Quicken Loans is the largest mortgage lender in the United States; as of July 2021, changing its name to Rocket Mortgage. This whole big empire was founded by Dan Gilbert more than 20 years ago.
He is known as one of the greats in the industry because he was the first to clarify the importance of technology for mortgage lending processes. Its growth has been astounding; today, it is a leader in the mortgage industry.
Quicken loans founded
Quicken Loans, now Rocket Mortgage, was founded in 1985 by Dan Gilbert, Lindsay Gross, Ron Berman, and Gary Gilbert. The company’s direction began to change in the late 1990s from a conventional mortgage provider to an Internet-focused lender.
The home mortgage business in the U.S. was always fragmented due to changing regulations in different states until Gilbert came along and changed this style to offer online loan applications.
Each application is reviewed by experts who are very knowledgeable about the regulations in each region, but all are located at the headquarters. By 1999, a year and a half after the initial offering was published, Intuit Inc. bought Rock Financial Corp. for $532 million.
From then on, the company was called Quicken Loans, but in 2002 Dan Gilbert directed a small group of private investors to purchase the Quicken Loans subsidiary for $64 million.
Creation of Rocket Mortgage
By 2015 Rocket Mortgage was created, becoming the first lender to do electronic closings in all 50 states in the country. From its first year, it managed to fund $7 billion in closed loans, which led to the naming of #1 in the nation in satisfying customers’ mortgage needs.
How did Quicken Loans become #1?
Quicken Loans recently surpassed Wells Fargo to become the nation’s first direct-to-consumer mortgage lender. For the first time, a Detroit-based company enjoys this title.
However, Gilbert said they still have a long way to go because at least one in 10 people who decide to take out a mortgage loan every day don’t think of Quicken Loans to do it.
The above has been their thinking from the beginning, which is why they are number one in the mortgage industry today. The company has a big job to do, and many customers are waiting to get the best options in the market to enjoy their mortgage loans.
Quicken Loans not only has a great commitment to its customers, but it also has a great responsibility to its employees, who, as of today, are almost 13,000 people working for their company.
If the company were to fail or go under at some point, it would leave many families without the monthly income needed to support themselves.