Quicken Loans Announces Plans To Open A Division In North Scottsdale October 17, 2006 -Quicken Loans will open a new location in Scottsdale, Arizona to create nearly 400 high-paying jobs for the region- Livonia, Mich. – Oct. 17, 2006 – Quicken Loans Inc., the nation’s largest online mortgage lender, has announced plans to open a division in North Scottsdale that is expected to create nearly 400 new high-paying jobs for the region and contribute as much as $30 million in annual salaries. The company expects to begin operations in early 2007. More information about the location will be announced soon. The majority of Scottsdale positions will be mortgage banking positions. Quicken Loans mortgage bankers assist clients in all 50 states with their home buying and refinancing needs. They earn an average of $75,000 to $85,000 a year after their first year, which includes comprehensive initial mortgage banker training. The decision to open an office outside of Michigan was based on the company’s continued growth and number of clients living in the Western U.S. “As we continue to grow, it just makes sense to establish an office in the western time zone, “said Bill Emerson, CEO. “Opening a division in Scottsdale will enable us to provide an even greater level of service and convenience for clients in the Western U.S. We looked at several locations and chose the Scottsdale-Phoenix area because it offers a deep talent pool from which we can hire, is a great place to live and has a business-friendly environment.” The Scottsdale office will open in early 2007 with about 90 people, including about 75 mortgage bankers, and 15 trainers, human resources and technology staff. It is expected to grow to as many as 400 new positions over a two to three-year period. The company has already begun hiring. Quicken Loans offers an exceptional mortgage banker training program which includes 250 hours of initial training, and another 200 hours of ongoing training each year to keep mortgage bankers current on the latest mortgage programs. The company also provides leadership development training. The company, headquartered in the Detroit suburb of Livonia, Mich., employs more than 3,750 people, and has been hiring an average of 250 new employees each month to fuel its growth. Quicken Loans closes loans in all 50 states primarily from its centralized operations in Michigan. The company’s many unique perks and performance-based culture have been cited in numerous national workplace awards. Quicken Loans has been ranked among the “Top 15” companies on FORTUNE Magazine’s annual list of the “100 Best Companies to Work for in America” list for three consecutive years. It also has been ranked #1 on Computerworld’s list of the “100 Best Places to Work in Technology” for the past two years and named “Best Place to Work in metro-Detroit” by several Michigan publications. Quicken Loans mortgage bankers are supported by strong marketing program that generates interest in mortgage programs from clients nationwide. Mortgage bankers also are backed by industry-leading technology and do not have to do any cold-calling. “We hire great people and then provide them with the training, tools, technology and resources they need to succeed, and that includes creating a great environment,” said Emerson. “The type of person who would succeed at Quicken Loans is someone who is driven to providing a high level of client service, is always thinking about the client and their business, and is always looking for ways to improve the way things are done. We have a flat organization where everyone is encouraged and empowered to contribute their good ideas. “The average person goes through the mortgage process once every five years or so. It’s likely the largest financial transaction most people ever undertake and is a complicated, highly emotional event,” he continued. “Anything we can do to make the mortgage process simpler and more convenient for our clients is a big win. Our highly trained mortgage experts deliver the highest level of client service in the industry. We are looking for more great people who are committed to excellence and want to grow with us.” The company has created a fun, Silicon Valley-like environment. In addition to perks like free popcorn, slushees and cappuccino in the employee lounges, employees win prizes ranging from spot bonuses and concert tickets to all-expense paid trips, such as a four-day cruise to the Bahamas for 400 people. The company’s in-house rock band “The Loaners” has also performed in national competitions and even took second place in FORTUNE Magazine’s “Battle of the Corporate Bands” in 2005. Last year, to celebrate the company’s 20th Anniversary, more than 5,000 employees and their families were transported to Cleveland for a gala weekend celebration at the Quicken Loans Arena, where the NBA’s Cleveland Cavaliers (owned by Quicken Loans chairman and founder Dan Gilbert) play basketball. The weekend’s festivities included a performance by surprise musical guests The Black-Eyed Peas and an appearance by Kid Rock. Scottsdale is not the company’s first out-of-state office. In March 2005, Quicken Loans opened an Internet Home Lending center in Cleveland, Ohio (across from the Quicken Loans Arena) which currently employs more than 150 people. The offices are decorated in a Cleveland Cavaliers theme, right down to the lobby’s hardwood floors that are painted like a basketball court! For more information about Quicken Loans, or to apply for a position, please visit the Quicken Loans Careers Web site. # # # About Quicken Loans Inc. Quicken Loans is the nation’s largest online retail mortgage lender, per National Mortgage News, the trade publication that maintains mortgage industry rankings. Quicken Loans is the #12 largest retail lender overall, among both online and traditional “brick and mortar” lenders. The company is forecasted to close $18 billion in home loans in calendar year 2006, up from $16 billion in loans closed in calendar year 2005. Founded in 1985, the company has more than 3,750 team members and has been ranked among the “Top 15” on FORTUNE Magazine’s list of the “100 Best Companies to Work for America” for three consecutive years. The Quicken Loans Web site (www.quickenloans.com) also has been ranked a “Best of the Web” mortgage site by Forbes, Money and PC magazines.