Rocket Companies

Last updated
Rocket Companies, Inc.
Company type Public
Industry
Founder
Headquarters One Campus Martius,
Detroit, Michigan
,
U.S.
Areas served
  • United States
  • Canada
Key people
RevenueIncrease2.svgUS$5.10 billion (2024)
Increase2.svgUS$255 million (2024)
Increase2.svgUS$29.4 million (2024)
Total assets Increase2.svgUS$24.5 billion (2024)
Total equity Increase2.svgUS$9.04 billion (2024)
Number of employees
14,200 (2024)
Website rocketcompanies.com
Footnotes /references
[1] [2] [3]

Rocket Companies, Inc. is an American fintech and homeownership services company. Founded by Dan Gilbert, [4] and based in Detroit, the company is one of the largest mortgage lenders in the United States through its flagship subsidiary Rocket Mortgage. [5] Its subsidiaries include Redfin, Forsalebyowner.com and several other fintech companies.

Contents

History

In 1985, Dan Gilbert founded Rock Financial, the company that would become Rocket Mortgage – the first of the Rocket Companies, in Metro Detroit.

In 1999, Rock Financial changed its name to Quicken Loans. [6]

In 2020, Quicken Loans and several other tech-driven real estate and personal finance entities including Rocket Homes, Rocket Loans and Rocket Close became a publicly traded company under the name Rocket Companies. [7] The company raised $1.8 billion in the initial public offering. [8]

In 2021, Rocket Community Fund, the philanthropic partner company of Rocket Companies, [9] [10] announced an investment of $500 million in Detroit to be spent over the course of 10 years. [9] [11] That same year, they gave $5 million to the Rehabbed & Ready program which rehabilitates homes in Detroit and helps residents access financing for homeownership. [10]

In 2023, Rocket Companies launched ONE+, a program that offers home loans for 1% down in an aim to provide lower income Americans with greater access to homeownership. [12] That same year, the company announced that its team members, along with those from partner companies, have spent 1 million hours volunteering in the community. [13]

Rocket Companies hired Jonathan Mildenhall as its first chief marketing officer [3] and Shawn Malhotra as the company’s first chief technology officer in 2024. Malhotra focused on integrating AI into the homebuying process. [14] The company developed Rocket Logic, an artificial intelligence (AI) platform designed to simplify the road to homeownership. [15]

The Rocket Companies website, Rocket.com website, launched in 2025, contains finance and management tools aimed at streamlining the process of buying and selling a home. The site includes an AI agent [16] that assists the client in collecting data from mortgage documents, completing forms, and correcting errors which may delay a mortgage’s approval. This automation has helped Rocket customers secure loans 2.5 times faster than the industry average. [17]

The company's Super Bowl LIX ad included a live sing-along to the song Take Me Home, Country Roads, [18] [19] focusing on the American dream of homeownership. [20]

In 2025, Rocket Companies announced agreements to acquire Mr. Cooper Group, [21] America’s largest mortgage servicer, and Redfin, one of the largest real estate brokerages in the county. [22] [23] [24]

Subsidiaries

  1. Rocket Mortgage : Rocket Mortgage is the largest mortgage lender in the United States. [25] It offers a fully online mortgage process. [26]
  2. Rocket Money: Rocket Money is a budgeting app that links to users' bank accounts to help track income and spending. The app includes features such as subscription cancellation and bill negotiation. [27]
  3. Rocket Homes: Rocket Homes is a real estate search platform which offers maps of nearby listings, referrals to real estate agents, and virtual reality tours of properties. [28] [29]
  4. Rocket Close : Rocket Close, formerly known as Amrock, is a title producer, settlement provider and appraisal management company. [30] [31]
  5. Rocket Loans: Rocket Loans is an online personal loan company which features an online application with same-day funding. [32]
  6. Rocket Title Insurance Company: Formerly known as Amrock Title Insurance Company, Rocket Title Insurance Company is a nationwide title insurer. [33]
  7. Forsalebyowner.com : ForSaleByOwner.com is a real estate site which enables homeowners to buy and sell properties on their own. [34]
  8. Core Digital Media: Core Digital Media is an advertiser in the mortgage and insurance world. [32]
  9. Lowermybills.com : Lowermybills.com provides comparisons for mortgages, reverse mortgages, refinancing, loans and insurance. [35]
  10. Lendesk:Based in Vancouver, LenDesk is a technology company that offers a suite of products to digitize the home loan experience for Canadian mortgage brokers and their clients. [36]
  11. Rocket Innovation Studio: Rocket Innovation Studio, based in Windsor, Ontario, recruits Canadian talent to develop technology solutions for Rocket Companies. [37]
  12. Woodward Capital Management: Woodward Capital Management is a firm which specializes in private label mortgage-backed securities. [32]

References

  1. ↑ "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 3, 2025.
  2. ↑ Lambert, Lance (April 8, 2025). "Look Out, Zillow: A New Real Estate Juggernaut is Forming". Fast Company.
  3. 1 2 Graham, Megan (January 4, 2024). "Rocket Cos. Hires Former Airbnb CMO Jonathan Mildenhall as Its CMO". Wall Street Journal.
  4. ↑ Whitman, Victor (March 11, 2025). "Seattle-based Redfin's Sale to Rocket Could Shift Online Homebuying Market". The Detroit News.
  5. ↑ Neubauer, Kelsey (May 20, 2025). "The 10 Largest Mortgage Lenders in the U.S." CNBC.
  6. ↑ Noble, Breana (August 5, 2020). "Rocket Companies IPO Offers 100 Million Shares at $18 Each – Far Below Target". The Detroit News.
  7. ↑ Reindl, JC; Tompor, Susan (July 7, 2020). "Quicken Loans Files IPO Paperwork, Will Be Called Rocket Companies". Detroit Free Press.
  8. ↑ Franklin, Joshua (August 5, 2020). "Quicken Loans parent sells shares in IPO below target to raise $1.8 billion". Reuters.
  9. 1 2 Hirsch, Lauren (May 25, 2021). "Dan Gilbert Will Invest $500 million to Help Revitalize Detroit". The New York Times.
  10. 1 2 Williams, Candice (April 15, 2021). "Rocket Mortgage, Detroit Pledge $5M to Rehab More Homes". The Detroit News.
  11. ↑ Kisner, Kim (September 3, 2024). "Creating Lasting Change:How the Gilbert Family Foundation is Shaping Detroit's Future". Detroitisit.
  12. ↑ Stickford, Jim (May 23, 2023). "Rocket Mortgage Launches ONE+ Program to Boost Homeownership". DBusiness.
  13. ↑ "Making Time to Give: Rocket's Volunteers Go Above and Beyond". The Mortgage Note. November 7, 2023.
  14. ↑ Bousquette, Isabelle (May 6, 2024). "Rocket Cos. Taps Former Thomson Reuters Exec to Lead Companywide AI Efforts". Wall Street Journal.
  15. ↑ Smith, Paige (August 23, 2024). "Home Lender Rocket Seeks AI-Fueled Rebound After Bumpy Era". Bloomberg.
  16. ↑ Jensen, Katie (January 22, 2025). "Rocket Launches All-In One Platform Rocket.com For Buyers and Owners". National Mortgage Professional.
  17. ↑ Kell, John (December 11, 2024). "How Rocket Companies' first-ever CTO is deploying AI aimed at making home buying easier". Fortune.
  18. ↑ Steinberg, Brian (February 9, 2025). "Rocket Adds Live 'Country Roads' Sing-Along to Super Bowl Commercial, in Bid for 'Moment of Unity'". Variety.
  19. ↑ Lacques, Gabe (February 9, 2025). "How 'Take Me Home Country Roads' Super Bowl singalong came together for Rocket commercial". USA Today.
  20. ↑ Surnit, Andrea (January 30, 2025). "Rocket Teases Emotional Super Bowl Ad Focused on American Homeownership". Design Rush.
  21. ↑ Munir, Zehra; Barnes, Oliver (March 31, 2025). "Rocket to buy Mr Cooper in $9.4bn deal to Create US Mortgage Giant". Financial Times.
  22. ↑ Lawler, Ryan (March 31, 2025). "Rocket's Homeownership Strategy". Axios.
  23. ↑ Gomes, Nathan (March 10, 2025). "Rocket Companies to buy real estate firm Redfin in $1.75 billion deal". Reuters.
  24. ↑ Mishkin, Shaina (March 31, 2025). "Rocket to Buy Mr. Cooper for $9.4 Billion. The Deal Would Create a Mortgage Giant". Barron's.
  25. ↑ Grace, Molly; Silbert, Sarah (February 19, 2025). "Rocket Mortgage, the Largest Lender in the U.S., is Launching a New Program to Help Renters Afford to Buy a Home". Business Insider.
  26. ↑ Swanson, Brena (November 24, 2015). "Game Changer? Quicken Loans takes Mortgage Lending Fully Digital". Housingwire.
  27. ↑ Ernst, Kelly (April 8, 2025). "Rocket Money Review 2025: CNET's Editor's Choice Winner for Best Budgeting App". CNET.
  28. ↑ Hebron, Julian (August 11, 2021). "Rocket Homes makes big steps in giving people a one-stop shop for home buying, financing, selling. Here's how". Yahoo Finance.
  29. ↑ Kim, Connie (February 6, 2024). "Rocket Homes Real Estate Search App is Available for Buyers on Apple Vision Pro". Housingwire.
  30. ↑ Dilworth, Dianna (January 14, 2025). "Rocket Unveils New Brand Identity Ahead of Super Bowl". Brand Innovators.
  31. ↑ Williams, Kim (January 14, 2025). "Rocket Companies Reveals New Logo as Part of Rebranding, Plans Super Bowl Ad". Detroit News.
  32. 1 2 3 "Our Companies". Rocket Companies.
  33. ↑ Kelly, Chris (January 14, 2025). "How Rocket Companies' Rebrand Sets the Stage for a New Super Bowl Approach". MarketingDive.
  34. ↑ Jensen, Jeremiah (May 23, 2018). "Quicken Loans sister company In-House Realty acquires ForSaleByOwner.com". Housingwire.
  35. ↑ Lane, Ben (January 26, 2017). "Quicken Loans Parent Acquires Mortgage Shopping Website LowerMyBills.com". Housingwire.
  36. ↑ Waddell, Dave (April 24, 2019). "Rocket Innovation Studio Looking for Talent to Fuel Continued Growth". Betakit.
  37. ↑ Kirkwood, Isabelle (May 6, 2021). "Mortgage Startup, Lendesk, Acquired by Quicken Loans Parent Company". Windsor News.
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