These businesses, which are also part of the Rocket Companies platform, take a digital-first approach to real estate, vehicle sales and personal loans respectively. Several of Rocket MortgageвЂ™s sister companies have already embraced the Rocket name including Rocket Homes, Rocket Auto and Rocket Loans. The only difference current clients will experience is documents, letters and other communications that previously were labeled вЂњQuicken LoansвЂќ will instead come from вЂњRocket Mortgage.вЂќ Those who are in the mortgage process at the time of the change will not be affected. The name change is significant for the company, but clients will not see any difference to the digital experience they have grown to love. In fact, Rocket Mortgage has extremely high affinity metrics that eclipse those of Quicken Loans. Through consistent brand marketing and sports sponsorships, like the popular Rocket Mortgage Super Bowl Squares, the PGA TOURвЂ™s Rocket Mortgage Classic and others вЂ“ the public has become familiar with the brand at a lighting pace. This is a title the company still holds, and the gap between it and the second largest lender has widened substantially since that time. With a boost from the incredibly popular Rocket Mortgage home loan process, Quicken Loans became the largest lender in the country, closing more loans than any other retail mortgage lender, in the fourth quarter of 2017.

In the following months and years, other home lenders played catch-up, adding some online functionalities and digital processes that tried to mirror the trailblazer. Rocket Mortgage was revealed to the world in a 2016 Super Bowl ad that built significant buzz for the new home loan experience. This was the first time a consumer could go from application to closing on their own, without speaking to a human. In late 2015, Quicken Loans launched a fully digital, completely online, mortgage experience вЂ“ Rocket Mortgage. Quicken Loans implemented the ability for clients to e-sign mortgage documents in 2002, it became the largest online retail mortgage lender in 2004 and launched the first mobile app from a home lender in 2011. Its tech capabilities also quickly expanded during this time. Over the next few years, the company closed all its brick-and-mortar branches and fully embraced the centralized model of an online-only lender. The next year, Rock Financial launched, a website to connect with its clients directly вЂ“ making it one of the first mortgage companies to do so. In 1998, Dan Gilbert sent a now famous all-company email challenging team members to embrace the internet as a way to disrupt the mortgage process by putting the entire home loan experience online. After that reimagining of the mortgage application, a true transformation came two years later. An early innovation came in 1996 when the company tried mailing all the mortgage documents directly to clients through the then-cutting edge вЂњMortgage in a Box,вЂќ so clients could complete the application from the comfort of their home. Dan always had a goal of making mortgages easier for his clients. Rocket Mortgage was founded by Dan Gilbert in 1985 as Rock Financial, a regional branch-based mortgage broker in metro Detroit. The company has a long history of evolving in-step with technological advancements. With this official name change, we will have a consistent brand that is synonymous with innovation and excellence.вЂќ вЂњRocket Mortgage has grown to be the industry leader and the measuring stick for all other lenders.

Since then, we developed proprietary technology to improve every piece of the process but we officially revolutionized the mortgage industry when we launched Rocket Mortgage in 2015,вЂќ said Jay Farner, Rocket Mortgage CEO.

вЂњMore than 20 years ago, Dan Gilbert, our founder and chairman, had a vision of putting the entire mortgage process online to simplify the lending experience and add more transparency. This change will bring alignment to the overall вЂњRocketвЂќ brand, while also making it clear to homebuyers that technology, a core tenet of Rocket Companies, is injected throughout the entire homebuying lifecycle вЂ“ from home search to mortgage closing.

The вЂRocketвЂ™ name is synonymous with simplifying traditionally complex transactions to make processes easier for consumersДETROIT, May 12, 2021В вЂ“ Quicken Loans, AmericaвЂ™s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced it will officially change its name to Rocket Mortgage on July 31.

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