|Formerly||Rock Financial (1985–1999)|
Quicken Loans LLC (1999-2021)
|Founded||1985(as Rock Financial)|
|Headquarters||One Campus Martius, |
|Jay Farner (CEO)|
|Revenue||$15.735 billion (2020)|
|$9.532 billion (2020)|
|$932 million (2020)|
|Total assets||$37.535 billion (2020)|
|Total equity||$7.882 billion (2020)|
|Owner||Dan Gilbert (93.2%)|
Number of employees
|Subsidiaries||Rocket Mortgage, Amrock, Amrock Title Insurance Company, Fathead, Nexsys Technologies, Lendesk, Edison Financial, Rocket Homes, ForSaleByOwner.com, Rocket Loans, Rocket Auto, Core Digital Media, LowerMyBills.com, Rock Connections, Rock Central, Rocket Innovation Studio, Rock Ventures (As a holding) Rocket Innovation Studio, Truebill|
|Footnotes / references|
Rocket Mortgage, LLC (formerly known as Quicken Loans LLC) is a mortgage loan provider. It is headquartered in the One Campus Martius building in the heart of the financial district of Downtown Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. (it is also the largest online retail mortgage lender). Unlike other large mortgage lenders that depend on deposits, Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
The company started to change course in the late 1990s, shifting 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.
In June 2002, two and a half years after selling the company, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M.
In 2004, Quicken Loans became a defendant in a class action lawsuit. This was filed against the company on behalf of employees who had worked as loan consultants for any Quicken office within the past three years. The claimants alleged that Quicken violated the Fair Labor Standards Act (FLSA) by failing to pay the plaintiffs overtime for working beyond a 40-hour work week. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. On March 17, 2011, a federal jury found in favor of Quicken Loans, ending the seven-year-old lawsuit. The decision means that Quicken Loans is not obligated to pay overtime payments to the plaintiffs.
In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response, Quicken Loans discontinued:
On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices. The construction sites reserved for development by the agreement included the location of the former Statler Hotel on Grand Circus Park and the former Hudson's location. Quicken Loans moved into its downtown headquarters in August 2010. The initial move brought 1,700 employees to the city.
Since 2009, Quicken has leased office space in the Compuware building facing Campus Martius Park in Detroit. The company also houses its employees in Downtown Detroit's First National Building, The Qube, Chrysler House, One Woodward Avenue, and 1001 Woodward, all owned by Quicken Loans' parent company, Rock Ventures.
In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and remains the nation's largest online mortgage lender. The company employs 24,000 people nationwide, with approximately 17,000 now working in the city of Detroit, making it Detroit's largest employer, minority employer, and taxpayer. 
In January 2018, Quicken Loans became the nation's largest mortgage lender.
Quicken Loans has consistently been awarded the highest customer satisfaction rating among primary mortgage originators the U.S. for 10 straight years, as well as being one of top 20 companies to work for and a top pick for overall best mortgage lenders, according to Consumers Advocate.
On July 7, 2020, it was announced that Quicken Loans had filed paperwork with the U.S. Securities and Exchange Commission to start the process of taking the company public under the name Rocket Companies.
For the year ended 2020, Quicken Loans originated over 1.1 million loans valued at $313 billion, these figures are almost twice that of the next largest lender in the U.S., United Wholesale Mortgage, which is also headquartered in Detroit.
On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.
In 2015, Quicken Loans created Rocket Mortgage, the first lender to perform electronic closings (eClosings) in all 50 states. Upon launch, TechCrunch claimed it was the mortgage industry's “iPhone moment” and compared the application process to TurboTax. Rocket owns three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties. In 2019, it filed another patent for data set selection using multi-source constraints. The most recent patent was filed in October 2020 regarding extracting data sets from external data stores.
In its first full year, Rocket funded $7 billion in closed loans. J.D. Power named Rocket Mortgage #1 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.
Rocket sponsors the Rocket Mortgage FieldHouse, an arena located in downtown Cleveland, Ohio. It is the home of the Cleveland Cavaliers of the National Basketball Association (NBA) and the Cleveland Monsters of the American Hockey League. The arena, formerly known as the Quicken Loans Arena, changed its name to the Rocket Mortgage FieldHouse after the completion of the arena's renovation and expansion in 2019.
- Rocket Mortgage FieldHouse – A multi-purpose arena in Downtown Cleveland, Ohio.
- Suburban Collection Showplace (previously known as the Rock Financial Showplace) – A convention center in Novi, Michigan
- "Our Companies".
- "Rocket Companies to Acquire Truebill, Adding Rapidly Expanding Financial Empowerment FinTech to the Rocket Platform".
- "Rocket Companies, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Rocket Companies, Inc. 2020 Schedule 14A". U.S. Securities and Exchange Commission.
- Pender, Kathleen (2018-02-01). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle.
- "A new foundation". The Economist. ISSN 0013-0613. Retrieved June 3, 2016.
- "Financial Services | Rock Ventures". www.rockventures.com. Retrieved August 19, 2016.
- "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.
- Segal, David (April 13, 2013). "A Missionary's Quest to Remake Motor City". New York Times. Retrieved 2016-01-26.
- Rock Financial Corporation (1998), Form S-1, U.S. Securities and Exchange Commission, p. 81, retrieved 2020-12-10
- "The 400 richest Americans". Forbes Magazine. August 24, 2007. Retrieved 2007-08-24.
- Duggan, Daniel (March 17, 2011). "Dan Gilbert: Quicken's triumph in overtime trial "a victory for right over wrong"". Crains Detroit Business.
- "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.
- Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
- Randolph, Ned (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters. Retrieved 2012-11-28.
- "Gilbert: Housing slump hits Quicken". The Detroit News. October 15, 2007. Retrieved October 15, 2007.
- "Quicken lays off 250 in Mich., Ariz., Ohio". The Detroit News. June 20, 2008. Retrieved 2008-07-01.
- Wayland, Michael (October 11, 2011). "Gilbert's glory: 1,500 Quicken Loans employees move to Detroit, help 'transform downtown'". mLive. Retrieved 2012-11-28.
- Morris, Bill (October 18, 2012). "Finally, a Downtown's Upswing". New York Times. Retrieved 2012-11-28.
- "Rock Ventures on the Forbes America's Largest Private Companies List". Retrieved 2016-08-03.
- King, R.J. (September 5, 2017). "Quicken Loans Family of Companies Surpasses 17K Employees in Detroit, More to Come". D Business. D Business. Retrieved 2017-09-21.
- "Quicken Loans becomes largest U.S. mortgage lender". Detroit News. Retrieved 2018-03-10.
- Reindl, J. C. "Dan Gilbert just dipped into the online dictionary, thesaurus business". Detroit Free Press. Retrieved 2019-08-06.
- "New Quicken Loans tech centre a Windsor beachhead, says Rock Ventures principal". Windsor Star. October 31, 2018.
- "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star. October 15, 2018.
- "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star. October 16, 2018.
- "2019 U.S. Primary Mortgage Origination Satisfaction Study".
- "Quicken Loans".
- "The Best Mortgage Rates of 2021 | ConsumersAdvocate.org". www.consumersadvocate.org. Retrieved 22 August 2021.
- "Quicken Loans files paperwork for IPO under name Rocket Companies".
- 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.
- Tompor, Susan (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". Detroit Free Press. Retrieved January 8, 2021.
- Grzelewski, Jordyn (July 7, 2020). "Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media. Retrieved January 8, 2021.
- "Quicken Loans Mortgage Originations". Retrieved December 2, 2021.
- "Quicken Loans will officially rebrand as Rocket Mortgage". Inman. Retrieved 22 August 2021.
- Swanson, Brena (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire. Retrieved January 8, 2021.
- "This Could Be The Mortgage Industry's iPhone Moment". Tech Crunch. November 24, 2015. Retrieved January 8, 2021.
- United States 10,158,650, "Token verification from incremental inputs", published December 18, 2018
- United States 10,198,400, "Data set selection using multi-source constraints", published February 5, 2019
- United States 10,795,966, "Extracting data sets from external data stores", published October 6, 2020
- Lane, Ben (March 7, 2017). "Here's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire. Retrieved January 8, 2021.
- "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.
- 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.
- "Rocket Mortgage Launches National Campaign To Address Urgent National Crisis Of Veteran Homelessness". joinbuiltforzero.org. November 28, 2019. Retrieved January 8, 2021.
- Johncox, Cassidy (May 20, 2020). "New initiative to provide 'digital access' to all Detroiters within next 5 year". WDIV TV. Retrieved January 8, 2021.
- "Changing the Course". PGA Tour. Retrieved January 8, 2021.
|Wikimedia Commons has media related to Rocket Mortgage.|