Earlier this week, Quicken Loans moved to “pause” the operations of One Reverse Mortgage, one of the biggest reverse mortgage companies in the nation, and is shifting all of the company’s employees over to Rocket Mortgage.
The company said the decision comes as the result of both the growth of Rocket Mortgage and “shifting demand” for reverse mortgages.
“As the nation’s largest lender, we are constantly evaluating our portfolio to make sure we are delivering the most sought after financial solutions to our clients at all times,” Quicken Loans said in a statement.
“As the Rocket Mortgage brand continues to grow, and we see demand shifting from the reverse mortgage market, we have made the decision to pause reverse mortgage originations and transition all current One Reverse Mortgage team members to positions with Rocket Mortgage,” the company continued.
“This move will allow us to leverage the skill and expertise of our ORM team members to quickly scale and meet the unprecedented demand Rocket Mortgage is experiencing as it grows its position as America’s largest mortgage lender.”
But now, the company’s workforce is shifting to forward mortgages instead.
Quicken Loans did not respond to repeated questions about an exact number of employees that would be making the shift to Rocket Mortgage.
Regardless, all of the company’s unknown number of employees are now moving to Rocket Mortgage.