Quicken Loans Makes it Easier for New York Homeowners to Refinance with a CEMA Loan

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The nation’s largest online retail mortgage lender offers NY residents cost-effective refinancing with CEMA

Quicken Loans Inc., the 50-state lender of refinance and purchase mortgages, is offering New York homeowners a more cost-effective alternative when refinancing their home.

Typically, a refinance in New York means residents have to pay state mortgage tax on the entire new loan amount. Quicken Loans is offering clients the opportunity to obtain a Consolidation, Extension and Modification Agreement, or CEMA loan. This means clients only have to pay taxes on the amount of the new loan that is above and beyond their current unpaid principal balance, such as closing costs or additional funds taken as cash out.

While CEMA can help to reduce the amount of money paid in New York state mortgage taxes, it’s important to note that these loans have additional fees that may make them less advantageous for certain clients when coupled with varying tax rates and attorney fees. Clients should consult with their Home Loan Expert to determine the most cost-effective path to a refinance.

CEMA loans are only available on conventional, jumbo and FHA refinances.

For more information about CEMA loans and their benefits, visit http://www.quickenloans.com.

About Quicken Loans Inc:
Quicken Loans Inc. is the nation’s largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed a record $29 billion in retail home loan volume across all 50 states in 2010, and recently closed its 1 millionth loan. Quicken Loans employs approximately 3,700 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. The company also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction among all home mortgage lenders in the United States by J.D. Power and Associates for 2010. “QuickenLoans.com” has been named “Best of the Web” by Forbes and Money magazines. The company also has been named to FORTUNE magazine’s list of the country’s “100 Best Companies To Work For” eight consecutive years, ranking as high as #2, and named in the Top-15 of Computerworld magazine’s “100 Best Places to Work In Technology” for six years in a row. Quicken Loans ranked #1 in the Detroit Free Press’ ”Top Workplaces of 2010” List. The company recently moved its headquarters and 1,700 of its 3,700 full-time team members to downtown Detroit. For more information about Quicken Loans, please visit http://www.quickenloans.com.

About Rock Holdings Inc:
Rock Holdings Inc. is the parent company for several financial services-related businesses and employs over 4,000 team members. These client-focused and technologically driven companies include Quicken Loans, the nation’s largest online home lender and One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.


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Victoria Araj
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