Rocket Mortgage
| File:Ql logo w home.gif | |
| Company type | Private |
|---|---|
| Industry | Finance and Mortgage |
| Founded | 1985 |
| Headquarters | Livonia, MI, the United States |
Key people | Dan Gilbert, Founder and Chairman William Emerson, CEO (since 2002) Patrick McInnis, President (since 2002) |
| Products | Mortgage |
Number of employees | 4,652 |
| Website | www.quickenloans.com |
Quicken Loans Corporation is an online retail home mortgage lending firm in the US. Quicken Loans Inc. is comprised of the Quicken Loans and Rock Financial, and Title Source, a settlement service provider. Quicken Loans closed $18 billion in residential mortgage loans in 2006. The company employs about 4,652 workers and is headquartered in Livonia, Michigan.
History
Quicken Loans, originally Rock Financial Corporation, was founded in 1985 by Dan Gilbert and Ron Berman and soon became one of the largest independent mortgage companies in the country. In May 1998, Gilbert took Rock Financial public, launching a successful IPO underwritten by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors including David Katzman in purchasing the Quicken Loans subsidiary back from Intuit.
In the Winter of 2006-2007, Dan Gilbert announced that he plans to relocate his headquarters to both keep up with the company's growth and just for a more central location. As of now, one of the two cities that he will choose for his new headquarters will either be Detroit or Cleveland. Rumors however state that his most likely choice will be Downtown Detroit either on the former Statler or Hudson Sites.
As of August 2007, no official announcements have been made on his choice of relocation and when.
2007 Credit Crunch
In August of 2007 the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response to that Quicken Loans stopped doing all:[1]
- Second Mortgages
- Home Equity Lines of Credit (HELOC)
- Stated Income Loans
- Jumbo Loans
- Alt-A Products
- Deferred Interest Loans
Gilbert is quoted as saying that Quicken is active in closing "plain vanilla loans".
References
- ^ "Gilbert: Mortgage squeeze could be blessing for Quicken". The Detroit Free Press. 2007-8-16. Retrieved 2007-8-16.
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