The US-based mortgage lending giant Quicken Loans will officially get rebranded after five years of launching on July 31st. Quicken's new name will be "Rocket Mortgage" as it is a subsidiary of Rocket Companies.
This transition will bring the entire "Rocket" brand into line. It will also make it clear to mortgage holders that technology, a central tenet of Rocket Companies, is introduced across the complete home buying lifecycle – from property hunt to loan closure.
As per Rocket Mortgage's CEO, Jay Farner, the firm has established itself as the market pioneer and the gold standard for all other lenders. They will have a brand image aligned with creativity and success due to this official title change.
The business has deep roots in adapting to technological advances. In 1985, Dan Gilbert formed Rocket Mortgage as Rock Financial, a territorial branch-based real estate broker in the metro Detroit area. Dan's mission has always been to make mortgages simpler for his clients. The firm started mailing all of the loan documents directly to customers with the then-advanced "Mortgage in a Box," enabling them to complete the request from the comforts of home in 1996. A real change came 2 years after the reinvention of the mortgage application.
Dan Gilbert sent an email in 1998, challenging employees to accept the internet as a means of reforming the mortgage process by bringing the whole home loan online experience. The following year, Rock Financial founded Rockloans.com, among the first lending firms to do so. The business shuttered all of its physical locations during the following years, favoring a centralized online-only lending model. Throughout this time, its technological capabilities grew rapidly.
In 2002, Quicken Loans pioneered the opportunity for customers to e-sign loan documents. It became the first digital retail credit union after two years, and in 2011, it released the first smartphone app from a loan company. Quicken Loans released Rocket Mortgage, a fully interactive, entirely mortgage loan service, in late 2015. This would be the first time a customer could go from request to closure without talking with a live person. The firm introduced Rocket Mortgage to the world in a Super Bowl commercial in 2016, which created a lot of buzz about the latest home loan experience.
Other house lenders caught up in years that followed, incorporating some online features and automated processes and trying to keep up with the trendsetter. Quicken Loans surpassed all other retail mortgage lenders in the fourth quarter of 2017, owing to the immensely successful Rocket Mortgage home loan operation. The business still retains this title, and the distance between it and the second-largest creditor has grown significantly since then.
The market has become aware of the brand at lightning speed due to continuous brand promotion and sports sponsorships. Some of these are PGA TOUR's Rocket Mortgage Classic and Rocket Mortgage Super Bowl Squares. In addition, Rocket Mortgage has significantly higher preference metrics than Quicken Loans.
The business's label change is important, but customers can notice no difference in the digital experience they've come to expect. All those who are in the middle of a mortgage application would be unaffected by the move, the company stated. Rocket Mortgage's sibling businesses, Rocket Loans, Rocket Auto, and Rocket Homes, have also adopted the Rocket tag. These firms, which are also a member of the Rocket Companies network, address consumer lending, vehicle sales, and real estate in a digital-first manner.
Quicken Loans has a statutory "doing business as" (DBA) in effect, so customers can see the company referred to by either title before the July 31 update. After the official new logo, the customers will see it as QuickenLoans.com. In its present state, it will guide customers to Rocket Mortgage to apply for a house loan. Authorities renamed the third-party incorporation platform as Rocket Pro TPO the previous year, immediately after Rocket Companies became publicly listed.