LIVONIA, Mich. Intuit Inc.s earnings report for the quarter that ended Oct. 31 says that its Internet subsidiary Quicken Loans turned a profit.
Quicken Loans was formed in December of last year when Intuit merged Quicken Mortgage with Rock Financial Corp., which Intuit purchased in late 1999. Quicken switched to a transaction-based business, funding its own loans.
Revenue from Intuit-funded online mortgages jumped 53%, driving a 7% increase in revenue for the mortgage business as a whole. The mortgage business overall had a slight operating profit in the three months and should be profitable for the full fiscal year, Intuit said.
