Daily Archives: May 3, 2018

Beyond the iPhone

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When people think of Apple, they think of hardware first. The MacBook, the iPod and the iPhone in particular – those are the products that have made Apple what it is today: the most valuable company in the world.

Over the past few years however, another part of Apple’s business has quietly overtaken all but one of the above. Apple’s services segment accounted for more than $9 billion in revenue in the second quarter of Apple’s fiscal 2018 (which ends in September), making it the second largest contributor to overall sales behind the company’s cash cow, the iPhone, which accounted for 62 percent of total sales between January and March.

With Apple Music, Apple Pay, iTunes and the App Store as well as iCloud and Apple Care, Apple’s services business has become a beast of its own in recent years, nearly doubling from $16.1 billion in sales in 2013 to $30 billion last year.The company’s ambitions go much further than that though, as Apple executives have said they plan to hit a target of $50 billion in services revenue by 2021.

iphone Infographic

RE/MAX Holdings Announces Quarterly Dividend

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Denver, CO – May 2, 2018 (PRNewswire) RE/MAX Holdings, Inc. (NYSE: RMAX), parent company of RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, and of Motto Mortgage, an innovative mortgage brokerage franchise, announced today that its Board of Directors declared a quarterly cash dividend of $0.20 per share of Class A common stock.

The dividend is payable on May 30, 2018 to shareholders of record at the close of business on May 16, 2018.

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About the RE/MAX Network

RE/MAX was founded in 1973 by David and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 115,000 agents provide RE/MAX a global reach of over 100 countries and territories. Nobody sells more real estate than RE/MAX as measured by total residential transaction sides.

RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, and Motto Mortgage, an innovative mortgage brokerage franchise, are subsidiaries of RMCO LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX).

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as “believe,” “intend,” “expect,” “estimate,” “plan,” “outlook,” “project,” “anticipate,” “may,” “will,” “would” and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to dividends. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, without limitation, (1) the impact of the findings and recommendations of the Special Committee on the Company and its management and operations, including reputational damage to the Company and the time and expenses incurred in implementing the recommendations of the Special Committee, (2) any legal proceedings or governmental or regulatory investigations or actions directly or indirectly related to the underlying matters of the Special Committee’s internal investigation or other matters may result in adverse findings, the imposition of fines or other penalties, increased costs and expenses, and the diversion of management’s time and resources to address such matters, any of which may have a material adverse effect on the Company, (3) the impact of recent changes to our senior management team, (4) the impact of disclosing previously undisclosed transactions between members of our management team, including the loan from David Liniger to Adam Contos, (5) the existence and identification of control deficiencies, including disclosure controls or internal controls over financial reporting, and any impact of such control deficiencies as well as the associated costs in remediating those control deficiencies, (6) changes in business and economic activity in general, (7) changes in the real estate market or interest rates and availability of financing, (8) the Company’s ability to attract and retain quality franchisees, (9) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (10) changes in laws and regulations, (11) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (12) fluctuations in foreign currency exchange rates, as well as those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

Quicken Loans’ 1st Quarter Mortgage Volume Solidifies its Position as America’s Largest Residential Lender

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Detroit-based lender’s proprietary technology and award-winning client service leads to further market share gains

Detroit, MI – May 2, 2018 (PRNewswire) Quicken Loans has extended its lead as America’s largest mortgage lender, originating $20.5 billion in home loan volume during the 1st quarter of 2018, which increases its lead on the next largest competitor by more than $4 billion in volume. This marks the second consecutive quarter the Motown mortgage lender has topped the list of more than 30,000 lenders nationwide.

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Quicken Loans’ origination volume was an increase of 5 percent year-over-year in the 1st quarter. This growth comes at a time when many of the industry’s largest players continue to face strong headwinds as they deal with the effects of rising interest rates, an expensive cost structure, and the need for significant capital investment into technology and talent development.

“Quicken Loans is focused on the same things that have differentiated us for many years. We are committed to our unique culture, investing in our talented people, leading technology, and our unparalleled client experience,” said Jay Farner, Quicken Loans CEO. “Rocket Mortgage is game-changing technology, but it’s just the beginning. Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives.”

Rocket Mortgage, the first completely online and fully personalized mortgage experience, is no longer a stand-alone product. Quicken Loans has been integrating technology that was once exclusive to the Rocket Mortgage experience across its entire business. 98% of the company’s volume in the first quarter accessed the Rocket Mortgage platform during the processing and closing of their mortgage.

Whether clients choose to start the process directly online at RocketMortgage.com, or with the expert help of our talented mortgage bankers, this integration allows clients to leverage the efficiency and speed of Rocket Mortgage, providing instant approvals and shaving days – or even weeks – off the time from application to closing. Rocket Mortgage technology has allowed clients to go from creating an account to signing closing documents in as few as 8 days on a refinance, and 16 days on a purchase.

Quicken Loans is always finding new ways to improve speed and transparency for its clients. An important step in that process is ending the mortgage experience the same way it starts – digitally. Quicken Loans successfully e-closed its first loan in late 2017, when a client accessed all of their information and legal documents on a mobile tablet. In addition, in February, a Quicken Loans client participated in the first remote online notarization – closing on a mortgage with the notary present via video chat. As a result, the entire mortgage process from application to closing was done digitally.

Rocket Mortgage has been especially popular with first-time home buyers, translating to record purchase mortgage volume in Q1.

Quicken Loans continues to invest in connecting with current and future homebuyers. In addition to reaching the 100 million+ viewers of Super Bowl LII, the Quicken Loans brand was recently featured in a major motion picture release during Marvel Studios’ Avengers: Infinity War. The national lender is also in the middle of its third PGA TOUR season with pro golfer Rickie Fowler. Additionally, the company entered the fast-growing esports world, by sponsoring 100 Thieves and the Cavs Legion, two of the country’s most exciting professional video gaming teams.

*1st quarter 2018 lender volumes and market share were acquired from information gathered from public company disclosures, industry publications, and other highly-credible sources known to Rock Holdings, Inc., the parent company of Quicken Loans. Calculations of closed loan volume and market share do not include closed loans purchased from other originating lenders who handled all consumer communication and interaction, processed, closed and funded the loan.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past eight consecutive years, 2010 – 2017, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past four consecutive years, 2014 – 2017.

Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2018 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 15 consecutive years. The company was also named the #1 place to work in technology in 2017 by Computerworld magazine’s “100 Best Places to Work in IT,” a recognition it has received 8 times in the past 12 years.