WWJ (WWJ) -- Fortress Investment Group LLC and Quicken Loans Inc. announced on Thursday that they have entered into an exclusive joint venture.
The partnership will align Fortress, an established investor in the secondary market for residential mortgages, with Quicken Loans, the nation's largest Internet-based retail mortgage lender, to help Fortress implement a comprehensive refinancing and loan modification strategy for its mortgage portfolio and investments.
Quicken Loans has the capacity and capability to deploy up to 2,600 of its team members to refinance borrowers in all 50 states into many different loan programs, including conventional, FHA and reverse mortgages, from its state-of-the-art centralized Web Centers.
Fortress President, Pete Briger said "We are thrilled to be partnering with Quicken Loans, America's premier 50- state residential retail lender.”
Briger believes that the joint work will be in good interest for homeowners.
“This partnership will help bring needed liquidity to homeowners facing increasingly limited options while at the same time providing investors in Fortress funds with a competitive advantage." he said.
Fortress Investment Group will implement a comprehensive refinancing and loan modification strategy.
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