Detroit-based Quicken Loans today said it became the nation’s largest residential mortgage lender in the fourth quarter of 2017– surpassing close to 30,000 lenders (commercial banks, savings and loans, credit unions, mortgage bankers, mortgage brokers) across the country.
The company, founded in 1985, was originally launched as a brick-and-mortar branch operation, with locations primarily based in the Midwest. The company has closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
In 2000, Quicken Loans shifted its fundamental business model to an online platform. This strategy was pivotal in catapulting the lender into a 50-state, centralized, consumer-direct mortgage lender with capacity to close large volumes of mortgage loans in all 3,000 counties across America. In essence, it was the defining moment that would eventually lead to Quicken Loans becoming the leader in the FinTech lending industry.
In early 2016, Quicken Loans launched Rocket Mortgage, via its first ever Super Bowl commercial. Rocket Mortgage is the first completely online and fully personalized mortgage experience and was built with proprietary technology created by the national home lender. Rocket Mortgage, which gives customers the power to get approved for a mortgage in as few as 8 minutes, forever changed the lending landscape.
Quicken Loans’ Rocket Mortgage will again bring its message to more than 100 million Americans during Super Bowl LII, on February 4, 2018. Now that millions of Americans have accessed Rocket Mortgage technology, Quicken Loans will coincide this year’s Super Bowl spot by releasing an even better, and deeper, version of Rocket Mortgage with numerous additional features and further enhanced visibility.
Contrary to the historic trend, the company will not release its ad prior to its airing scheduled for the second quarter of Super Bowl LII.
Fourth quarter 2017 lender volumes and market share were acquired from information gathered from public company disclosures, industry publications, and other highly-credible sources known to Rock Holdings, Inc., the parent company of Quicken Loans. Calculations of closed loan volume and market share do not include closed loans purchased from other lenders who originated, handled all consumer communication and interaction, processed, closed and funded the loan.
