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Quicken Loans LLC. is a mortgage lending company headquartered in the One Campus Martius building in the heart of the financial district of Downtown Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. (it is also the largest online retail mortgage lender). Unlike other large mortgage lenders that depend on deposits, Quicken Loans relies on wholesale funding to make its loans and uses online applications rather than a branch system.Amrock and One Reverse Mortgage are also part of the Quicken Loans Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
In June 2002, two and a half years after selling the company, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M.
The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.
On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices. The construction sites reserved for development by the agreement included the location of the former Statler Hotel on Grand Circus Park and the former Hudson's location. Quicken Loans moved into its downtown headquarters in August 2010. The initial move brought 1,700 employees to the city.
In 2004, Quicken Loans became a defendant in a class action lawsuit. This was filed against the company on behalf of employees who had worked as loan consultants for any Quicken office within the past three years. The claimants alleged that Quicken violated the Fair Labor Standards Act (FLSA) by failing to pay the plaintiffs overtime for working beyond a 40-hour work week. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. On March 17, 2011, a federal jury found in favor of Quicken Loans, ending the seven-year-old lawsuit. The decision means that Quicken Loans is not obligated to pay overtime payments to the plaintiffs.
In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and remains the nation's largest online mortgage lender. The company employs 24,000 people nationwide, with approximately 17,000 now working in the city of Detroit, making it Detroit's largest employer, minority employer, and taxpayer.
In January 2018, Quicken Loans became the nation's largest mortgage lender.
In August 2018, Quicken Loans parent Rock Holding acquired Dictionary.com and Thesaurus.com from IAC.
On October 15, Quicken Loans announced that it was expanding into Canada by opening a tech center across the river in downtown Windsor, Ontario.
Quicken Loans has consistently been awarded the highest customer satisfaction rating among primary mortgage originators the U.S. for 10 straight years, as well as being one of top 20 companies to work for and a top pick for overall best mortgage lenders, according to Consumers Advocate.
On August 6, 2020, Rocket Companies, Inc. went public under the symbol RKT, raising $1.8 billion on its first trading day.
In 2015, Quicken Loans created Rocket Mortgage, the first lender to perform electronic closings (eClosings) in all 50 states. Upon launch, TechCrunch claimed it was the mortgage industry's "iPhone moment" and compared the application process to TurboTax. Rocket owns three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties. In 2019, it filed another patent for data set selection using multi-source constraints. The most recent patent was filed in October 2020 regarding extracting data sets from external data stores.
In its first full year, Rocket funded $7 billion in closed loans. J.D. Power named Rocket Mortgage #1 in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.
Rocket sponsors the Rocket Mortgage FieldHouse is an arena located in downtown Cleveland, Ohio. It is the home of the Cleveland Cavaliers of the National Basketball Association (NBA) and the Cleveland Monsters of the American Hockey League. The arena, formerly known as the Quicken Loans Arena, changed its name to the Rocket Mortgage FieldHouse after the completion of the arena's renovation and expansion in 2019.
Rocket Mortgage has launched several initiatives that support its home communities of Detroit, Cleveland, Charlotte, and Phoenix, including veteran homelessness and digital literacy.