Quicken Loans has become the largest home lender in America, exceeding nearly 30,000 lenders (commercial banks, savings and loans, credit unions, mortgage bankers and mortgage brokers) across the U.S. in the fourth quarter of 2017,* the company recently announced. It will also be debuting a new campaign centered on Rocket Mortgage during Super Bowl LII this weekend, while releasing an updated version of the technology.
“I could not be more proud of each and every one of our 17,474 team members, who each day bring incredible passion and determination to deliver our clients the best possible experience during the single biggest financial transaction in most of their lifetimes,” says Dan Gilbert, founder and chairman of Quicken Loans. “Achieving the No. 1 market share of all mortgage lenders is an exciting accomplishment, but we are even more inspired that we reached this significant milestone while at the same time delivering the best client experience in the nation for the last eight consecutive years and running.”
“I want to extend a heartfelt ‘thank you’ to everyone who helped us achieve this incredible milestone,” Farner says. “While this is exciting, it is nothing more than a landmark which will motivate us to continue innovating and executing, urgently. We still have so much to achieve, both with our business and our hometowns of Detroit, Cleveland and everywhere our team members call home.”
The company, founded in 1985, was originally launched as a brick-and-mortar branch operation, with locations primarily based in the Midwest. 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.
Quicken Loans’ philosophy of an obsessive focus on team member and client satisfaction, combined with its game-changing technology, was the formula that allowed the lender to make consistent market share gains nearly each year over the past two decades. This unique model finally culminated with Quicken Loans emerging as the largest overall home lender in the U.S. in the fourth quarter of last year.
Quicken Loans attributes its success to the company’s strong culture, built on an uncompromised dedication to putting clients first. As a result, the company has earned an unprecedented 12 J.D. Power awards, including eight consecutive years Quicken Loans was ranked No. 1 in client satisfaction in the country—a recognition based entirely on client feedback collected by the independent research firm.
The company’s investment of capital, along with its culture of encouraging team member innovation, has created a steady stream of disruptive technologies that simplify and speed up the lending process. 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 gives customers the power to get approved for a mortgage in as few as eight minutes.
In addition to its mission of leading the home financing world in both market share and client satisfaction, Quicken Loans has also taken on the revitalization of downtown Detroit and the city’s neighborhoods as an additional company mission as important as its business goals.
“We view Quicken Loans as a ‘for-more-than-profit’ company,” says Jay Farner, CEO of Quicken Loans. “Our successes have allowed us to invest in every aspect of our hometown community, including education, housing stability and mentoring budding entrepreneurs. By reinvesting our resources into the neighborhoods where we live, work and play, we ensure everyone has the chance to unlock their fullest potential. This approach attracts the best and brightest in today’s world to work for our company. It creates an environment that allows each and every team member to feel they are contributing to both the business and the betterment of the communities where we are located. It’s an equation that works for the advancement of both of our primary missions.”
Since 2010, Quicken Loans team members have volunteered 375,000 hours with community organizations, and the company has directly contributed nearly $130 million to numerous charities and community groups in its hometown of Detroit. Quicken Loans’ persistent, powerful voice for the future of Detroit is matched only by its actions and initiatives to continue transforming the city—from company-funded blight removal and tax foreclosure mitigation, to creating productive business and civic partnerships, to funding experiential learning programs for public school students, and more.
*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. The originating lender would include that loan in its market share. Including that same loan and double counting it by also including it in the company’s market share who is purchasing the loan would be misleading and inaccurate.
For more information, please visit www.quickenloans.com.
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