Mountain View, Calif. (Aug. 2, 2002) -- Intuit said Thursday that it had completed the sale of its Quicken Loans mortgage business -- a step it took as part of an effort to re-focus the tax and small business markets.The business was purchase by Dan Gilbert, chairman and founder of Quicken Loans(R) and Rock Financial, and a group of local investors. Intuit estimates that it will book a pre-tax gain of approximately $25 million to $30 million on the sale. That includes a $23.3 million note and a 12.5 percent stake in the new company in exchange for all of the outstanding stock of Intuit's Quicken Loans Inc. and Title Source Inc. subsidiaries.

"Quicken Loans is a great business and produced strong results for Intuit over the last two fiscal years," said Steve Bennett, Intuit's president and chief executive officer. "With Intuit's business strategy focused more on the growing tax and small business markets, Quicken Loans was no longer a good strategic fit."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access