Quicken Loans Plans To IPO: Report

The country's largest mortgage lender is planning to enter the public market.

What To Know: Detroit-based Quicken Loans is planning an initial public offering, people familiar with the matter told CNBC's Leslie Picker. The company has filed its IPO prospectus confidentially "and may flip it to be public as soon as next month."

CNBC said Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal.

Companies are able to file IPO prospectuses confidentially due to the JOBS Act, They must flip their document to be public at least two weeks before their roadshow where they market the IPO to investors.

— Leslie Picker (@LesliePicker) June 11, 2020

Why It's Important: The targeted valuation is likely in the tens of billions of dollars, a source told CNBC, which "would imply a multi-billion-dollar IPO."

Quicken Loans was founded by Dan Gilbert in 1985 and became the nation's largest residential mortgage lender in the fourth quarter of 2017, surpassing Wells Fargo WFC.

CEO Jay Farner said in mid-April that March was the company's biggest in history with "nearly $21 billion in mortgages closed."

A representative from Quicken Loans could not be immediately reached for comment.

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Quicken Loans chairman and founder Dan Gilbert. Photo courtesy of Emily Elconin.