Rocket Mortgage

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Rocket Mortgage
Public company
Industry
  • Financial technology
  • Mortgage loan
Founded2015
HeadquartersOne Campus Martius,
  • Detroit
  • Michigan
,
United States
Websitehttps://www.rocketmortgage.com

Rocket Mortgage is a fintech mortgage lending platform engineered by Quicken Loans and released in 2015 to be the first fully online mortgage application process with automated underwriting for interest rates and loan terms.[1][2][3]

History

Rocket Mortgage, the fintech lending brand of Quicken Loans, was first announced to the public in November 2015. Quicken Loans started developing Rocket Mortgage in 2012.[4] By 2016, its first full calendar year available to Quicken clients, Rocket Mortgage funded $7 billion in closed loans.[5] In 2019, it became the first lender to perform electronic closings (eClosings) in all 50 states.[6] In 2020, Rocket Companies, Quicken Loans’ parent company, was listed on the New York Stock Exchange under the ticker symbol RKT.[7] On its first trading day, 100 million shares were sold, raising $1.8 billion.[8]

Services

Rocket Mortgage asserts it is the first fully online and on-demand mortgage exeperience. Rocket automatically imports and verifies a home buyer’s information, making it possible to deliver a full mortgage approval in as few as 8 minutes.[9][10] Upon launch, TechCrunch claimed it was the mortgage industry’s “iPhone moment” and compared the application process to TurboTax.[11] In 2017, Rocket Mortgage had 18.2 million site visits. In 2019, it grew to 73.8 million, resulting in a record number of mortgage originations for Quicken Loans. Of the clients who apply through Rocket Mortgage, 75% are first-time home buyers and/or Millennials.[12] On November 9, 2020 J.D. Power named Rocket Mortgage #1 in the nation for client satisfaction in primary mortgage origination. This is the 11th consecutive year either Rocket Mortgage or Quicken Loans has earned this accolade.[13]

Patents

Rocket Mortgage three patents center around verifying client data, filtering it and sourcing it, and extracting it from external parties. In 2018, it filed a patent on token verification from incremental inputs.[14] In 2019, it filed another patent for data set selection using multisource constraints.[15] The most recent patent was filed in October 2020 regarding extracting data sets from external data stores.[16]

Partnerships

Rocket Mortgage has partnered with several companies since its inception, including State Farm Insurance,[17] Realtor.com,[18] and Amazon, where clients can use the Alexa service to pay their mortgages.[19] In June 2020, Rocket partnered with Forbes and Major League Hacking to host the Under 30 Detroit Hackathon: Accelerating Change.[20] In 2018, Rocket Mortgage teamed up with Marvel Studios to run a co-branded TV commercial campaign. It aired before the release of Avengers: Infinity War on April 27. Along with the commercial, a Rocket Mortgage billboard was placed in the opening scenes of the movie.[21]

Sporting events

Rocket Mortgage ran its first Super Bowl ad in 2016 with the tagline “Push Button. Get Mortgage.”[22] Their second Super Bowl ad ran in 2018 featuring Detroit natives Keegan-Michael Key and Big Sean.[23] In January 2020, the National Football League (NFL) made Rocket Mortgage its official mortgage sponsor, starting with Super Bowl LIV,[24] during which Rocket also ran an ad starring actor Jason Momoa.[25] 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.[26]

Community Work

Rocket Mortgage, along with its parent company Quicken Loans, has launched several initiatives that support its home communities of Detroit, Cleveland, Charlotte, and Phoenix. Rocket Mortgage launched a campaign to tackle veteran homelessness in November 2019. It teamed up with the organization Built for Zero with the goal of reducing veteran homelessness in Detroit by 50%.[27] The Rocket Mortgage Classic is a professional golf tournament on the PGA Tour, sponsored by Rocket Mortgage and held at the Detroit Golf Club in Detroit, MI. It was first staged in 2019 and was the first PGA Tour event ever located in the city of Detroit.[28] In 2020, Rocket Classic announced a new community initiative, “Changing the Course,” to bridge the digital divide in Detroit. The end goal is to provide internet, technology and digital literacy training to every Detroiter. The initiative was named and all net proceeds of the Rocket Mortgage Classic went to support the cause.25 The 2020 PGA Tour event generated more than $2.7 million for nonprofits, including $2.4 million that will be invested through Changing the Course to increase access to technology, internet and digital literacy in Detroit.[29][30]

References

  1. ↑ "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire. November 24, 2015. Retrieved December 14, 2020.
  2. ↑ "This Could Be The Mortgage Industry's iPhone Moment". Tech Crunch. November 24, 2015. Retrieved December 14, 2020.
  3. ↑ Richardson, Brenda (January 17, 2019). "Say goodbye to all that paperwork: Digital mortgages have arrived". The Washington Post. Retrieved December 14, 2020.
  4. ↑ "Quicken Loans Launches Revolutionary End-to-End Online Product 'Rocket Mortgage' Transforming How Consumers Experience the Home Loan Process". PRNewswire. November 24, 2015. Retrieved December 14, 2020.
  5. ↑ Lane, Ben (March 7, 2017). "Here's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire. Retrieved December 14, 2020.
  6. ↑ Byford, Amanda (July 20, 2020). "First Remote Online Mortgage Closing by pioneers – Quicken Loans and Amrock". Compare Closing. Retrieved December 14, 2020.
  7. ↑ Grzelewski, Jordyn (July 7, 2020). ""Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media. Retrieved December 14, 2020.
  8. ↑ Tompor, Susan (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". Detroit Free Press. Retrieved December 14, 2020.
  9. ↑ Patterson, Maria (January 8, 2017). "Rocket Mortgage: Has It Lived Up To The Hype?". RIS Media. Retrieved December 14, 2020.
  10. ↑ "Quicken Loans Expedites the Mortgage Process With New Rocket Mortgage Offering". National Mortgage Professional. November 25, 2015. Retrieved December 14, 2020.
  11. ↑ "This Could Be The Mortgage Industry's iPhone Moment". Tech Crunch. November 24, 2015. Retrieved December 14, 2020.
  12. ↑ "Rocket Mortgage Review". United States Securities And Exchange Commission. July 7, 2020. Retrieved December 14, 2020.
  13. ↑ "Rocket Mortgage Ranked #1 in the U.S. for Client Satisfaction in Mortgage Origination by J.D. Power for the 11th Straight Year". PR Newswire. November 9, 2020. Retrieved December 14, 2020.
  14. ↑ United States 10,158,650, "Token verification from incremental inputs", published December 18, 2018 
  15. ↑ United States 10,198,400, "Data set selection using multi-source constraints", published February 5, 2019 
  16. ↑ United States 10,795,966, "Extracting data sets from external data stores", published October 6, 2020 
  17. ↑ Keenan, Tim (July 18, 2019). "State Farm to Offer Rocket Mortgage Services to its Insurance Customers". Detroit Business. Retrieved December 14, 2020.
  18. ↑ "Realtor.com, Rocket Mortgage announce new partnership". Benzinga. September 30, 2020. Retrieved December 14, 2020.
  19. ↑ "Benzinga". Benzinga. December 20, 2017. Retrieved December 14, 2020.
  20. ↑ "Forbes, Rocket Mortgage By Quicken Loans Launch 'Under 30 Detroit Hackathon': 'Regroup, Reset And Reimagine'". Benzinga. June 3, 2020. Retrieved December 14, 2020.
  21. ↑ Turner, Grace (April 3, 2018). "Detroit's Rocket Mortgage Partners with Marvel for Upcoming 'Avengers: Infinity War'". Detroit Business. Retrieved December 14, 2020.
  22. ↑ Shea, Bill (January 27, 2016). "Quicken Loans buys 60-second Super Bowl spot". Crain's Detroit Business. Retrieved December 14, 2020.
  23. ↑ "Rocket Mortgage Super Bowl 2018 Ad ft. Keegan-Michael Key and Big Sean". USA Today. February 7, 2020. Retrieved December 14, 2020.
  24. ↑ "New NFL-partner Rocket Mortgage launches Super Bowl square contest". NFL.com. Jan 7, 2020. Retrieved December 14, 2020.
  25. ↑ Suter, Rick (February 7, 2020). "Rocket Mortgage's Super Bowl ad starring Jason Momoa finishes fifth in Ad Meter rankings". USA Today. Retrieved December 14, 2020.
  26. ↑ Fedor, Chris (April 9, 2019). "Quicken Loans Arena officially renamed Rocket Mortgage Fieldhouse: 'Next chapter in evolution of incredible facility". Cleveland Plain Dealer. Retrieved December 14, 2020.
  27. ↑ "Rocket Mortgage Launches National Campaign To Address Urgent National Crisis Of Veteran Homelessness". joinbuiltforzero.org. November 28, 2019. Retrieved December 14, 2020.
  28. ↑ Alter, Marlowe (June 30, 2019). "Rocket Mortgage Classic leaderboard: Final round at Detroit Golf Club"". Detroit Free Press. Retrieved December 14, 2020.
  29. ↑ Johncox, Cassidy (May 20, 2020). "New initiative to provide 'digital access' to all Detroiters within next 5 year". WDIV TV. Retrieved December 14, 2020.
  30. ↑ "Changing the Course". PGA Tour. Retrieved December 14, 2020.

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