Intuit Acquires Direct Lender Mortgage Company
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Adding direct lending to its online mortgage comparison service, Intuit Inc. Thursday acquired Rock Financial Corp. for $370 million in an all-stock deal.
Rock Financial Corp.'s online mortgage site RockLoans.com will join Intuit's QuickenMortgage service. The purchase will allow Intuit (INTU) to offer online home mortgage applications in every state in the U.S., and both finance sites will be backed up by Intuit and expanded Rock Financial (RCCK) customer service.
Intuit Thursday also bought Title Source, Inc. for $6 million in stock. Title Source offers title insurance and escrow services to real estate agents, lenders, and attorneys, and Intuit expects this use this deal to streamline its mortgage process.
Intuit rolled out its QuickenMortgage site in November 1997, which allows users to compare mortgage packages from 17 lenders and apply for the loans over the Internet. The company closed more than $1.2 billion in loans in the fiscal year ending July 31.