Rocket Mortgage
Rocket Mortgage is the nation’s largest mortgage lender by volume. 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. Headquartered in Detroit, Michigan, Rocket Mortgage’s umbrella company, Rocket Companies, is publicly traded on the NYSE under the ticker RKT.
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. Under Gilbert’s leadership, Rocket Mortgage has been the preeminent first-mover in the online lending space. 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.
Rocket Mortgage has been the No. 1 overall mortgage lender in the country since 2017. In 2020, Rocket originated $320 billion in mortgages – largely because of the refinance boom. Consumer-level awareness of Rocket Mortgage has skyrocketed because of the company’s healthy advertising budget. They are a frequent advertiser in the sports entertainment world, and regularly air television and radio commercials nationally.
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. 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.
Latest Posts
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
Sep 13, 2024Rocket Pro TPO, the wholesale arm of Rocket Mortgage, upped its agency conforming loan limits to $802,650 in 48 states, ahead of an announcement by the Federal Housing Finance Agency (FHFA) that is expected in November. For Alaska and Hawaii, the ceiling on loans originated by Rocket Pro TPO and purchased by Fannie Mae and Freddie Mac rose to $1,204,000. Rocket Pro […]
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How Rocket Pro TPO plans to court more brokers in 2024
Jan 09, 2024 -
Rocket Pro TPO announces updates to existing mortgage products
Jan 05, 2024 -
Rocket Companies hires former Airbnb, Coca-Cola executive as its first-ever CMO
Jan 04, 2024 -
Rocket’s Varun Krishna appointed to newly created board position
Dec 29, 2023 -
Rocket Homes brings house hunting to your car via Apple CarPlay
Dec 13, 2023 -
Rocket Pro TPO announces a 25 bps credit on non-owner-occupied agency loans
Nov 21, 2023 -
Rocket Mortgage faces class-action lawsuit for unsolicited telemarketing calls
Nov 15, 2023 -
With new CEO, Rocket increases margins, remains profitable in Q3
Nov 02, 2023 -
Regulation hasn’t caught up to generative AI
Oct 16, 2023 -
Rocket Pro TPO raises conforming loan limits to $750,000 ahead of FHFA decision
Oct 02, 2023 -
The next refi boom’s double-edged sword: EPOs
Sep 12, 2023