Rocket Mortgage, originally founded as Rock Financial in 1985 by Dan Gilbert, has evolved into one of America’s largest mortgage lenders. With its inception as a mortgage broker, the company transitioned into a mortgage lender in 1988. Rocket Mortgage was formerly known as Quicken Loans until it rebranded in 2021.
Rocket Mortgage specializes in mortgage and real estate and is known offers a digital platform that allows customers to apply for and manage their mortgage applications online. Rocket is known for its focus on technology, aiming to simplify and expedite the mortgage process.
Rocket Mortgage offers a suite of conventional, jumbo and government-backed products, including FHA loans and VA loans.
Rocket Mortgage History
During the early years, Rocket Mortgage, then known as Rock Financial, made notable advancements. By 1993, it achieved a milestone of $1 billion in annual closed loan volume. In 1996, it introduced Mortgage in a Box, an early form of online mortgage processing. This innovation was a precursor to the company’s shift towards online mortgage services. By the late 1990s, the company, then acquired by Intuit Inc. and renamed Quicken Loans, fully embraced the internet era, launching online mortgage applications and functionalities.
The 2000s saw Rocket Mortgage (still known as Quicken Loans) expanding its online presence and services. In the late 2000s, during a tumultuous period in the mortgage industry, the company reportedly increased its market share, attributing its growth to the refusal to originate sub-prime mortgages.
The next decade marked further technological innovations and client service improvements. In 2011, the company released the first mortgage lender mobile app, “My QL Mobile,” enhancing the mortgage process’s accessibility and efficiency. The company also made significant strides in the mortgage servicing sector, expanding its portfolio substantially by the end of 2012.
In recent years, Rocket Mortgage has continued to diversify and innovate within the mortgage industry. The company became the nation’s largest mortgage lender in 2017 and expanded its reach through acquisitions and partnerships. The launch of the Rocket Rewards loyalty program in 2022 and the introduction of financial products like the Rocket Visa Signature Card in 2023 are recent examples of its ongoing evolution.
Rocket Mortgage Contact
Rocket Mortgage is located at 1050 Woodward Ave., Detroit, MI 48226. For customer service inqueries, you can contact Rocket Mortgage at (800) 603-1955 or via their website.