– The nation’s second largest retail lender immediately begins notifying service members of the flexible financial protections that their active duty triggers under federal law –
DETROIT, August 26, 2014 – Quicken Loans, the nation’s largest Veterans Affairs (VA) mortgage lender and the country’s second largest retail mortgage provider, today announced a partnership with the Obama Administration to make sure active-duty military members receive the benefits their service entitles them. The company, along with a number of other top mortgage lenders, has agreed to enhance the financial protections that active military members are granted under the Service Members Civil Relief Act (SCRA). The SCRA is a federal law that assures protection for military members as they enter active duty. In addition to other financial protections, the law allows flexibility for active military members related to their mortgage interest rates, mortgage late fees and mortgage foreclosure protection.
Quicken Loans will immediately begin:
- Reviewing its entire servicing portfolio, monthly, and compare it to the Department of Defense’s current database to proactively identify borrowers that are also active duty members of the military.
- Quicken Loans will then immediately reach out to the active-duty homeowner or their closest available relative and inform them that Quicken Loans will be applying any of the special benefits they are entitled to receive under the SCRA.
“It’s clearly the right thing to proactively reach out to active-duty military members and make sure they – and their families – are financially protected,” said Quicken Loans Chief Executive Officer Bill Emerson. “Our military members have enough on their plate without burdening them with the added stress of having to contact their lenders to activate benefits the law entitles them to receive.”
Quicken Loans is committed to military and veteran causes. The company has supported several service member related organizations through contributions as well as deploying numerous employee volunteers. The United Service Organizations (USO), Operation Homefront and the Pat Tillman Foundation are among the groups that Quicken Loans lends its support. The company also created a special veteran hiring program, called ‘Tour of Duty’, to aid veterans in transitioning from their military service to working in the civilian world.
Detroit-based Quicken Loans Inc. is the nation’s largest Veteran Affairs (VA) mortgage lender and the country’s second largest retail mortgage provider. The company closed a record $80 billion of volume across all 50 states in 2013. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing and servicing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction among with Primary Mortgage Origination” in the United States by J.D. Power for the past four consecutive years (2013, 2012, 2011 and 2010), and also ranked highest in customer satisfaction among all mortgage servicers in 2014.
Quicken Loans was ranked among the top-30 companies on FORTUNE magazine’s annual “100 Best Companies to Work For” list for the last 11 consecutive years, ranking #5 in 2014. The company has been recognized as one of Computerworld magazine’s ’100 Best Places to Work in IT’ the past ten years, ranking No. 1 in 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 8,500 of its 10,000-plus full-time team members work in the city’s urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.