Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan. Rocket Mortgage uses wholesale funding for loans and online applications as opposed to a branch system.[7]
 | |
| Formerly | Rock Financial (1985–1999) Quicken Loans, LLC (1999–2021) |
|---|---|
| Company type | Subsidiary |
| Industry | |
| Founded | 1985 (as Rock Financial) |
| Founders |
|
| Headquarters | One Campus Martius, , U.S. |
Key people | Varun Krishna(CEO), Bill Emerson (COO), Bob Walters (COO) |
| Products | |
| Brands | Rocket Mortgage |
| Revenue | US$15.735 billion (2020) |
| US$9.532 billion (2020) | |
| US$932 million (2020) | |
| Total assets | US$37.535 billion (2020) |
| Total equity | US$7.882 billion (2020) |
| Owner | Dan Gilbert (93.2%) |
Number of employees | 14,700 (2024) [1] |
| Parent | Rocket Companies Inc. |
| Website | |
| Footnotes / references [2][3][4][5][6] | |
History
1985-1998; Early history
Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[8][9][10] The company became a mortgage lender in 1988, and in May 1998 became publicly traded, launching an IPO.[11]
In the late 1990s, the company shifted from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.[12]
Quicken Loans
1999-2013
In October 1999, almost a year and a half after Rock Financial’s 1998 IPO, Intuit agreed to buy the company at a valuation of $370 million.[13] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[9]
In 2004, Quicken Loans became a defendant in a class action lawsuit on behalf of employees who had worked as loan consultants. In 2011, a jury ruled in favor of Quicken.[14]
In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans.[15]
On November 12, 2007, it moved its headquarters to downtown Detroit under a development agreement with the city.[16] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[17] The initial move brought 1,700 employees to the city.[17]
2014-2020
In 2014, Quicken Loans was the nation's largest online mortgage lender.[18] In January 2018, they became the nation's largest mortgage lender.[19]
On October 15, 2018 Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[20][21][22]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[23] raising $1.8 billion.[24][25] Quicken Loans was the largest subsidiary of the newly formed, public traded entity that also included Rocket Homes, Rocket Loans, Amrock and other tech-driven personal finance companies.[26]
Rocket Mortgage
2015 - 2020
In 2015, the company developed an online only mortgage process called “Rocket Mortgage”. [27] In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.[28]
In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states.[29] That year the company doubled its mortgage originations.[30]
2021-present
In March 2021, the company was the number one mortgage lender by overall business in the United States, a title it held until October 2022.[31][32]
On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[33]
See also
- Rocket Companies Inc. - Parent company of Rocket Mortgage and its affiliates
- Rocket Mortgage FieldHouse – A multi-purpose arena in Downtown Cleveland, Ohio[34]
- Suburban Collection Showplace (previously known as the Rock Financial Showplace) – A convention center in Novi, Michigan
References
External links
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