Quicken Loans to Move Headquarters, 1,700 Employees to Downtown Detroit by Mid-2010

Quicken Loans to Move Headquarters, 1,700 Employees to Downtown Detroit by
Mid-2010
Move establishes large Quicken Loans presence downtown two years earlier than
original plan

LIVONIA, Mich., July 13 /PRNewswire/ -- Quicken Loans today announced plans to
move its headquarters and approximately 1,700 of its team members to leased
space in downtown Detroit's Compuware Building by mid-2010. The move is
subject to state and city approvals.

In November 2007, Quicken Loans announced it would relocate its headquarters
to a newly constructed building in downtown Detroit, with options to develop
several sites. Under the timeline for that plan, construction of a new
headquarters building would have been completed by 2012. But the nationwide
economic downturn has made it virtually impossible to obtain financing for the
construction of new office buildings.

The decision to lease space enables the company to establish a strong presence
in the city while continuing to pursue plans to develop a new downtown
headquarters when commercial construction financing becomes more available
across the country.

"We pledge to fulfill our commitment to the city. This is an interim step
that allows us to begin transforming Detroit into a high-tech hub of business
and ingenuity," said company founder and chairman Dan Gilbert. "Our goal is
to develop a downtown headquarters once construction financing becomes
available for large-scale building projects the likes of which we plan to
undertake."

"Our move to the Compuware Building will get our folks working in the city
even quicker than if we waited out the construction process as originally
planned," said Matt Cullen, president and COO of Rock Ventures, who is
spearheading Quicken Loans' move downtown. "The 1,700 people we are bringing
downtown will have an immediate and profound impact on the city's economy, in
terms of income tax, retail spending and housing."

"The move of Quicken Loan's headquarters to Detroit is highly anticipated,"
said Detroit Mayor Dave Bing. "While their presence will be a scaled down
version of the original plan, it remains a good and beneficial decision for
all involved. We welcome Quicken Loans and their staff to Detroit."

"This agreement extends an already great partnership between two of Michigan's
most innovative companies," said Compuware Chairman and CEO Peter Karmanos,
Jr. "Bringing Quicken Loans and Compuware together at One Campus Martius will
make our workplace even more dynamic and collaborative. It's great for both
companies and for our employees."

"Quicken Loans remains dedicated to being part of the ongoing transformation
of the city," said Gilbert. "As we've studied our site options for a new
headquarters, we have continued to infuse energy into other business and
infrastructure initiatives to enhance the city."

Gilbert founded the Detroit-based Bizdom U, an entrepreneurial boot camp, in
2007, and is an investor and vice-chairman of M-1 Rail, a light rail system on
Woodward Avenue that will connect Detroit's largest cultural, entertainment,
educational, medical and employment centers.

About Quicken Loans:
Quicken Loans is the nation's largest online retail mortgage lender and one of
the five largest retail mortgage lenders overall. The company closes loans
from five Web Centers located in Michigan, Ohio and Arizona, as well as its
San Diego-based One Reverse Mortgage unit.

The QuickenLoans.com Web site has been named "Best of the Web" by Forbes and
Money magazine. Quicken Loans currently has been named to Fortune Magazine's
"100 Best Companies to Work for in America" list for six consecutive years,
ranking as high as #2. The company also has been named one of Computerworld
Magazine's "100 Best Places to Work in Technology" for the past five years.
For more information, visit www.QuickenLoans.com.

SOURCE Quicken Loans

Jennifer Kulczycki of Quicken Loans, +1-734-805-7173,
jenniferkulczycki@quickenloans.com