Dan Gilbert founded Rock Financial in 1985, which would become known as Rocket Mortgage
$1 billion in annual closed loan volume for the first time. In 2020, Rocket Mortgage closed $320 billion in mortgage volume.
Pioneered Mortgage in a Box, the precursor to today’s dominance online through a centralized model.
Rock Financial became affiliated with title insurance company, Title Source Inc. (now known as Amrock), to help support its residential lending business.
Dan Gilbert took Rock Financial public, launching a successful IPO underwritten by Bear Stearns, Inc. and Prudential Securities.
Initially a branch-based lender, the company launched Rockloans.com in January 1999, which quickly positioned it as one of the fastest growing online direct mortgage lenders on the Internet.
Intuit Inc. (makers 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 – allowing consumers to electronically review and sign documents.
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 the Quicken Loans Inc. subsidiary back from Intuit. The company retained all Quicken Loans branding and marketing initiatives.
The company launched QuickenLoans.com for the first time. The newly redesigned site gave consumers more tools and greater functionality to explore their mortgage options, apply for a loan online and calculate payments.
2008 & 2009
During the turmoil in the mortgage industry in 2008 and 2009, Quicken Loans was able to grow its market share significantly, due in large part to the company’s past refusal to originate sub-prime mortgages.
Rocket Pro TPO, founded as Quicken Loans Mortgage Services (QLMS), was created to serve the needs of mortgage brokers, community banks and credit unions.
Quicken Loans moved its headquarters to downtown Detroit.
Quicken Loans closed it’s 1 millionth loan. As of August 2020, the company has closed 5 million mortgages.
Quicken Loans received its first J.D. Power award for client satisfaction in mortgage origination. To date, the company has earned 19 total J.D. Power awards – eleven for mortgage origination (2010-2020), eight for mortgage servicing (2014-2021) – the most of any mortgage lender in the history of the report.
Quicken Loans became the first mortgage lender to offer a mobile app.
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.
Quicken Loans announced it purchased $34 billion in mortgage servicing rights from Ally Bank.
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) – the most of any mortgage lender in the history of the study.
Quicken Loans opened the doors of its state-of-the-art technology center in Detroit’s Corktown neighborhood, the company’s first ground-up development.
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, 60 homes have been renovated through the program.
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 anyone.
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 residential mortgage lender in the 4th quarter of 2017 – surpassing close to 30,000 lending institutions (commercial banks, savings and loans, credit unions, mortgage bankers, mortgage brokers) across the country.
Quicken Loans and the Rock Family of companies announced a new technology office in Windsor, Ontario. The expansion has allowed the Family of Companies to recruit top talent from Windsor, Toronto, Waterloo and all of 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.
The company became the first mortgage lender with the ability to perform eClosings in all 50 states. It also became the first mortgage lender to complete the mortgage process in Michigan using Remote Online Notarization (RON).
Rocket Companies, parent to Rocket Mortgage and other FinTech brands, celebrated its debut on the New York Stock Exchange as a publicly traded company. 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.
The company launched Rocket Pro Insight, a technology platform that provides real estate agents real-time updates on the status of their clients’ mortgages.
Quicken Loans officially changed its name to Rocket Mortgage since Rocket Mortgage defines what it does best – take a complicated process and make it simpler using technology.
Rocket Mortgage introduces the Detroit Home Loan+ program which offers $2,500 closing cost credit for those buying a primary residence in Detroit, along with financial guidance and homeownership education to residents who are looking for additional assistance.