History of Rocket Mortgage in Timeline

Rocket Mortgage, formerly Quicken Loans, is a US-based mortgage lender headquartered in Detroit. Unlike traditional lenders relying on branch networks, Rocket Mortgage utilizes online applications and wholesale funding to streamline the mortgage process. This approach allows for a tech-driven, efficient experience for borrowers seeking home financing.

1985: Rock Financial Founded

In 1985, Rock Financial was founded as a mortgage broker by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.

1988: Rock Financial becomes a mortgage lender

In 1988, Rock Financial transitioned from being a mortgage broker to a mortgage lender.

May 1998: Rock Financial IPO

In May 1998, Rock Financial became a publicly traded company, launching its initial public offering (IPO).

1998: Rock Financial IPO

Rock Financial had its IPO in 1998.

October 1999: Intuit to acquire Rock Financial

In October 1999, Intuit agreed to acquire Rock Financial for $370 million, leading to a name change to Quicken Loans.

2002: Dan Gilbert Buys Back Company

In 2002, Dan Gilbert and private investors bought back the company.

2004: Class Action Lawsuit

In 2004, Quicken Loans became a defendant in a class action lawsuit filed on behalf of its loan consultants.

August 2007: Quicken Loans Discontinues Certain Loan Products

In August 2007, Quicken Loans discontinued offering second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans.

November 12, 2007: Headquarters Move Announced

On November 12, 2007, Quicken Loans announced it would move its headquarters to downtown Detroit as part of a development agreement with the city.

August 2010: Headquarters Move to Downtown Detroit

In August 2010, Quicken Loans completed its move to its new headquarters in downtown Detroit, bringing 1,700 employees to the city.

2011: Jury Rules in Favor of Quicken Loans

In 2011, a jury ruled in favor of Quicken Loans in the class action lawsuit brought by loan consultants.

2014: Largest Online Mortgage Lender

In 2014, Quicken Loans became the nation's largest online mortgage lender.

2015: Rocket Mortgage Launch

In 2015, the company developed "Rocket Mortgage", an online-only mortgage process.

January 2018: Largest Mortgage Lender

In January 2018, Quicken Loans became the nation's largest mortgage lender.

October 15, 2018: Expansion into Canada

On October 15, 2018, Quicken Loans announced its expansion into Canada with the opening of a tech center in downtown Windsor, Ontario.

2019: Electronic Closings in All 50 States

In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states, and doubled its mortgage originations that year.

August 6, 2020: Rocket Companies IPO

On August 6, 2020, Rocket Companies, Inc., the parent company of Quicken Loans, went public on the New York Stock Exchange (NYSE: RKT), raising $1.8 billion.