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.[9]
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.[9]
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.[14] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[15]
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.[16]
In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans.[17]
On November 12, 2007, it moved its headquarters to downtown Detroit under a development agreement with the city.[18] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[19] The initial move brought 1,700 employees to the city.[19]
In 2014, Quicken Loans was the nation's largest online mortgage lender.[20] In January 2018, they became the nation's largest mortgage lender.[21]
On October 15, 2018, Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[22][23][24]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[25] raising $1.8 billion.[26]
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.[14] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[15]
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.[16]
In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans.[17]
On November 12, 2007, it moved its headquarters to downtown Detroit under a development agreement with the city.[18] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[19] The initial move brought 1,700 employees to the city.[19]
In 2014, Quicken Loans was the nation's largest online mortgage lender.[20] In January 2018, they became the nation's largest mortgage lender.[21]
On October 15, 2018, Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[22][23][24]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[25] raising $1.8 billion.[26][27] 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.[28]
The platform was developed under the leadership of then-president and CMO Jay Farner, who intended to create a "push-button" mortgage experience.[29] Following the launch, Farner was promoted to CEO of Quicken Loans (now Rocket Mortgage) in 2017, succeeding Bill Emerson.[30]
In 2015, the company developed an online only mortgage process called "Rocket Mortgage."[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] That year the company doubled its mortgage originations.[34]
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.[35][36]
On May 12, 2021, Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[37]
In 2025, Rocket Mortgage introduced the RocketRentRewards program, that offers up to $5,000 to help renters become homeowners.[38]
The platform was developed under the leadership of then-president and CMO Jay Farner, who intended to create a "push-button" mortgage experience.[29] Following the launch, Farner was promoted to CEO of Quicken Loans (now Rocket Mortgage) in 2017, succeeding Bill Emerson.[30]
In 2015, the company developed an online only mortgage process called "Rocket Mortgage."[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] That year the company doubled its mortgage originations.[34]
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.[35][36]
On May 12, 2021, Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[37]
In 2025, Rocket Mortgage introduced the RocketRentRewards program, that offers up to $5,000 to help renters become homeowners.[38]