|
Quicken Loans
Rocket Mortgage, LLC (formerly known as Quicken Loans LLC) is a mortgage loan provider. It is headquartered in the One Campus Martius building in the financial district of Downtown Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. (it is also the largest online retail mortgage lender). Unlike other large mortgage lenders that depend on deposits, Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. History Rock Financial was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns. The company started to change course in the late 1990s, shifting from a tradi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grand Circus Park
The Grand Circus Park Historic District contains the Grand Circus Park in Downtown Detroit, Michigan that connects the theatre district with its financial district. It is bisected by Woodward Avenue, four blocks north of Campus Martius Park, and is roughly bounded by Clifford, John R. and Adams Streets. The district was listed on the National Register of Historic Places in 1983. The building at 25 West Elizabeth Street was added to the district in 2000, and additional structures located within the district, but built between 1932 and 1960, were approved for inclusion in 2012. History A part of Augustus Woodward's plan to rebuild the city after the fire of 1805, the city established the park in 1850. Woodward's original plan called for the park to be a full circle, but after construction began, property owners north of Adams Street were reluctant to sell due to rising land values. The Detroit Opera House overlooks the eastern edge of the park and the grounds include statuary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alt-A
An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. For these reasons, as well as in some cases their size, Alt-A loans are not eligible for purchase by Fannie Mae or Freddie Mac. Alt-A interest rates, which are determined by credit risk, therefore tend to be between those of prime and subprime home loans, although there is no single accepted definition of Alt-A. Typically Alt-A mortgages are characterized by borrowers with less than full documentation, average credit scores, higher loan-to-values, and more investment properties and secondary homes. A-minus is related to Alt-A, with some lenders categorizing them the same, but A-minus is traditionally defined as mortgage borrowers with a FICO score of below 680 while Alt-A is traditionally defined as loans lacking full documentation. Alt-A mortgages may have excellent credit bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HELOC
A home equity line of credit, or HELOC ( /ˈhiːˌlɒk/ ''HEE-lok''), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage). Because a home often is a consumer's most valuable asset, many homeowners use their HELOC for major purchases or projects, such as home improvements, education, property investment or medical bills, and choose not to use them for day-to-day expenses. A reason for the popularity of HELOCs is their flexibility, both in terms of borrowing and repaying. Furthermore, their popularity may also stem from having a better image than a "second mortgage", a term which can more directly imply an undesirable level of debt. However, within the lending industry itself, HELOCs are categorized as a second mortgage. HELOCs are usually offered at attractive interest rates. This is because they are secured against a borrower’s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Labor Standards Act
The Fair Labor Standards Act of 1938 (FLSA) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits employment of minors in "oppressive child labor".See and . It applies to employees engaged in interstate commerce or employed by an enterprise engaged in commerce or in the production of goods for commerce, unless the employer can claim an exemption from coverage. The Act was enacted by the 75th Congress and signed into law by President Franklin D. Roosevelt in 1938. Practical application The Fair Labor Standards Act applies to "employees who are engaged in interstate commerce or in the production of goods for commerce, or who are employed by an enterprise engaged in commerce or in the production of goods for commerce" unless the employer can claim an exemption from coverage. Generally, an employer with at least $500,000 of business or gross sales in a year satisfies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quicken
Quicken is a personal finance management application originally developed and offered by Intuit, Inc. Intuit sold Quicken to H.I.G. Capital in 2016, and H.I.G. sold Quicken to Aquiline Capital Partners in 2021. Quicken runs on Windows and Macintosh systems, though the data is incompatible between the two versions. Earlier versions ran on DOS and the Apple II. Versions of Quicken range from "starter" editions to more advanced offerings. Since 1998, each version has tended to have the release year in the product name (e.g., Quicken Basic 2008); before then, versions were numbered (e.g., Quicken 8 for DOS). Quicken is only available for purchase and use in Canada and the United States, and only in English. Product description The Quicken name typically refers to the core product offering of personal financial management software. The software includes financial planning activities that, historically, people may have done on paper – recording banking transactions, planning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TurboTax
TurboTax is a software package for preparation of American income tax returns, produced by Intuit. TurboTax is a market leader in its product segment, competing with H&R Block Tax Software and TaxAct. TurboTax was developed by Michael A. Chipman of Chipsoft in 1984 and was sold to Intuit in 1993. The company has been subject of controversy over its political influence and deceptive business practices. Intuit, the maker of TurboTax, has lobbied extensively against the Internal Revenue Service (IRS) creating its own online system of tax filing like those that exist in most other wealthy countries. Intuit is under investigation by multiple state attorneys general, as well as New York's Department of Financial Services. As part of an agreement with the IRS Free File program, TurboTax allowed individuals making less than $39,000 a year to use a free version of TurboTax; a 2019 ProPublica investigation revealed that TurboTax deliberately made this version hard to find, even through ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
QuickBooks
QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1983, QuickBooks products are geared mainly toward Small and medium-sized enterprises, small and medium-sized businesses and offer On-premises software, on-premises accounting applications as well as Cloud computing, cloud-based versions that accept business payments, manage and pay bills, and payroll functions. History Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, United States, USA. After the success of its Quicken product for individual financial management, the company developed similar services for small business owners. Initial release The initial Quicken software did not function as a "Double-entry bookkeeping system, double-entry" accounting package. The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The Windows and Mac versions shared a different codebase that was based on In-House Accounta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intuit Inc
Intuit Inc. is an American business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation application TurboTax, personal finance app Mint, the small business accounting program QuickBooks, the credit monitoring service Credit Karma, and email marketing platform Mailchimp. more than 95% of its revenues and earnings come from its activities within the United States. Intuit offers a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users. In 2019, investigations by ProPublica found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics including search engine delisting and a deceptive discount targeted to members of the military. Intuit has lobbied extensively against the IRS providin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bear Stearns
The Bear Stearns Companies, Inc. was a New York-based global investment bank, securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession, and was subsequently sold to JPMorgan Chase. The company's main business areas before its failure were capital markets, investment banking, wealth management, and global clearing services, and it was heavily involved in the subprime mortgage crisis. In the years leading up to the failure, Bear Stearns was heavily involved in securitization and issued large amounts of asset-backed securities which were, in the case of mortgages, pioneered by Lewis Ranieri, "the father of mortgage securities". As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the subprime mortgage crisis. In March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Initial Public Offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as ''floating'', or ''going public'', a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
