Jump to content

Rocket Mortgage

From Wikipedia, the free encyclopedia
(Redirected from Quicken Loans)
Rocket Mortgage, LLC
FormerlyRock Financial (1985–1999)
Quicken Loans, LLC (1999–2021)
Company typeSubsidiary
Industry
Founded1985; 40 years ago (1985) (as Rock Financial)
Founders
HeadquartersOne Campus Martius,
Detroit, Michigan
,
U.S.
Key people
Varun Krishna(CEO), Bill Emerson (COO), Bob Walters (COO)
Products
BrandsRocket Mortgage
RevenueIncrease US$15.735 billion (2020)
Increase US$9.532 billion (2020)
Increase US$932 million (2020)
Total assetsIncrease US$37.535 billion (2020)
Total equityIncrease US$7.882 billion (2020)
OwnerDan Gilbert (93.2%)
Number of employees
14,700 (2024) [1]
ParentRocket Companies Inc.
Website
Footnotes / references
[2][3][4][5][6]

Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan. In January 2018, Rocket Mortgage became the largest overall retail lender in the U.S., and it was also the largest online retail mortgage lender.[7] Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system.[8] Amrock is also part of the Rocket Mortgage Family of Companies.[9] The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.[10]

History

[edit]

1985-1998; Early history

[edit]

Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[11][12][13] The company became a mortgage lender in 1988, and in May 1998 became publicly traded, launching an IPO.[14]

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.[15]

Quicken Loans

[edit]

1999-2013

[edit]

In October 1999, almost a year and a half after Rock Financial’s 1998 IPO, Intuit Inc. agreed to buy the company at a valuation of $370 million.[16] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[12]

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.[17]

In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans. Neither Rock nor Quicken have ever made subprime loans to home buyers with poor credit histories.[18]

On November 12, 2007, it moved its headquarters to downtown Detroit under a development agreement with the city.[19] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[20] The initial move brought 1,700 employees to the city.[20]

Former logo of Quicken Loans

2014-2020

[edit]

In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and was the nation's largest online mortgage lender.[21] In January 2018, they became the nation's largest mortgage lender.[22]

On October 15, 2018 Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[23][24][25]

On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[26] raising $1.8 billion.[27][28] 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.[29]

Rocket Mortgage

[edit]

2015 - 2020

[edit]

In 2015, Quicken Loans created Rocket Mortgage, the first fully online mortgage process. [30] By 2016, Rocket owned three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties.[31] In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.[32]

In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states.[33] J.D. Power named Rocket Mortgage number one in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.[34] That year the company doubled its mortgage originations.[35]

2021-present

[edit]

In March 2021, the company was the number one mortgage lender by overall business in the United States. [36] On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[37] The same year, Rocket Mortgage grew its mortgage origination by more than 30 percent.[38]

At the end of 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion.[39] In 2024, Rocket Mortgage launched Rocket Logic, an AI-driven tool that gathers and processes documents needed for underwriting mortgages, reducing the time it takes to purchase a loan by 25%.[40]

See also

[edit]

References

[edit]
  1. ^ Reindl, JC (February 28, 2024). "Dan Gilbert's businesses shed thousands more jobs". Detroit Free Press. Retrieved July 15, 2024.
  2. ^ "Rocket Companies, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "Rocket Companies, Inc. 2020 Schedule 14A". U.S. Securities and Exchange Commission.
  4. ^ "Our Companies".
  5. ^ "Rocket Companies to Acquire Truebill, Adding Rapidly Expanding Financial Empowerment FinTech to the Rocket Platform".
  6. ^ "Our Leadership". Rocket Companies. Retrieved 26 June 2023.
  7. ^ Pender, Kathleen (2018-02-01). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle.[1]
  8. ^ "A new foundation". The Economist. ISSN 0013-0613. Retrieved June 3, 2016.
  9. ^ "Financial Services | Rock Ventures". www.rockventures.com. Retrieved August 19, 2016.
  10. ^ "Quicken Loans, the Nation's Largest Mortgage Lender, Among FORTUNE's Top-15 Best Places to Work in America | Quicken Loans Pressroom". Quicken Loans Pressroom. 2018-02-15. Retrieved 2018-03-10.
  11. ^ Finkel, Adam (2020-09-24). "Butzel Award Winner Dan Gilbert Reflects on Family, Faith and Philanthropy". thejewishnews.com. Retrieved 2024-08-01.
  12. ^ a b Noble, Breana. "Quicken Loans to change name to Rocket Mortgage". The Detroit News. Retrieved 2024-05-07.
  13. ^ Segal, David (April 13, 2013). "A Missionary's Quest to Remake Motor City". New York Times. Retrieved 2016-01-26.
  14. ^ Rock Financial Corporation (1998), Form S-1, U.S. Securities and Exchange Commission, p. 81, retrieved 2020-12-10
  15. ^ "A New Foundation". The Economist. May 26, 2016.
  16. ^ Swisher, Kara. "Intuit to Acquire Rock Financial". WSJ. Retrieved 2024-05-07.
  17. ^ Duggan, Daniel (March 17, 2011). "Dan Gilbert: Quicken's triumph in overtime trial "a victory for right over wrong"". Crains Detroit Business.
  18. ^ "Gilbert: Mortgage squeeze could be blessing for Quicken". The Detroit Free Press. August 16, 2007. Archived from the original on September 27, 2007. Retrieved August 16, 2007.
  19. ^ Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
  20. ^ a b Randolph, Ned (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters. Retrieved 2012-11-28.
  21. ^ Morris, Bill (October 18, 2012). "Finally, a Downtown's Upswing". New York Times. Retrieved 2012-11-28.
  22. ^ "Quicken Loans becomes largest U.S. mortgage lender". Detroit News. Retrieved 2018-03-10.
  23. ^ "New Quicken Loans tech centre a Windsor beachhead, says Rock Ventures principal". Windsor Star. October 31, 2018.
  24. ^ "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star. October 15, 2018.
  25. ^ "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star. October 16, 2018.
  26. ^ Noble, Breana (2020-08-05). "Rocket Companies IPO offers 100 million shares at $18 each – far below target". The Detroit News. Retrieved 2021-01-02.
  27. ^ Tompor, Susan (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". Detroit Free Press. Retrieved January 8, 2021.
  28. ^ Grzelewski, Jordyn (July 7, 2020). "Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media. Retrieved January 8, 2021.
  29. ^ Reindl, JC; Tompor, Susan (July 7, 2020). "Quicken Loan Files IPO paperwork, will be called Rocket Companies". Detroit Free Press.
  30. ^ Swanson, Brena (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire. Retrieved January 8, 2021.
  31. ^ United States 10,158,650, "Token verification from incremental inputs", published December 18, 2018 
  32. ^ Lane, Ben (March 7, 2017). "Here's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire. Retrieved January 8, 2021.
  33. ^ Turner, Grace. "Quicken Loans in Detroit First to Offer Electronic Martgage Closings in all 50 States". DBusiness.
  34. ^ "Rocket Mortgage Ranked #1 in the U.S. for Client Satisfaction in Mortgage Origination by J.D. Power for the 11th Straight Year". PR Newswire. November 9, 2020. Retrieved January 8, 2021.
  35. ^ Marous, Jim. "Rocket to Offer Financial Institutions Mortgage-as-a-Service". The Financial Brand. Retrieved 14 May 2024.
  36. ^ Reindl, J. C. "UWM CEO issues ultimatum, escalates war against Rocket Companies". Detroit Free Press. Retrieved 2024-05-09.
  37. ^ "Quicken Loans will officially rebrand as Rocket Mortgage". Inman. Retrieved 22 August 2021.
  38. ^ Marous, Jim (11 August 2011). "Rocket to Offer Financial Institutions Mortgage-as-a-Service". The Financial Brand.
  39. ^ "The Largest Mortgage Lenders in the U.S." The Ascent. April 2, 2024. Retrieved May 29, 2024.
  40. ^ Clark, Elijah (April 15, 2024). "Rocket Mortgage's AI Technology: The Future of Mortgage Lending". Forbes.
  41. ^ Fedor, Chris (April 9, 2019). "Quicken Loans Arena officially renamed Rocket Mortgage Fieldhouse: 'Next chapter in evolution of incredible facility". Cleveland Plain Dealer. Retrieved January 8, 2021.
[edit]
Wikimedia Commons has media related to Rocket Mortgage.
  • Quicken Loans
  • Business data for Rocket Companies:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Rocket_Mortgage&oldid=1268020505"