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.
Rocket Pro TPO announced on Monday the promotion for agency mortgages on non-owner-occupied homes, lauding it as a “huge win.”