Quicken Loans names new CEO amid executive changes

Quicken Loans Inc. on Friday announced 21-year company veteran Jay Farner will replace longstanding CEO Bill Emerson.

Emerson, who has led the company as CEO since 2002, will immediately transition to the newly-created position of vice chairman of Quicken Loans parent company Rock Holdings, according to the company.

The company said Emerson will continue to provide guidance to Quicken Loans in addition to taking “an expanded role advocating for the mortgage industry and leading the growth of the culture across the entire Rock Holdings portfolio.”

Farner most recently served as president and chief marketing officer of the Detroit-based mortgage giant. His successor will be Quicken Loans Chief Economist Bob Walters, who has spent 20 years at the company.

Walters will oversee the day-to-day operations of the business, focusing on strategic planning and leveraging synergies among the various teams at Quicken Loans.

“For nearly all of Quicken Loans’ 31-year history, Bill, Jay and Bob have been at the forefront, driving our strategy and culture,” said Dan Gilbert, chairman and founder of Quicken Loans. “Their passion and absolute dedication to growing our team members has been instrumental in our company becoming the leader in technology, innovation and client service.”

All changes are effective immediately, according to the company.

Under Emerson’s leadership, Quicken Loans has strived to become the nation’s second largest mortgage lender, employing 16,000 team members across the country, with more than 10,000 located within downtown Detroit.

mwayland@detroitnews.com

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