Quicken Loans moved into its downtown headquarters in August 2010. The construction sites reserved for development by the agreement included the location of the former Statler Hotel on Grand Circus Park and the former Hudson's location. On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices. In response, Quicken Loans discontinued: In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds.
The decision means that Quicken Loans is not obligated to pay overtime payments to the plaintiffs. On March 17, 2011, a federal jury found in favor of Quicken Loans, ending the seven-year-old lawsuit. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. The claimants alleged that Quicken violated the Fair Labor Standards Act (FLSA) by failing to pay the plaintiffs overtime for working beyond a 40-hour work week. This was filed against the company on behalf of employees who had worked as loan consultants for any Quicken office within the past three years. In 2004, Quicken Loans became a defendant in a class action lawsuit. In June 2002, two and a half years after selling the company, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial Corp. In December 1999, a year and a half after the IPO, Intuit Inc. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.
Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns. Rock Financial was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.
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