350 new jobs slated for Cleveland
By MortgageDaily.com staff
9/15/2005

Quicken Loans Inc. is increasing the size of its footprint in Cleveland -- and adding hundreds of high paying mortgage banking positions in the process.

Quicken announced last week that it will create 350 new high-paying mortgage banking positions when it opens an Internet home lending center in downtown Cleveland.

Currently, the Livonia, Mich.-based company employs more than 3,000 full-time employees.

The new center staff, which will be responsible for closing home loans for clients living in all 50 states, is expected to collectively receive annual salaries of more than $30 million, according to the announcement.

The northeastern Ohio center will represent Quicken's fourth Internet lending operation and the first outside of Michigan. Two are currently located in Livonia and one in Troy, the announcement said.

Cleveland was chosen because it is "a fantastic place for business and entertainment" with "a very bright future," said Dan Gilbert, chairman and founder of Quicken Loans who is also the majority owner of the Cleveland Cavaliers, in the announcement.

Thus, the area also allows Quicken "to harness the synergy between our company and the Quicken Loans Arena, as well as the Cleveland Cavaliers," Gilbert added.

While Quicken is still in the process of identifying a suitable site in the downtown area, it is projecting to open the new center in mid-to-late 2006.

Quicken Loans says it is the largest online retail home lender and expects to close $17 billion in mortgage loans this year.

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