In 1998, Gilbert emailed his staff explaining that his eventual goal was to put the entire mortgage process online. But this “Mortgage in a Box” was just the first step toward a truly simplified mortgage process. Gilbert’s goal was to simplify the mortgage process for customers-before the internet was widely used, this meant mailing mortgage documents to customers so they could sign them at home. Rock Financial, a mortgage broker, was founded in 1985 by Dan Gilbert and became a mortgage lender in 1988. However, the history of the company can get a little confusing.
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.While both Rocket Mortgage and Quicken Loans are recognizable names in the mortgage industry, many people don’t realize that they are actually one and the same. 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. They are a frequent advertiser in the sports entertainment world, and regularly air television and radio commercials nationally. Consumer-level awareness of Rocket Mortgage has skyrocketed because of the company’s healthy advertising budget.
In 2020, Rocket originated $320 billion in mortgages – largely because of the refinance boom.
1 overall mortgage lender in the country since 2017. 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.
Under Gilbert’s leadership, Rocket Mortgage has been the preeminent first-mover in the online lending space. 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. Headquartered in Detroit, Michigan, Rocket Mortgage’s umbrella company, Rocket Companies, is publicly traded on the NYSE under the ticker RKT. 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. Rocket Mortgage is the nation’s largest mortgage lender by volume.
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