It won’t be long before Quicken Loans gets a new name.
On July 31, the country’s largest mortgage lender is officially renamed Rocket Mortgage. The name change will align the lender with the other subsidiaries of Rocket Companies.
their holding company, which went public last year.
“With this official name change, we will have a unified brand that is synonymous with innovation and excellence,” said Jay Farner, CEO of Rocket Mortgage and Rocket Cos. The company also owns auto loan company Rocket Auto and personal loan company Rocket Loans. among other subsidiaries.
Quicken Loans first introduced the Rocket Mortgage brand back in 2015 as the name for their new digital lending process. In advertisements that aired during the 2016 Super Bowl, the company boasted of how mortgage borrowers can go through the entire loan disbursement process from application to closure without talking to people if they so choose.
Before Rocket Cos. Went public, the company noted in the documentation with the Securities and Exchange Commission that it does not own the rights to the Quicken Loans trademark, but licenses the name and trademark from Intuit.
When Intuit acquired Rock Financial, founded by Dan Gilbert, it merged Rock’s existing mortgage business with its own QuickenMortgage division. When Gilbert bought Rock Financial from Intuit years later, he got the mortgage business, but Intuit kept the name.
In an SEC filing, the company said it had entered into an agreement to take full ownership of the brand in 2022. A Rocket Companies spokesman said the ownership of the Quicken Loans name did not influence the decision to switch to Rocket Mortgage. as a brand.
This change will not have a significant impact on new and existing customers. The company’s documentation and communications with borrowers will continue to use the new name, but QuickenLoans.com will remain operational after the name change and refer clients to Rocket Mortgage. The company is also exploring other ways to use the Quicken Loans website in the future, according to a company spokesperson.
Since the beginning of the year, Rocket Cos. Down nearly 17% while the S&P 500
and Dow Jones Industrial Average
both were up about 45%.