The parent of mortgage giant Quicken Loans is prepping an IPO pitch valuing it more like a payments company than a lender. Here's why.

· Quicken Loans' parent company is readying its initial public offering and will likely price before the end of July. 
· In terms of valuation, its closest comparable multiples could be in the payments space, not other mortgage companies or financial institutions.
· But because its business is more cyclical than payments,...