Quicken Loans Officially Files for IPO

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribe Previous: Deputy Director Named to CFPB Next: Is Your Program CARES Act Compliant? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago IPO Quicken Loans 2020-07-08 Mike Albanese Rocket Companies Inc., the parent company of Quicken Loans, officially filed for an IPO, according to the Securities and Exchange Commission (SEC).“Rocket Mortgage—a name now synonymous with digital mortgage lending—could never have been built if we had taken a short-term view, focused solely on short-term profitability,” said Jay Farner, CEO Rocket Companies, in his letter to the SEC.Farner added in his letter that Rocket Companies has a “proven record of leading the industry” and being prepared.“Our digital-first brand is a diver for growth in this highly fragmented market,” he said. “Even with the title of the largest mortgage lender, we believe there is significant opportunity ahead and fresh strategies to reach even more clients.”Rocket Companies was found in 1985 and Rocket Mortgage has provid3ed more than $1 trillion in loans since its inception, growing its market share from 1.3% in 2009 to 9.2% in Q1 2020.A report by Bloomberg states the listed size of the offering was $100 million, which is an amount that could change. Rocket Companies’ founder, Dan Gilbert, is worth $7.1 billion.Bloomberg added that Rocket Companies has stated it earned $97.7 million on revenue of $1.8 billion in three months ended March 31. This is compared to a loss of $299 million on $727 million in revenue a year earlier.News of the IPO circulated last month, with CNBC reported that it could be the largest IPO of the year. CNBC added that Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse, and JPMorgan to manage the deal. Valuation has yet to be decided but CNBC reports that it is “tens of billions of dollars” and possibly one of the largest IPOs of the year.Quicken Loans CEO Jay Farner told CNBC that March was the “biggest closing month in our company’s history with nearly $21 billion in mortgages closed.”According to the Mortgage Bankers Association (MBA), mortgage applications continue their resurgence during COVID-19.Applications rose 2.2% from the prior week, according to the MBA, and purchases were up weekly by 33%.  Print This Post Sign up for DS News Daily About Author: Mike Albanese July 8, 2020 2,133 Views Quicken Loans Officially Files for IPO Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. center_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: IPO Quicken Loans The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Quicken Loans Officially Files for IPO Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Several Projects Under Vectren’s Electric Grid Modernization Plan Underway

first_imgFacebookTwitterCopy LinkEmailShare Crews working for Vectren Energy Delivery of Indiana – South (Vectren) are ramping up efforts to begin  nearly 60 projects – investments of approximately $12 million – to be completed by the end of this year as part of the Smart Energy Future strategy, which includes the recently approved electric grid modernization plan. Projects aimed at upgrading Vectren’s electric infrastructure to ensure the energy company can maintain the reliability customers have come to expect will take place throughout the southwestern territory.Over the next few months, many projects benefitting a large number of customers will be completed. While we will attempt to keep disruption to a minimum, Vectren will communicate awareness of the projects benefiting its many customers and help customers understand any potential interruption to their electric service. Upcoming projects include:Circuit (a specific grouping of poles and lines delivering power) rebuild and conversion projects– upgrading and replacing hardware and equipment on the circuit, which leads to shorter restoration times, a reduction in the number of emergency repairs needed and increased system performance and integrity  Evansville: Cass Avenue circuit (south side, west of U.S. 41 near Riverside Drive) serving 500 customersEvansville: Marx Road circuit (northwest side near Five Dollar Rd) serving 850 customersEvansville: Seventh Avenue circuit (north of the Lloyd Expressway near Columbia Avenue and Franklin Avenue) serving 250 customersEvansville: Lodge Avenue circuit (south side, west of U.S. 41 near Gilbert Avenue) serving 1,200 customersEvansville: Lawndale circuit (southeast side near Vann Road) serving 1,400 customersNewburgh: Highway 662 circuit (west of Newburgh on S.R. 662) serving 1,100 customersRichland City: Rose Hill circuit (south of Richland, west of S.R. 161) serving 1,300 customersWinslow: Winslow circuit (west side of Winslow, west of S.R. 61) serving 1,200 customersTennyson: Tennyson circuit (west of Tennyson on C.R. 350 N) serving 950 customersUnderground cable replacement projects – replacing aging underground cable, which leads to a reduction in risk of unplanned outages, faster outage restoration when outages occur and reduced customer interruption duration by sectionalizing the area in need of repairEvansville: Village Green Apartments (southeast side, west of Green River Road) serving 400 customersMt. Vernon: Country Club Estates subdivision (west side) serving 150 customersMt. Vernon: Rush Creek Circuit (north of Mt. Vernon, west of S.R. 69 near Kansas Road) serving 500 customersOptical ground wire projects – replacing existing steel static wire running along transmission lines to expand communication capability between existing electric substations and improve data collection and system performanceApproximately five miles of cable running along Alcoa Warrick Operations to the southern area of BoonvilleApproximately eight miles of cable running along Vectren’s Bergdolt Storage Yard on the north side of Evansville, N. First Avenue and ending at Vectren’s Northwest substation on the west side of EvansvilleSubstation equipment upgrades/replacements – replacing/upgrading substation equipment such as circuit breakers to reduce risk of unplanned outages and reduce the risk of potential safety hazards to the public and Vectren employeesEvansville: Grandview substation serving 400 customersEvansville: Grimm Road substation serving 4,700 customersBy the end of 2017, crews working for Vectren will have completed approximately 35 circuit rebuild and conversion projects and approximately 30 underground cable replacement projects. Generally, customers will notice projects beginning when crews have placed signage in the area. The duration of these projects usually span two to six weeks, barring weather delays.These projects are part of the company’s seven-year improvement plan to enhance reliability and modernize our electric infrastructure, which was approved by the Indiana Utility Regulatory Commission in September. The plan, part of the company’s Smart Energy Future strategy, includes upgrades to portions of Vectren’s network of substations, transmission and distribution networks that serve seven counties in southwestern Indiana. The plan features more than 800 projects and is estimated to cost $450 million over the plan’s seven-year period. Customers can learn more about Vectren’s grid modernization plan and its customer benefits at www.vectren.com/SmartEnergyFuture.last_img read more

Paul O’Connell’s international career is over

first_imgFormer Ireland Manager Eddie O’Sullivan says O’Connell’s leadership qualities were evident from the beginning.Meanwhile, Sean O’Brien will appear before an independent disciplinary hearing in London this lunchtime. The Leinster flanker was cited for striking French second row Pascal Papé during Sunday’s victory in Cardiff. The IRFU confirmed the Ireland captain suffered a significant hamstring injury during Sunday’s win over France, one that will require surgery this week. That game in Cardiff has now proved to be O’Connell’s 108th, and last, in an Ireland jersey. Leinster’s Mike McCarthy has joined the squad as a replacement. last_img read more

Albanians drugged Maguire’s sister in Greece – Man Utd captain’s lawyers claim

first_imgLawyers for Manchester United captain, Harry Maguire have claimed that two Albanians drugged the player’s sister, Daisy, in Greece, leading to the brawl which caused his arrest.Sky Sports journalist, Martha Kelner, reported that the defence claimed that the player and his friends had acted in self-defence.They said the player and his friends called a van to take them to the hospital but they were taken to the police station instead.Maguire’s defence claim two Albanian men approached his sister Daisy, they injected her with something and she immediately fainted. They called their van and asked to be driven to hospital, but driver took them to the police department. 1/2— Martha Kelner (@marthakelner) August 25, 2020The defence also claimed that the officers had assaulted Maguire when he arrived at the police station, with one reportedly kicking him in his leg and saying: “your career is over.”A police officer who was called to the stand stated that he did not see the Albanians attack Maguire and his troop.This was countered by the Maguire’s lawyers who them asked how one of the defendant sustained the injuries found in the medical examination.Martha Kelner had earlier reported that Maguire’s legal team had asked the court to reschedule the hearing, stating that they were not given time to prepare.The judge, however, ordered the trial to go ahead.The prosecutors also claimed that Maguire tried to use his status at Manchester United and wealth to bribe his way out of his arrest.According to the state’s lawyers, after Maguire was picked up by police in the aftermath of a brawl at a bar, he asked the officers if they knew who he was and offered to pay them to let him and his friends go.Maguire, the prosecution claimed in court on Tuesday, said: “Do you know who I am? I am the captain of Manchester United, I am very rich, I can give you money, I can pay you, please let us go.”Martha Kelner, said prosecution also claimed that the officers had initially tried to calm down the situation but their attempts failed, with one of the “English men” yelling expletives at the officers and punching one of them.An officer who was called to the stand claimed that Maguire pushed him when he was attempting to arrest the defender, resulting in him falling and hurting his back, while another said that Maguire tried to break away as he was being handcuffed.Prosecution allege that once at the police station Harry Maguire said: “Do you know who I am? I am the captain of Manchester United, I am very rich, I can give you money, I can pay you, please let us go”— Martha Kelner (@marthakelner) August 25, 2020last_img read more