Quicken Loans Overview
Quicken Loans provides interest rates for purchase loans online. Rocket Mortgage is an online application platform under Quicken Loans. Rocket Mortgage uses your financial information to determine loan options and rates.
Ownership and Accomplishments
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Parent Company: Rocket Companies owns Quicken Loans.
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Accolades: Quicken Loans is rated A+ by Better Business Bureau and has great customer service.
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Locations: Headquarters moved to Detroit in 2010. Operations in web centers and facilities across cities.
Rocket Mortgage Business Model
Rocket Mortgage, affiliated with Quicken Loans, is focused on online mortgage applications. Rocket Mortgage’s profit-making model includes high lender fees that are not offset by low rates.
Partnership and Expansion
Quicken Loans partners with Vanderbilt to fund Clayton Homes mortgages. It also operates under Rocket Companies, which aims to simplify finances through technology.
Rocket Mortgage’s Financial Success
Rocket Mortgage made $9.5B in profits in 2020 by being the selling agent for $350 billion in transactions with homeowners. It received around $15 billion to "originate" these loans, proving a successful business model.
Technology and Growth
Quicken Loans has leveraged technology with Rocket Mortgage for online loan applications. Recent partnerships with Realtor.com show efforts to expand tech platforms and streamline the home buying process.