Thrifts and Mortgage Finance
Company Overview of Quicken Loans Inc.
Quicken Loans Inc. operates as an online retail mortgage lender that provides home loans to families in the United States. The company was formerly known as Rock Financial Corp. and changed its name to Quicken Loans Inc. in December 1999. The company was founded in 1985 and is based in Detroit, Michigan with additional operations in Cleveland, Ohio; North Scottsdale, Arizona; San Diego, California; and Charlotte, North Carolina. Quicken Loans Inc. operates as a subsidiary of Rock Holdings Inc.
1050 Woodward Avenue
Detroit, MI 48226
Founded in 1985
Key Executives for Quicken Loans Inc.
President and Chief Marketing Officer
Chief Financial Officer and Treasurer
Compensation as of Fiscal Year 2014.
Quicken Loans Inc. Key Developments
The Fourth U.S. Circuit Court of Appeals Vacates an Order Remanding Mortgage Loan Borrowers' Action against Quicken Loans and Title Source
Jan 31 14
The Fourth U.S. Circuit Court of Appeals vacated an order remanding mortgage loan borrowers' action against Quicken Loans and a class of unnamed appraisers under the Class Action Fairness Act's (CAFA) local controversy exception. It was improper for the district court to consider absent members of the class of defendant appraisers in determining whether at least one defendant was a 'significant' defendant from whom significant relief was sought. Phillip Alig, Sara J. Alig, Roxanne Shea and Daniel V. Shea obtained mortgage loans from Quicken Loans Inc. They filed a class action lawsuit against Quicken Loans, Title Source Inc. and a class of defendant appraisers represented by Appraisals Unlimited Inc., Dewey Guida and Richard Hyett. The plaintiffs alleged the existence of a scheme by the defendants that resulted in borrowers closing on a loan that was underwater from the beginning. Before the appraisers conducted an appraisal, Quicken Loans allegedly provided them with a suggested appraisal value. According to the plaintiffs, the appraisers would then arrive at the same appraisal value as the suggested appraisal value. Quicken Loans removed the case to federal court. The plaintiffs filed a motion for remand, arguing the local controversy exception to CAFA applied. The district court granted the motion. Quicken Loans appealed. The local controversy exception requires that at least one defendant be a local defendant from whom members of the plaintiff class are seeking significant relief and whose conduct forms a significant basis for the plaintiffs' claims. The parties disputed whether the defendant appraisers qualified as a significant local defendant. Quicken Loans argued the at least 1 defendant requirement could not be satisfied by aggregating claims against multiple defendants. The Fourth Circuit found the term at least contemplated that more than one defendant could satisfy the relevant element of the local controversy exception. It was proper for the district court to aggregate the named defendant appraisers for purposes of the local controversy exception. They were citizens of the state in which the plaintiffs filed their action and the plaintiffs' alleged injuries arose. The district court erred, however, in considering absent members of the putative class in finding that the at least 1 defendant requirement was met. The Fourth Circuit reasoned that an unnamed member of an uncertified class is not a party to the litigation.
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