From our founding as Rock Financial in 1985, moving into some of the Midwest’s great cities, growing to become America’s largest mortgage lender, winning some of the lending industry’s most prestigious awards, and launching a powerful platform to simplify life’s complex moments: our story is only just beginning.
- June 1985 – Dan Gilbert founded Rock Financial, which would become known as Rocket Mortgage, in 1985. The company was initially founded as a mortgage broker.
- 1988 – Rock Financial took the steps to become a mortgage lender. Rocket Mortgage is now the largest mortgage lender in America.
- The company achieved $1 billion in annual closed loan volume for the first time.
In 2021, Rocket Mortgage closed $351 billion in mortgage volume.
- Mortgage in a Box, the precursor to today’s centralized online lending model, was released. This revolutionary mortgage application explained the process in an easy-to-understand way and after completing the form, clients would mail them back to Rock Financial – the same way that clicking the submit button on Rocket Mortgage sends the application to be reviewed today.
- Dan Gilbert wrote an email to the company committing all its resources to moving the mortgage process online. His vision was decades ahead of its time. Most of the internet companies of that era focused on problems like search, advertising or basic e-commerce. Dan saw things differently.
- Dan Gilbert took Rock Financial public, launching a successful IPO on the Nasdaq market under the symbol “RCCK.”
- As the branch-based lender’s first step online, the company launched RockLoans.com. This quickly positioned it as one of the fastest growing online retail mortgage lenders on the internet.
- Seeing the possibilities of this mortgage lender rooted in technology, Intuit Inc. (creators of market-leading software TurboTax and QuickBooks) purchased Rock Financial. The company was renamed Quicken Loans.
- The company introduced the first fully electronic mortgage application process, enabling consumers to review and sign documents online – marking the next major step in the company’s tech heritage.
- Placed on Fortune’s prestigious “100 Best Companies to Work For” list for the first time. As of April 2021, the company has ranked in the top one-third of the list for 18 consecutive years.
- Dan Gilbert led a small group of private investors in purchasing Quicken Loans Inc. back from Intuit. The company retained all Quicken Loans branding and marketing initiatives.
- What would later become the preeminent mortgage website, the company launched QuickenLoans.com for the first time. The newly redesigned site gave consumers more tools and greater functionality to explore their home loan options, calculate payments and apply for a mortgage online.
2008 & 2009
- The company was able to grow its market share significantly during the turmoil in the mortgage industry, due in large part to the company’s refusal to originate sub-prime mortgages in the time leading up ‘The Great Recession.’
- Rocket Pro TPO, founded as Quicken Loans Mortgage Services (QLMS), was created to serve the needs of mortgage brokers, community banks and credit unions. It is currently one of the largest lending partners to mortgage brokers, providing them technology to best serve their clients and the resources to grow their businesses.
- Quicken Loans moved its headquarters to downtown Detroit, kicking off more than a decade of investment in the city. Currently, Rocket Companies is the largest employer in the city of Detroit.
- Quicken Loans received its first J.D. Power award for client satisfaction in mortgage origination.
- That same month, the company closed its one millionth loan. As of the end of 2021, Rocket Mortgage had originated more than 6 million mortgages.
- Quicken Loans launched “My QL Mobile,” the first mobile app from a mortgage lender. The app provided real-time loan status updates, an interactive list of all the documents needed for the mortgage process and access to a home loan expert at the tap of a button. Currently, more than half of client use Rocket Mortgage on a mobile device. The Rocket Mortgage app has a rating of 4.9 out of 5 stars on the iOS app store.
End of 2012
- The company significantly entered the mortgage servicing business, announcing it had built an $80 billion – and growing – servicing portfolio as of the end of calendar year 2012. As of the end of 2021, Rocket Mortgage had a servicing portfolio of $552 billion and 2.6 million clients.
- The company drew international attention for its Billion Dollar Bracket challenge, in partnership with Berkshire Hathaway and Yahoo Sports. The promotion offered a $1 billion grand prize for a perfect men’s college basketball bracket, along with $2 million in prizes for 20 most accurate brackets and $1 million for funding of inner-city educational efforts.
- J.D. Power ranked the company highest in customer satisfaction among home loan servicers. Quicken Loans received the honor in the first year it was eligible and has received the accolade every year since. To date the company has earned 19 total J. D. Power awards – 11 for mortgage origination (2010-2020), eight for mortgage servicing (2014-2021) – more than any other mortgage lender in the history of the study.
- The company partnered with the Detroit Land Bank on “Rehabbed and Ready” public-private campaign to renovate homes, increase occupancy and bring pricing stability to Detroit’s neighborhoods. To date, nearly 100 homes have been renovated through the program. This program has helped stabilize property values in disadvantaged neighborhoods, allowing residents to access the equity in their home as well as setting new comps that allow prospective homebuyers to obtain mortgages.
- Quicken Loans introduced Rocket Mortgage, the first end-to-end completely online mortgage experience. Rocket Mortgage users can go from application to approval and lock their rate online, without having to talk to a banker.
- The company debuted its first Super Bowl commercial, which introduced Rocket Mortgage to the world. The company has had six commercials in five years. Most recently, in 2021 and 2022, the company won back-to-back number one rankings on USA Today’s Ad Meter.
- Quicken Loans partnered with the United Community Housing Coalition (UCHC) and eight community development organizations to launch an extensive education effort addressing the pervasive issue of tax foreclosure in Detroit. This door-to-door outreach attempted to reach all 60,000 residential properties behind on property taxes and connect residents at risk of tax foreclosure to resources.
- Quicken Loans introduced a new skill for the Amazon Alexa, allowing clients to make their mortgage payment with just the sound of their voice.
- The company became the nation’s largest mortgage lender in the 4th quarter of 2017 – a title it still holds.
- Quicken Loans and the Rock Family of Companies announced a new technology office in Windsor, Ontario. Today, the office – called Rocket Innovation Studio – enables Rocket Companies to recruit top talent from Windsor, Toronto, Waterloo and across Ontario to support the growing need for additional technology talent.
- Rocket Mortgage hosted the inaugural Rocket Mortgage Classic, the first-ever PGA Tour event held in Detroit and the most awarded PGA TOUR event of the season. In 2020, the tournament introduced the Changing the Course initiative to bridge the digital divide in the city and bring access to the internet and devices to all Detroiters. In the fall of 2021, the Rocket Mortgage Classic was extended through 2027.
- Rocket Mortgage became the Official Mortgage Sponsor of the NFL. As part of the sponsorship, the company introduced the Rocket Mortgage Super Bowl Squares Sweepstakes – the largest official game of Super Bowl squares in history. As of February 2022, 43 Americans have won a combined $4.9 million in the three years since the sweepstakes’ launch.
- Rocket Companies, parent to Rocket Mortgage and other FinTech brands, celebrated its debut on the New York Stock Exchange as a publicly traded entity. Rocket Companies stock began trading under the ticker symbol RKT.
- Rocket Mortgage announced its integration with the Mint app by Intuit, creating a fast, simplified home loan experience. This was the first time the Rocket Mortgage experience was directly integrated into a personal finance platform.
- The company launched Rocket Pro Insight, a technology platform that provides real estate agents real-time updates on the status of their clients’ mortgages. As of December 31, 2021, approximately 80,000 real estate agents signed up for the innovative tool.
- Quicken Loans officially changed its name to Rocket Mortgage as a nod to what the company does best – take a complicated process and make it simpler and faster using technology.
- Rocket Mortgage introduced the Detroit Home Loan+ program which offers $2,500 closing cost credit for those buying a primary residence in Detroit. The program also offers financial guidance and homeownership education to residents who are looking for additional assistance.