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Quicken Loans history
Quicken Loans company history timeline
Founded by Dan Gilbert in 1985, Rocket Mortgage, known then as Rock Financial, was a brick-and-mortar mortgage company.
In July 1987 the name was changed to Rock Financial Corp.
As RFC grew so did the head count, hitting 50 employees in August 1991 as the “refi” boom began.
Gilbert first took the company public in 1998 when it was named Rock Financial and sold it a year later to financial software giant Intuit for $370 million.
Intuit owned a separate entity, called QuickenMortgage, when it purchased Rock Financial in 1999, which it combined with Rock Financial’s mortgage business to form Quicken Loans.
In 2002, Gilbert bought it back from Intuit for $64 million and renamed it Quicken Loans.
Bill is a Rock Holdings veteran having started at Quicken Loans in 2003.
Julie Booth, the company’s chief financial officer and treasurer, has been in this role at Quicken Loans since 2005.
The 2008 financial crisis and collapse of the housing market led many traditional banks to exit the mortgage lending business, giving nonbank lenders like Quicken an opportunity to pick up the slack.
The Trump administration has prioritized the reform and recapitalization of Fannie Mae and Freddie Mac, which have remained in conservatorship since the 2008 financial crisis.
Since 2009, Quicken has leased office space in the Compuware building facing Campus Martius Park in Detroit.
The company closed a record $70 billion of volume across all 50 states in 2012.Rock Holdings, which is led by billionaire founder and chairman Dan Gilbert, owns Quicken Loans.”
In 2014, Quicken Loans has grown to be the 2nd largest mortgage lender in the USA, and remains the nation’s largest online mortgage lender.
Jay Farner, who has served as CEO of Quicken Loans since 2017, will be the company’s CEO. Farner has been with Quicken for over two decades, and previously served as the lender’s president and chief marketing officer.
DETROIT, July 16, 2019 /PRNewswire/ -- Detroit-based Quicken Loans, America's largest mortgage lender, today announced that the second quarter of 2019 was the best in the 34-year-old company's history.
Of the $39 billion in total originations in 2019, only 27% was for consumers buying a home.
On August 6, 2020, Rocket Companies, Inc. went public under the symbol RKT.
The company’s net income in the first quarter of 2020 was $97.7 million, after a net loss of $299 million a year ago.
On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.
©2022 Rocket Companies, Inc.
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Quicken Loans competitors
Company Name  | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| Total Mortgage Services | 1997 | $5.0M | 420 | 5 |
| Network Capital | 2002 | $49.6M | 200 | - |
| loanDepot | 2010 | $200.2M | 11,307 | 112 |
| First Residential Mortgage Network, Inc. | - | $57.5M | 150 | - |
| US Mortgage | 1994 | $21.4M | 360 | 51 |
| Residential Finance | 1997 | $77.0M | 300 | - |
| Wyndham Capital Mortgage | 2001 | $44.4M | 650 | 396 |
| American Equity Mortgage | 1992 | $720,000 | 50 | - |
| American Mortgage | 1975 | $21.0M | 48 | - |
| First Mortgage | 1953 | $48.0M | 175 | - |
Quicken Loans history FAQs
Zippia gives an in-depth look into the details of Quicken Loans, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Quicken Loans. The employee data is based on information from people who have self-reported their past or current employments at Quicken Loans. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Quicken Loans. The data presented on this page does not represent the view of Quicken Loans and its employees or that of Zippia.
Quicken Loans may also be known as or be related to Quicken Loans, Quicken Loans Inc, Quicken Loans Inc., Quicken Loans, Inc. and Quicken Loans, LLC.