Quicken Loans announces that it is changing its name to Rocket Mortgage

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DETROIT, May 12, 2021 / PRNewswire / – Quicken Loans, America’s Largest Mortgage Lender and Part Rocket companies (NYSE: RKT), it was announced today that it will officially change its name to Rocket mortgage on the 31 july… The change will lead to alignment with the overall Rocket brand and also make it clear to homebuyers that technology, the Rocket Companies core principle, is being implemented throughout the home buying lifecycle, from finding a home to closing mortgages.

“More than 20 years ago Dan Gilbert, our founder and chairman, wanted to bring the entire mortgage lending process online to simplify the lending process and increase transparency. Since then, we’ve developed patented technology to improve every part of the process, but we’ve officially revolutionized the mortgage industry with the launch of Rocket Mortgage in 2015, ”he said. Jay Farner, CEO of Rocket Mortgage. “Rocket Mortgage has become an industry leader and benchmark for all other lenders. With this official name change, we will have a unified brand that is synonymous with innovation and excellence. ”

The company has a long history of development along with technological advances. Rocket Mortgage was founded Dan Gilbert in 1985 as Rock Financial, a regional subway mortgage broker. Detroit… Dan has always had a goal of making mortgages easier for his clients. An early innovation came in 1996 when the company attempted to send all mortgage documents directly to clients through the then leading Mortgage in a Box so that clients could fill out an application from the comfort of their home. After this rethinking of the mortgage application, two years later, there was a real transformation.

In 1998 g. Dan Gilbert sent out the now famous corporate email urging team members to use the internet as a way to disrupt the mortgage lending process by posting the entire mortgage lending experience online. The following year, Rock Financial launched Rockloans.com, a website for direct communication with its clients, making it one of the first mortgage companies to do so.

Over the next several years, the company closed all of its regular branches and fully adopted a centralized Internet-only lender model. Its technical capabilities also expanded rapidly during this time. Quicken Loans enabled customers to electronically sign mortgage documents in 2002, became the largest retail mortgage lender on the Internet in 2004, and launched the first mobile application from a home lender in 2011.

In late 2015, Quicken Loans launched a fully digital online mortgage system – Rocket Mortgage. This was the first time a consumer could go from an application to a shutdown on their own without talking to a human. Rocket mortgages were introduced to the world in a 2016 Super Bowl ad that generated a lot of buzz regarding the new home lending experience. In the months and years that followed, other home lenders caught up by adding some online features and digital processes that tried to mirror the trailblazer.

Thanks to the incredibly popular home lending process, Rocket Mortgage Quicken Loans became the largest lender in the country, closing more loans than any other retail mortgage lender in Q4 2017. This company name still belongs and the gap between it and the second largest lender has widened significantly since then.

Through consistent brand marketing and sponsorship of sports such as the popular Rocket Mortgage Super Bowl Squares, PGA TOUR’s Rocket Mortgage Classic and others, the public is getting to know the brand with incredible speed. In fact, Rocket Mortgage has extremely high affinity rates that outshine Quicken Loans.

The name change is important to the company, but customers won’t see any difference in the digital experience they love. Those who are in the process of the mortgage at the time of the change will not be harmed. The only difference that current clients will face is that documents, letters and other messages that were previously called “Quicken Loans” will instead come from “Rocket Mortgage”.

Several subsidiaries of Rocket Mortgage have already adopted the Rocket name, including Rocket Homes, Rocket Auto and Rocket Loans. These businesses, which are also part of the Rocket Companies platform, take a digital approach to real estate, car sales and personal loans, respectively.

Quicken Loans has a Doing Business As (DBA) legal entity and consumers can see the company is referred to by any name, resulting in the change 31 julyQuickenLoans.com will remain in working order after the official name change. In its current state, it will guide clients to apply for a home loan with Rocket Mortgage. The site, one of the most visited in personal finance, will then move on to other important missions for rocket companies.

About rocket mortgage
DetroitRocket Mortgage, the nation’s largest mortgage lender, is fulfilling the American dream of home ownership and financial freedom through its obsession with the industry’s best digital customer experience. Rocket mortgage closed $ 320 billion mortgage volume in all 50 states in 2020. At the end of 2015, the company introduced the first fully digital online mortgage system. Currently, 99% of all home loans issued by the company use Rocket Mortgage technology.

Rocket Mortgage Moves Headquarters Downtown Detroit in 2010 year. Today, Rocket Mortgage and Rocket Companies employ 24,000 full-time employees nationwide. The company generates loan products from web centers located in St. Detroit, Cleveland as well as Phoenix and operates a centralized loan processing facility in Detroit… JD Power has ranked the nation in terms of customer satisfaction with an initial mortgage loan for the past 11 consecutive years, from 2010 to 2020, and in customer satisfaction among all mortgage companies for the past seven consecutive years, 2014. 2020.

Rocket Companies, the parent company of Rocket Mortgage, was ranked 5th on the Fortune 100 Best Companies to Work for in 2021 and ranked third on the list for 18 consecutive years.

For more information and company news visit QuickenLoans.com/PressRoom

SOURCE Rocket Mortgage

Related links

https://www.rocketmortgage.com

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