Quicken Loans, a Michiganbased online mortgage lender, announced plans Tuesday to open a western regional office in north Scottsdale that is expected to create nearly 400 jobs.
The center is expected to begin operations in early 2007. The exact location was not announced Tuesday but will be revealed soon, the company said.
The company, which has its headquarters in the Detroit suburb of Livonia, Mich., employs more than 3,700 people and has been hiring an average of 250 employees each month as it continues to grow rapidly despite the slowdown in the housing market.
The privately held company is the nation’s largest online retail lender, according to National Mortgage News, a trade publication. Quicken Loans ranks as the 12th largest retail lender overall and expects to close $18 billion in mortgage loans in 2006, up from $16 billion in 2005.
The majority of jobs in Scottsdale will be mortgage banking positions, the company said. Employees will earn an average of $75,000 to $85,000 annually after the first year and also will receive extensive mortgage banker training.
Quicken Loans decided to open the Scottsdale division because of the company’s continuing grow th and the number of clients living in the western United States, said CEO Bill Emerson.
He said the company selected Scottsdale over several other locations in Nevada and New Mexico “because it offers a rich talent pool from which we can hire, is a great place to live and has a business-friendly environment,” he said.
Initially the Scottsdale office will employ about 90 people consisting of 75 mortgage bankers and 15 trainers, human resources and technology staff members. It is expected to grow to as many as 400 within two to three years.
Information on job openings is available at
The office will include stateof-the-art technology and software “which makes the mortgage process faster, more efficient and easier for the client,” Emerson said.
The company is planning to lease space in a new building in the Scottsdale Airpark area, said Dave Roderique, general manager of economic vitality for Scottsdale. The exact location hasn’t been announced because the lease hasn’t been signed yet, but the signing is expected in a few days, he said.
The company is likely to take about 45,000 to 50,000 square feet, with room for expansion, he said.
“This is a great company, and they are talking about 400 highly paid technical, professional folks. This will be a positive for Scottsdale,” he said.
This is the first Quicken Loans office in the western U.S. The company operates three divisional offices in southeast Michigan and one in Cleveland.
Quicken Loans chairman and founder Dan Gilbert is the owner of the Cleveland Cavaliers of the National Basketball Association, and the team plays its home games at the Quicken Loans Arena in Cleveland.