An Apology to Quicken Loans

DETROIT, Feb. 21, 2018 /PRNewswire/ -- The following letter was written by Jim Wickham, 2018 President of MMLA, in regard to comments about Quicken Loans in a recent media interview:

As I am sure many of you may have read: Reveal, from The Center for Investigative Reporting, released a study last week claiming that, among other cities across the country, Detroit and Lansing have experienced redlining in relation to mortgage applications.

The misguided study relied on HMDA data, which lacks many of the essential elements – such as individual credit profiles, to make such scurrilous claims. Simply put, the study is fatally flawed and lacks the data required to substantiate any of its egregious assertions.

More importantly, I want to apologize for inappropriate comments in an article published by Michigan Public Radio that were attributed to me as the President of the MMLA. I received an inquiry from the reporter asking for comment on this ridiculous 'study.' Not recognizing the intent of the article, I did not take the time to thoroughly research the issue. In hindsight, I was not prepared for these misguided questions.  In my responses to the reporter, I discussed MMLA Platinum Corporate Partner member, Quicken Loans, at length. 

I am embarrassed my comments about Quicken Loans, which were shared in a very brief interview and used negatively in the article. It was completely out of line for me to tell anyone, let alone a reporter, that Quicken Loans skewed HMDA data by using a "shotgun approach" to encourage consumers to apply for financing with Rocket Mortgage. Furthermore, I mischaracterized their marketing and intent by claiming they advertise that, with Rocket Mortgage, getting a home loan is "easy and everyone should try." This simply is not true.

These regrettable comments do not accurately reflect Quicken Loans' longstanding position as a premier mortgage lender in the state of Michigan and across the country, nor as a MMLA member. In fact, these remarks couldn't be more wrong.

Quicken Loans is synonymous with Detroit and is the city's largest provider of mortgages and biggest contributor to economic opportunity, community investment and employment. They are America's largest mortgage lender, and more important, they have been recognized by J.D. Power for providing the best service to their clients 12 times in just the last 8 years. 

In this instance, I failed a long-standing and highly valued member of the MMLA. This was an enormous mistake and I want to offer my most sincere apologies to Quicken Loans and its team members who have worked tirelessly to both transform the mortgage process and revitalize the city of Detroit.

In the future, I will be much more diligent in my preparation for any story I am asked to comment on, researching it fully and working with our MMLA members before stating an opinion.

Above all, I will always focus on showcasing all of our members in the most positive light.

Best regards,

Jim Wickham, CMB – 2018 President MMLA

SOURCE Michigan Mortgage Lenders Association (MMLA)