to report, it will come directly from us.”
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The largest U.S. mortgage lender has reportedly already filed its IPO prospectus confidentially and is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan on the deal.
According to Mortgage News Daily, the average rate on the 30-year fixed mortgage fell below 3 percent to 2.94 percent for the first time ever Thursday.
Federal Reserve Chairman Jerome Powell struck a cautious tone Wednesday on the economic recovery from COVID-19. He said the Fed will keep interest rates near zero through at least 2022 and will keep purchasing mortgage-backed securities “at least at the current pace.”
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Quicken Loans posted $145 billion in loans last year and closed a record $52 billion in the first quarter of this year. Former E-Trade Mortgage CEO Anthony Hsieh told FOX Business Network Thursday that the real estate market is strong despite COVID-19.
"The resiliency of this country has just been fascinating to watch since the start of COVID," he said on "Cavuto Coast to Coast." "But real estate right now, surprisingly it's actually very strong."
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COVID-19 initially brought IPOs to a halt, but they have picked back up this month, with shares of Vroom, ZoomInfo and Warner Music all skyrocketing after going public.
Billionaire Dan Gilbert, the founder and owner of Quicken Loans, was hospitalized from a stroke last year and is reportedly working on improving his strength.