This IPO could become the largest of 2020
June 12, 2020
In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses claims that Quicken Loans, the No.1 mortgage lender in the U.S., is preparing an initial public offering.
For some background on the story, here’s a summary of the article:
Quicken Loans, the No. 1 mortgage lender in the U.S., is preparing an initial public offering, according to an article by CNBC.
The article explained that Quicken filed its IPO prospectus confidentially, but it could go public in the next month.
From the article: Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information. The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.
However, in a statement from a Quicken spokesperson sent to HousingWire, they stated:
“As the nation’s largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities. Given our continued growth, market leadership and strong financial performance, we are frequent targets of rumor and speculation. If, and when, there is news to report, it will come directly from us.”
Following the main story, HousingWire covers a lender letter sent by Fannie Mae that announces the GSE has expanded its temporary policies, and a new Housing Market Recovery Index from Realtor.com.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: