Rocket Mortgage

History

Early history: 1985–1998

Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. The company became a mortgage lender in 1988, and in May 1998 became publicly traded, launching an Initial public offering (IPO).

In the late 1990s, the company shifted 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.

Quicken Loans

1999–2013

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. The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.

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.

In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans.

On November 12, 2007, it moved its headquarters to downtown Detroit under a development agreement with the city. Quicken Loans moved into its downtown Detroit headquarters in August 2010. The initial move brought 1,700 employees to the city.

2014–2020

In 2014, Quicken Loans was the nation's largest online mortgage lender. In January 2018, they became the nation's largest mortgage lender.

On October 15, 2018, Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.

On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT, raising $1.8 billion. 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.

Rocket Mortgage

2015–2021

In 2015, the company developed an online only mortgage process called "Rocket Mortgage." In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.

In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states. That year the company doubled its mortgage originations.

2021–present

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.

On May 12, 2021, Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.

In 2025, Rocket Mortgage introduced the RocketRentRewards program, that offers up to $5,000 to help renters become homeowners.

References

References

1. Nunes, Flávia Furlan. (1 October 2025). "Jay Bray now CEO of Rocket Mortgage as Rocket closes $14.2B Mr. Cooper acquisition". Housing Wire.
2. Jensen, Katie. (4 January 2023). "Exclusive: Rocket Promotes Fawaz & Niemiec". National Mortgage Professional.
3. Reindl, JC. (February 28, 2024). "Dan Gilbert's businesses shed thousands more jobs".
4. "Rocket Companies, Inc. 2020 Form 10-K Annual Report". [[U.S. Securities and Exchange Commission]].
5. "Rocket Companies, Inc. 2020 Schedule 14A". [[U.S. Securities and Exchange Commission]].
6. "Our Companies".
7. "Rocket Companies to Acquire Truebill, Adding Rapidly Expanding Financial Empowerment FinTech to the Rocket Platform".
8. "Our Leadership". Rocket Companies.
9. "A new foundation". The Economist.
10. Finkel, Adam. (2020-09-24). "Butzel Award Winner Dan Gilbert Reflects on Family, Faith and Philanthropy".
11. (April 13, 2013). "A Missionary's Quest to Remake Motor City". New York Times.
12. Rock Financial Corporation. (1998). "Form S-1". U.S. Securities and Exchange Commission.
13. (May 26, 2016). "A New Foundation".
14. Swisher, Kara. "Intuit to Acquire Rock Financial". WSJ.
15. Noble, Breana. "Quicken Loans to change name to Rocket Mortgage".
16. Duggan, Daniel. (March 17, 2011). "Dan Gilbert: Quicken's triumph in overtime trial "a victory for right over wrong"". Crains Detroit Business.
17. (August 16, 2007). "Gilbert: Mortgage squeeze could be blessing for Quicken". The Detroit Free Press.
18. Howes, Daniel (November 12, 2007).[http://www.detnews.com/apps/pbcs.dll/article?AID=/20071112/OPINION03/711120450&imw=Y Quicken moving to downtown Detroit].''The Detroit News''. Retrieved on November 12, 2007.
19. Randolph, Ned. (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters.
20. Morris, Bill. (October 18, 2012). "Finally, a Downtown's Upswing". New York Times.
21. "Quicken Loans becomes largest U.S. mortgage lender". Detroit News.
22. (October 31, 2018). "New Quicken Loans tech centre a Windsor beachhead, says Rock Ventures principal". Windsor Star.
23. (October 15, 2018). "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star.
24. (October 16, 2018). "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star.
25. Noble, Breana. (2020-08-05). "Rocket Companies IPO offers 100 million shares at $18 each – far below target". The Detroit News.
26. Tompor, Susan. (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". [[Detroit Free Press]].
27. Grzelewski, Jordyn. (July 7, 2020). "Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media.
28. (July 7, 2020). "Quicken Loan Files IPO paperwork, will be called Rocket Companies".
29. Swanson, Brena. (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire.
30. Lane, Ben. (March 7, 2017). "Here's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire.
31. Turner, Grace. "Quicken Loans in Detroit First to Offer Electronic Martgage Closings in all 50 States".
32. Marous, Jim. "Rocket to Offer Financial Institutions Mortgage-as-a-Service".
33. Reindl, J. C.. "UWM CEO issues ultimatum, escalates war against Rocket Companies".
34. Reindl, J. C.. "United Wholesale Mortgage reports loss, but keeps No. 1 title".
35. "Quicken Loans will officially rebrand as Rocket Mortgage".
36. Grace, Molly. (Feb 19, 2025). "Rocket Mortgage, the Largest Lender in the U.S., is Launching a New Program to help Renters Afford to Buy a Home".
37. Fedor, Chris. (April 9, 2019). "Quicken Loans Arena officially renamed Rocket Mortgage Fieldhouse: 'Next chapter in evolution of incredible facility". [[Cleveland Plain Dealer]].