Rocket Mortgage

Last updated
Rocket Mortgage, LLC
FormerlyRock Financial (1985–1999)
Quicken Loans, LLC (1999–2021)
Company type Subsidiary
Industry
Founded1985;40 years ago (1985) (as Rock Financial)
Founders
Headquarters One Campus Martius,
Detroit, Michigan
,
U.S.
Key people
Varun Krishna(CEO), Bill Emerson (COO), Bob Walters (COO)
Products
BrandsRocket Mortgage
RevenueIncrease2.svg US$15.735 billion (2020)
Increase2.svg US$9.532 billion (2020)
Increase2.svg US$932 million (2020)
Total assets Increase2.svg US$37.535 billion (2020)
Total equity Increase2.svg 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]

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]

Contents

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 Inc. 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]

Former logo of Quicken Loans QuickenLoanslogo2019.png
Former logo of Quicken Loans

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

Related Research Articles

<span class="mw-page-title-main">Rocket Mortgage FieldHouse</span> Arena in downtown Cleveland, Ohio, US

Rocket Mortgage FieldHouse is a multi-purpose arena in Cleveland, Ohio. The building is the home of the Cleveland Cavaliers of the National Basketball Association (NBA) and the Cleveland Monsters of the American Hockey League (AHL). It also serves as a secondary arena for Cleveland State Vikings men's and women's basketball.

Compuware Corporation was an American software company based in Detroit. The company offered products aimed at the information technology (IT) departments of large businesses, and its services also included testing, development, automation and performance management software for programs running on mainframe computer systems.

<span class="mw-page-title-main">Dan Gilbert</span> American businessman (born 1962)

Daniel Gilbert is an American billionaire, businessman, and philanthropist. He is the co-founder and majority owner of Rocket Mortgage, founder of Rock Ventures, and owner of the National Basketball Association's Cleveland Cavaliers. Gilbert owns several sports franchises, including the American Hockey League's Cleveland Monsters, and the NBA G League's Cleveland Charge. He operates the Rocket Mortgage FieldHouse in Cleveland, Ohio, home to the Cavaliers and Monsters. As of December 2024, Forbes estimated his net worth at US$23.3 billion making him 87th richest person and according to Bloomberg Billionaires Index, with an estimated net worth of US$27.4 billion, he is the 71st richest individual in the world.

<span class="mw-page-title-main">1001 Woodward</span> Skyscraper in Detroit, Michigan, United States

1001 Woodward is a 25-floor office building in Downtown Detroit, Michigan. It replaced the Majestic Building, a 14-story high rise on the same site. The building is located just south of the neighboring David Stott Building, at the corner of Woodward Avenue and Michigan Avenue overlooking Campus Martius Park. Constructed from 1963 to 1965, the building is designed in the International Style. It was listed on the National Register of Historic Places in 2013.

<span class="mw-page-title-main">One Campus Martius</span> Building in downtown Detroit, Michigan, United States

One Campus Martius is a building located in downtown Detroit, Michigan. It began construction in 2000 and was finished in 2003. It has seventeen floors in total, fifteen above-ground, and two below-ground, and has 1,088,000 square feet (100,000 m2) of office space. The high-rise was built as an office building with a restaurant, retail units, space for Compuware and a fitness center, as well as an atrium. The building now has Rocket Mortgage, Microsoft, Meridian Health, Plante Moran and Compuware as its major tenants.

LendingTree, Inc. is an online lending marketplace, founded in 1996 and headquartered in Charlotte, North Carolina. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc. LendingTree allows borrowers to shop and compare competitive rates and terms across an array of financial products. Other additional services include financing tools, comparative loan searches and borrowing information.

<span class="mw-page-title-main">Economy of metropolitan Detroit</span>

The metropolitan area surrounding and including Detroit, Michigan, is a ten-county area with a population of over 5.9 million, a workforce of 2.6 million, and about 347,000 businesses. Detroit's six-county Metropolitan Statistical Area has a population of about 4.3 million, a workforce of about 2.1 million, and a gross metropolitan product of $200.9 billion. Detroit's urban area has a population of 3.9 million. A 2005 PricewaterhouseCoopers study estimated that Detroit's urban area had a gross domestic product of $203 billion.

Gary Gilbert is an American film producer and businessman. He is the founder and CEO of Gilbert Films, a media production and financing company based in Los Angeles, California. He is also a co-founder of Rocket Mortgage, as well as a co-owner of the Cleveland Cavaliers, NBA team.

Credit Karma is an American multinational personal finance company founded in 2007. It has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitoring of unclaimed property databases and a tool to identify and dispute credit report errors. The company operates in the United States, Canada and the United Kingdom.

<span class="mw-page-title-main">Suburban Collection Showplace</span>

The Suburban Collection Showplace is a convention center in Novi, Michigan. Located off Interstate 96, about 20 miles (32 km) northwest of Detroit, it is the second-largest convention center in Metro Detroit. It is best known as the current location of the Michigan State Fair.

Amrock LLC, formerly Title Source, Inc., is an American provider of title insurance, property valuations and settlement services. It is a wholly owned subsidiary of Rocket Mortgage, headquartered in Detroit, Michigan.

SoFi Technologies, Inc. is an American personal finance and financial technology company. Founded in 2011 at Stanford University, it operates as a direct bank and supports other financial institutions through its technology platform. As of 2024, SoFi reports 9.4 million customers and 160 million platform accounts.

PennyMac Financial Services, Inc. is an American residential mortgage company headquartered in Westlake Village, California. The company's business focuses on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac operates through two subsidiaries: PennyMac Loan Services, LLC and PNMAC Capital Management, LLC. The latter manages the PennyMac Mortgage Investment Trust, a mortgage REIT.

Rock Ventures LLC is the holding company for businessman Dan Gilbert's portfolio of companies, investments, and real estate. It is based in Detroit, Michigan and engaged in community development in both Detroit and Cleveland, Ohio. Its over 110 affiliated companies included the Cleveland Cavaliers, Hollywood Casino at Greektown, and Rocket Mortgage.

Rapid Finance is a technology-powered financial services company that provides working capital to small and mid-sized businesses in the United States. As a sister company of Rocket Mortgage, it offers small and medium business loan programs for business owners in a variety of industries and categories. With over US$1 billion funded, it is the 4th largest online small business lender in the United States. The company claims that no single business category accounts for more than 25% of its revenues.

Credible Labs Inc., commonly known as Credible, is a financial technology company headquartered in San Francisco. The company also does business through its subsidiary Credible Operations, Inc. Its online marketplace offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary of Fox Corporation in 2019. In December 2021, Credible acquired digital insurance platform Young Alfred, adding various kinds of insurance including home, auto, and pet to its platform.

Jay Farner is an American businessman and investor. He is the founder and CEO of Ronin Capital Partners, a venture capital firm. Previously, Farner was the Vice Chairman and chief executive officer of Rocket Companies, which includes Rocket Mortgage, the nation's largest retail mortgage lender. Farner was also the CEO of Rock Holdings incorporated.

<span class="mw-page-title-main">United Wholesale Mortgage</span> Mortgage lender

United Wholesale Mortgage (UWM), formerly United Shore Financial Services, is an American wholesale mortgage lender headquartered in Pontiac, Michigan. UWM underwrites loans for independent brokers, and as of 2024 is the largest mortgage lender in the United States.

Edi Demaj is a Kosovan-American businessman based in the Detroit metropolitan area. He is best known for being involved in the development of Detroit as technology hub by founding a number of technology companies, including Rocket Fiber, a high speed ISP, and KODE Labs, a company providing cloud-based building automation software.

<span class="mw-page-title-main">Mat Ishbia</span> American businessman and NBA team owner (born 1980)

Mathew Randall Ishbia is an American billionaire businessman who is CEO and chairman of mortgage lender United Wholesale Mortgage. He is the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his older brother, Justin.

References

  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. ↑ "A new foundation". The Economist. ISSN   0013-0613 . Retrieved June 3, 2016.
  8. ↑ Finkel, Adam (2020-09-24). "Butzel Award Winner Dan Gilbert Reflects on Family, Faith and Philanthropy". thejewishnews.com. Retrieved 2024-08-01.
  9. 1 2 Noble, Breana. "Quicken Loans to change name to Rocket Mortgage". The Detroit News. Retrieved 2024-05-07.
  10. ↑ Segal, David (April 13, 2013). "A Missionary's Quest to Remake Motor City". New York Times. Retrieved 2016-01-26.
  11. ↑ Rock Financial Corporation (1998), Form S-1, U.S. Securities and Exchange Commission, p. 81, retrieved 2020-12-10
  12. ↑ "A New Foundation". The Economist. May 26, 2016.
  13. ↑ Swisher, Kara. "Intuit to Acquire Rock Financial". WSJ. Retrieved 2024-05-07.
  14. ↑ Duggan, Daniel (March 17, 2011). "Dan Gilbert: Quicken's triumph in overtime trial "a victory for right over wrong"". Crains Detroit Business.
  15. ↑ "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.
  16. ↑ Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
  17. 1 2 Randolph, Ned (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters. Retrieved 2012-11-28.
  18. ↑ Morris, Bill (October 18, 2012). "Finally, a Downtown's Upswing". New York Times. Retrieved 2012-11-28.
  19. ↑ "Quicken Loans becomes largest U.S. mortgage lender". Detroit News. Retrieved 2018-03-10.
  20. ↑ "New Quicken Loans tech centre a Windsor beachhead, says Rock Ventures principal". Windsor Star. October 31, 2018.
  21. ↑ "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star. October 15, 2018.
  22. ↑ "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star. October 16, 2018.
  23. ↑ 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.
  24. ↑ Tompor, Susan (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". Detroit Free Press . Retrieved January 8, 2021.
  25. ↑ Grzelewski, Jordyn (July 7, 2020). "Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media. Retrieved January 8, 2021.
  26. ↑ Reindl, JC; Tompor, Susan (July 7, 2020). "Quicken Loan Files IPO paperwork, will be called Rocket Companies". Detroit Free Press.
  27. ↑ Swanson, Brena (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire. Retrieved January 8, 2021.
  28. ↑ Lane, Ben (March 7, 2017). "Here's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire. Retrieved January 8, 2021.
  29. ↑ Turner, Grace. "Quicken Loans in Detroit First to Offer Electronic Martgage Closings in all 50 States". DBusiness.
  30. ↑ Marous, Jim. "Rocket to Offer Financial Institutions Mortgage-as-a-Service". The Financial Brand. Retrieved 14 May 2024.
  31. ↑ Reindl, J. C. "UWM CEO issues ultimatum, escalates war against Rocket Companies". Detroit Free Press. Retrieved 2024-05-09.
  32. ↑ Reindl, J. C. "United Wholesale Mortgage reports loss, but keeps No. 1 title". Detroit Free Press. Retrieved 2025-01-12.
  33. ↑ "Quicken Loans will officially rebrand as Rocket Mortgage". Inman. Retrieved 22 August 2021.
  34. ↑ 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.