– Quicken Loans Inc. and Rockbridge Growth Equity LLC join to acquire One Reverse Mortgage. Title Source Inc. acquires TransUnion Title and Escrow of California –
Livonia, Mich. – Jan. 22, 2008 – The Quicken Loans family of companies today announced the acquisition of two California-based companies that will result in increased growth and market share and also will provide new home loan programs and services for their clients.
Quicken Loans Inc. and Rockbridge Growth Equity LLC have acquired One Reverse Mortgage, a fast-growing provider of FHA-backed reverse mortgage programs that is headquartered in San Diego, CA.
Quicken Loans’ affiliate Title Source Inc., one of the nation’s largest title and settlement services providers, has acquired TransUnion Title and Escrow of California, which enables Title Source to expand its business in one of the largest real estate markets in the country.
“This is a great start to 2008. Both acquisitions will allow our Quicken Loans family of companies to pursue new avenues of business, gain market share and expand the range of mortgage programs and services we can offer our clients,” said Quicken Loans Founder and Chairman Dan Gilbert, also a member of Rockbridge Growth Equity.
“The current negative environment is very favorable for companies like ours which are positioned to seize the opportunities it creates,” he added.
Quicken Loans Inc. and Rockbridge Growth Equity acquire One Reverse Mortgage
One Reverse Mortgage is a rapidly growing provider of jumbo and Federal Housing Administration (FHA)-backed reverse mortgages. The San Diego-based company, which employs 100 people, will remain headquartered in California.
A reverse mortgage enables homeowners above the age of 62 to convert a portion of their home’s equity into tax-free income without having to sell the home or take on monthly bills as the result of a home equity loan. The client does not have to repay the loan until they cease to occupy the home and the amount owed can never exceed the value of the home.
Reverse mortgages have become an increasingly popular financial planning tool with older Americans and consequently, the reverse mortgage industry has been growing at a rate of 35 percent annually. Analysts estimate that only one percent of the total market potential has been attained.
One Reverse Mortgage was founded in 2001 and is now focused on both the retail and wholesale reverse mortgage markets nationwide. The company will work closely with Quicken Loans to leverage several key areas including its brand, marketing and technology.
Rockbridge and One Reverse Mortgage believe partnering with Quicken Loans, the nation’s largest online retail mortgage lender; will enable One Reverse to build one of the most sophisticated reverse mortgage origination platforms in the country.
“We are extremely excited about our partnership with Rockbridge and Quicken Loans as well as the tremendous resources they bring to us,” said Sean Marsh, CEO of One Reverse Mortgage. “We’ve worked hard to build a strong foundation and we believe we’ve found the right people to help take us to the next level.”
“Sean and his team share our commitment to taking care of ‘every client, every time’ and our obsession with continually finding a better way to make the home loan process easier,” said Dan Gilbert.
“We plan on building One Reverse Mortgage in to the nation’s premiere reverse mortgage lender by leveraging Quicken Loans’ decades of best practices in technology, process, marketing, culture and client service,” Gilbert continued.
“This will also help Quicken Loans serve a broader market by adding to the diverse range of products we offer our clients,” he concluded.
“One Reverse Mortgage presents the exact type of opportunity we are pursuing as a private equity group,” added Rockbridge partner Brian Hermelin. “It’s a great company in a growing and attractive industry, led by a talented and entrepreneurial management team.”
Title Source Inc. acquires TransUnion Title and Escrow of California
Quicken Loans’ affiliate Title Source Inc., based in Troy, Mich., is one of the nation’s largest title and settlement services providers.
Title Source provides title, escrow and closing services to Quicken Loans and other lenders in all 50 states. The acquisition of TransUnion
Title and Escrow of California enables Title Source to offer a full compliment of title services in the southern California counties of San Diego, Los Angeles, San Bernardino, Riverside, Orange and Ventura.
Title Source has been providing closing and escrow services throughout California through its subsidiary, TSI Escrow, Inc, for the past four years and will soon be able to provide title insurance throughout all 58 California counties with additional government approval.
“The acquisition of TransUnion Title and Escrow of California is a tremendous opportunity for Title Source to expand its business in one of the largest real estate markets in the country,” said Title Source President Jeff Eisenshtadt.
“We’ve provided closing and escrow services in California for several years and the acquisition of TransUnion Title and Escrow now gives us the opportunity to offer a complete solution, which now includes title insurance, to lenders and consumers in California.”
“We’re excited to enter this market at a time when many of our lender clients and California consumers are seeking competitive alternatives,” Eisenshtadt concluded.
# # #
About Quicken Loans
Quicken Loans Inc., based in Livonia, Mich., is the nation’s largest online retail mortgage lender, closing $19 billion in home loans in calendar year 2007. Quicken Loans originates loans in all 50 states from several centralized locations via the Internet. The Quicken Loans website has earned “Best of the Web” accolades from Forbes, Money and PC Magazines and the company has been ranked in the “Top 20” of FORTUNE Magazine’s “100 Best Companies to Work for in America” list for five consecutive years. For more information, visit www.quickenloans.com.
About Rockbridge Growth Equity LLC
Rockbridge Growth Equity is a Livonia, Mich.-based private equity group that invests in growing businesses in the financial services, Internet technology, consumer direct marketing, and sports and entertainment sectors. For more information visit www.rbequity.com.
About One Reverse Mortgage
One Reverse Mortgage is a leading provider of FHA-sponsored reverse mortgage programs. Founded in 2001, the company is headquartered in San Diego, CA. For more information, visit www.onereversemortgage.com.
About Title Source
Title Source, Inc., headquartered in Troy, Mich., provides title insurance, appraisal vendor management and closing services nationwide. Title Source has more than 30 years experience and ranks among the top 10 title companies in the country based on annual volume. The company is the recognized choice for title and settlement services for several of the largest mortgage lenders, law firms and real estate brokerages in the country. For more information, visit www.titlesourceinc.com.