Quicken Loans To Help NYC Mortgage Investment Firm

Livonia's Quicken Loans is riding to the rescue of a New York City mortgage investment firm.

Quicken Thursday announced an exclusive joint venture wtih Fortress Investment Group LLC (NYSE: FIG) to help Fortress implement a comprehensive refinancing and loan modification strategy for its mortgage portfolio and investments.

Under the deal, Quicken will review Fortress' portfolio of mortgage loans bought on the secondary market. Quicken will then make recommendations as to which loans can be refinanced, and which should be modified to avoid foreclosure. Quicken will then finance the refinancings.

Quicken says it has the capacity 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.

"It is our belief that the joint venture will be a win-win for both Fortress investors and existing borrowers," said Fortress president Pete Briger. "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."

Added Briger: "Quicken Loans' high-quality mortgage, underwriting and operations teams, and its unmatched technology platform, combined with Nationstar Mortgage LLC's, a Fortress fund portfolio company, servicing capabilities, complete all the pieces needed to provide solutions to borrowers impacted by the credit crisis."

Said Dan Gilbert, chairman and founder of Quicken Loans: "We look forward to working with them (Fortress) to help put as many homeowners as possible in a better home financing situation. Quicken Loans has spent a significant amount of its human and financial capital over the last 10-plus years developing the ability to process and close multiple loan products in every corner of the United States. Building this capability was an extraordinary accomplishment considering that home financing is an extremely detailed and complicated transaction that is highly localized in its regulations and customs, which vary significantly from city to city. It was only due to the persistence and dedication of our great people that we were able to achieve this unique capability, which is a perfect match for a partnership with Fortress."

Fortress had about $35.1 billion in assets under management as of June 30. The company didn't return a call Thursday asking how much of that asset base Quicken will review. Fortress raises, invests and manages private equity funds, hedge funds and publicly traded alternative investment vehicles.

More at www.fortress.com.

Quicken Loans is nation's largest online retail mortgage lender and one of the top ten largest retail mortgage lenders overall. The company closed $18 billion in home loans in calendar year 2007 and over $80 billion in last six years, from five Web Centers located in Michigan, Ohio and Arizona, as well as its San Diego-based One Reverse Mortgage unit.

More at www.quickenloans.com.