Quicken Loans, the largest mortgage lender in the US, has reportedly filed confidentially for an IPO

• Quicken Loans, the largest provider of mortgage loans in the US, is planning to go public, CNBC reported Thursday.
• The company filed its IPO prospectus confidentially but may look to make it public as early as July, according to CNBC.
• The valuation is still being determined but is estimated to be in the tens of billions, sources told CNBC.
• Low interest rates on mortgages during the pandemic have sent Americans rushing back to the housing market, a boon for lenders like Quicken.

Home mortgage lender Quicken Loans is planning an initial public offering, CNBC reported on Thursday.

Quicken, which is the largest residential mortgage provider in the US by volume, filed its IPO prospectus confidentially but could make the filings public as early as next month, according to CNBC.

Quicken is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan on the deal, and while the target valuation is still being finalized, it could be in the tens of billions of dollars, which would potentially mean a multibillion-dollar IPO, sources told CNBC.

In a statement, a spokesperson for Rocket Mortgage, a division of Quicken Loans, said:

"As the nation's largest mortgage lender, Rocket Mortgage is continuously looking for new ways to invest in and grow our business, while also contributing in significant ways to our home communities.

"Given our continued growth, market leadership and strong financial performance, we are frequent targets of rumor and speculation. If, and when, there is news to report, it will come directly from us."

Amid the vast economic fallout from the coronavirus pandemic, interest rates have plummeted, sending homebuyers flocking back to the housing market and encouraging current homeowners to refinance their mortgages.

Mortgage applications to purchase a home increased 5% last week and were 13% higher than a year ago, according to a report from Mortgage Bankers Association. Meanwhile, the MBA's refinance index jumped 11% on the week and is 80% higher than a year ago in as the index climbed for the first time in nearly two months.

That's been a boon for Quicken, whose CEO, Jay Farner, told CNBC in April: "March was the biggest closing month in our company's history — nearly $21 billion in mortgages closed."