350 high-paying jobs and $30 million annual payroll is expected

Cleveland, Ohio – Sept. 08, 2005 – Cleveland Mayor Jane L. Campbell and Quicken Loans Chairman and founder Dan Gilbert, who also is majority owner of the Cleveland Cavaliers, today announced that Quicken Loans, the nation’s largest online home loan lender, will open a state-of-the-art Internet Home Lending Center in downtown Cleveland.

The Quicken Loans Internet Home Lending Center is expected to create 350 new high-paying mortgage banking jobs for the area and contribute more than $30 million in salaries annually to the community. The company is projecting to open the new center in mid-to-late 2006.

Mortgage Bankers working from the Quicken Loans Internet Home Lending Center in Cleveland will close home loans for clients living in all 50 states.

“This is terrific news for Cleveland,” said Cleveland Mayor Jane L. Campbell. “Quicken Loans is known nationally as a great place to work. We are working closely with them to identify a suitable site in downtown Cleveland. The economic impact of these 350 new, high-paying jobs will continue our downtown revitalization efforts.”

“Establishing a new Internet Home Lending Center in Cleveland is good for the community and allows us to harness the synergy between our company and the Quicken Loans Arena, as well as the Cleveland Cavaliers,” said Dan Gilbert, Chairman and founder of Quicken Loans and majority owner of the Cavaliers.

“I believe downtown Cleveland is a fantastic place for business and entertainment,” continued Gilbert. “It is a dynamic, vibrant community center and one we believe has a very bright future.”

“Quicken Loans also shares the same strong values and work ethic as the people of northeast Ohio,” Gilbert concluded. “Our employees enjoy working at our company because we’ve created a culture in which people are encouraged to take initiative and rewarded for their accomplishments. We hire great people and provide the training, tools and resources they need to succeed, including opportunities for personal and professional growth. The end result is a culture in which people are able to achieve their natural, full potential.”

Quicken Loans also has three Internet Home Lending Centers in southeastern Michigan. Two are located in Livonia, Mich., and one in Troy, Mich.

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About Quicken Loans Inc.

Quicken Loans Inc. is comprised of the Quicken Loans and Rock Financial brands, and Title Source, a settlement service provider.

Quicken Loans is the nation’s largest online retail home lender. The 20 year old company employs more than 3,400 people and closed $16 billion in mortgage loans in 2005. Quicken Loans is ranked #12 on FORTUNE magazine’s list of “Best Places to Work” in America and #1 on Computerworld’s list of the “Best Places to Work in Technology.” The company’s Quickenloans.com web site was named “Best of the Web” by Forbes, Money and PC Magazines.