Rocket Mortgage
Rocket Mortgage is the nation’s largest mortgage lender by volume. Formerly known as Quicken Loans before it was rebranded in 2021, Rocket primarily operates in the retail space, but also has a rapidly increasing share in the wholesale channel, under the name of Rocket Pro TPO, in addition to having a presence in the correspondent channel. Headquartered in Detroit, Michigan, Rocket Mortgage’s umbrella company, Rocket Companies, is publicly traded on the NYSE under the ticker RKT.
Rocket Mortgage Founder and Chairman Dan Gilbert has been one of the most well-known leaders and masterminds in mortgage since he founded the company in 1985. Under Gilbert’s leadership, Rocket Mortgage has been the preeminent first-mover in the online lending space. In 2011, Rocket (then Quicken Loans) became the first mortgage lender that allowed consumers to get a mortgage through a mobile app, called Rocket Mortgage.
Rocket Mortgage has been the No. 1 overall mortgage lender in the country since 2017. In 2020, Rocket originated $320 billion in mortgages – largely because of the refinance boom. Consumer-level awareness of Rocket Mortgage has skyrocketed because of the company’s healthy advertising budget. They are a frequent advertiser in the sports entertainment world, and regularly air television and radio commercials nationally.
Rocket Mortgage has benefited greatly over the years from its strategic partnerships with other companies in the financial services and fintech categories, such as State Farm, Morgan Stanley, E-Trade, and Truebill, among others. These partnerships give Rocket easy access to millions of consumers who, when it comes time to purchase or refinance a home, can easily utilize Rocket’s technology.
Latest Posts
Rocket sues HUD, saying it isn’t accountable for appraiser’s actions
Dec 05, 2024Rocket claims HUD has placed it in “conflicting and irreconcilable positions” regarding mandates on appraiser oversight and independence.
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How Rocket Mortgage plans to win in 2025
Nov 15, 2024 -
Rocket spends $14M to secure Rocket.com domain name
Nov 13, 2024 -
Rocket’s origination volume jumps 28% in Q3
Nov 12, 2024 -
In a sluggish market, Rocket Mortgage courts brokers with pricing incentive
Nov 04, 2024 -
DOJ sues Rocket, appraisal companies over alleged discrimination
Oct 21, 2024 -
Rocket hires Venmo CTO Papanii Okai to lead product engineering efforts
Oct 07, 2024 -
Rocket closes subservicing deal with REIT Annaly
Oct 01, 2024 -
The mortgage industry is hiring again – but on different terms
Sep 25, 2024 -
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
Sep 13, 2024 -
Rocket Mortgage plans to double its purchase market share by 2027
Sep 10, 2024 -
Dan Sogorka joins Rocket Pro TPO as general manager
Sep 03, 2024