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Home / Quicken Home Loan Wholesale Account Executive Compensation Reviews

Quicken Home Loan Wholesale Account Executive Compensation Reviews

American mortgage lending company

Rocket Mortgage, LLC
Formerly Rock Fiscal (1985–1999)
Quicken Loans LLC (1999–2021)
Type Public company

Traded as
  • NYSE: RKT (Class A)
  • Russell 1000 component
Industry
  • Financial technology
  • Mortgage loans
Founded 1985; 37 years agone  (1985) (as Rock Fiscal)
Founders
  • Dan Gilbert
  • Ron Berman
  • Gary Gilbert
  • Lindsay Gross
Headquarters Ane Campus Martius,

Detroit, Michigan

,

U.S.

Primal people

 Jay Farner (CEO)
Products
  • fifteen- and 30-twelvemonth fixed-rate mortgages
  • FHA loans
  • VA loans
  • ARM loans
  • Jumbo loans
Brands Rocket Mortgage
Revenue Increase US$fifteen.735 billion (2020)

Operating income

 Increase US$ix.532 billion (2020)

Net income

 Increase US$932 million (2020)
Total assets Increase U.s.a.$37.535 billion (2020)
Total equity Increase United states of america$seven.882 billion (2020)
Possessor Dan Gilbert (93.2%)

Number of employees

 24,000 (2020)
Parent Rocket Companies, Inc.
Subsidiaries Rocket Mortgage, Amrock, Amrock Title Insurance Visitor, Fathead, Nexsys Technologies, Lendesk, Edison Financial, Rocket Homes, ForSaleByOwner.com, Rocket Loans, Rocket Auto, Cadre Digital Media, LowerMyBills.com, Stone Connections, Rock Central, Rocket Innovation Studio,[1] Rock Ventures (As a holding) Rocket Innovation Studio, Truebill[2]
Website
  • rocketmortgage.com
  • rocketcompanies.com
Footnotes / references
[three] [four]

Rocket Mortgage, LLC (formerly known equally Quicken Loans LLC) is a mortgage loan provider. It is headquartered in the Ane Campus Martius building in the centre of the financial district of Downtown Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. (information technology is likewise the largest online retail mortgage lender).[5] Unlike other large mortgage lenders that depend on deposits, Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch organization.[6] Amrock and I Reverse Mortgage are also office of the Rocket Mortgage Family of Companies.[7] The company closed more $400 billion of mortgage book across all l states from 2013 through 2017.[8]

History [edit]

Stone Financial was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[9] In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten past Bear Stearns.[10]

The company started to change course in the tardily 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business organisation in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.[vi]

Quicken Loans [edit]

In December 1999, a year and a half after the IPO, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial Corp. for $532M. The visitor was renamed Quicken Loans.[11]

In June 2002, two and a half years subsequently selling the company, Dan Gilbert led a small grouping of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M.[11]

In 2004, Quicken Loans became a defendant in a class action lawsuit. This was filed confronting the company on behalf of employees who had worked as loan consultants for any Quicken part inside the past three years. The claimants alleged that Quicken violated the Off-white Labor Standards Human action (FLSA) by declining to pay the plaintiffs overtime for working beyond a twoscore-hour piece of work week. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. On March 17, 2011, a federal jury establish in favor of Quicken Loans, catastrophe the seven-yr-old lawsuit. The decision ways that Quicken Loans is not obligated to pay overtime payments to the plaintiffs.[12]

In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response, Quicken Loans discontinued:[xiii]

  • Second mortgages
  • Home equity lines of credit (HELOC)
  • Alt-A products
  • Deferred involvement loans

On Nov 12, 2007, Gilbert announced a development agreement with the urban center of Detroit to move the company headquarters downtown, consolidating suburban offices.[14] The construction sites reserved for development by the agreement included the location of the quondam Statler Hotel on Grand Circus Park and the former Hudson's location.[14] Quicken Loans moved into its downtown headquarters in August 2010. The initial motion brought one,700 employees to the city.[15]

Former logo of Quicken Loans

In the spring of 2008, Stone Holdings entered the reverse mortgage market with the conquering of I Reverse Mortgage.

The company saw a pocket-size drop in employment levels following the 2008 financial crunch.[16] [17]

Since 2009, Quicken has leased office space in the Compuware edifice facing Campus Martius Park in Detroit. The company too houses its employees in Downtown Detroit's Offset National Edifice, The Qube, Chrysler Business firm, One Woodward Avenue, and 1001 Woodward, all owned by Quicken Loans' parent company, Rock Ventures.[xviii]

In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the The states, and remains the nation's largest online mortgage lender.[19] The company employs 24,000 people nationwide, with approximately 17,000 now working in the city of Detroit, making it Detroit's largest employer, minority employer, and taxpayer.[xx] [21]

In Jan 2018, Quicken Loans became the nation's largest mortgage lender.[22]

In August 2018, Quicken Loans parent Stone Property acquired Dictionary.com and Thesaurus.com from IAC.[23]

On Oct fifteen, Quicken Loans announced that it was expanding into Canada by opening a tech center across the river in downtown Windsor, Ontario.[24] [25] [26]

Quicken Loans has consistently been awarded the highest customer satisfaction rating among primary mortgage originators the U.S. for 10 straight years,[27] likewise equally existence one of top twenty companies to work for[28] and a top pick for overall best mortgage lenders,[29] according to Consumers Advocate.

On July 7, 2020, it was announced that Quicken Loans had filed paperwork with the U.South. Securities and Substitution Commission to start the process of taking the company public under the name Rocket Companies.[30]

On August 6, 2020, Rocket Companies, Inc. went public under the symbol RKT,[31] raising $1.eight billion.[32] [33]

For the year ended 2020, Quicken Loans originated over one.1 1000000 loans valued at $313 billion,[34] these figures are almost twice that of the next largest lender in the U.South., United Wholesale Mortgage, which is also headquartered near Detroit.

On May 12, 2021 Quicken Loans announced that information technology would be rebranded to Rocket Mortgage, by July 31, 2021.[35]

Rocket Mortgage [edit]

In 2015, Quicken Loans created Rocket Mortgage, the first lender to perform electronic closings (eClosings) in all fifty states.[36] Upon launch, TechCrunch claimed it was the mortgage industry's "iPhone moment" and compared the application procedure to TurboTax.[37] Rocket owns three patents around verifying client data, filtering information technology and sourcing it, and extracting it from external parties.[38] In 2019, it filed another patent for data set selection using multi-source constraints.[39] The most recent patent was filed in Oct 2020 regarding extracting information sets from external data stores.[40]

In its first full yr, Rocket funded $7 billion in airtight loans.[41] J.D. Power named Rocket Mortgage #1 in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.[42]

Rocket sponsors the Rocket Mortgage FieldHouse, an arena located in downtown Cleveland, Ohio. It is the dwelling house of the Cleveland Cavaliers of the National Basketball Clan (NBA) and the Cleveland Monsters of the American Hockey League. The loonshit, formerly known as the Quicken Loans Arena, changed its proper name to the Rocket Mortgage FieldHouse after the completion of the arena's renovation and expansion in 2019.[43]

Rocket Mortgage has launched several initiatives that back up its habitation communities of Detroit, Cleveland, Charlotte, and Phoenix, including veteran homelessness[44] and digital literacy.[45] [46]

Come across too [edit]

  • Rocket Mortgage FieldHouse – A multi-purpose loonshit in Downtown Cleveland, Ohio.
  • Suburban Collection Showplace (previously known as the Rock Fiscal Showplace) – A convention middle in Novi, Michigan

References [edit]

  1. ^ "Our Companies".
  2. ^ "Rocket Companies to Acquire Truebill, Adding Quickly Expanding Financial Empowerment FinTech to the Rocket Platform".
  3. ^ "Rocket Companies, Inc. 2020 Form x-K Annual Study". U.S. Securities and Substitution Commission.
  4. ^ "Rocket Companies, Inc. 2020 Schedule 14A". U.S. Securities and Exchange Commission.
  5. ^ Pender, Kathleen (2018-02-01). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle. [ane]
  6. ^ a b "A new foundation". The Economist. ISSN 0013-0613. Retrieved June three, 2016.
  7. ^ "Financial Services | Rock Ventures". world wide web.rockventures.com . Retrieved August xix, 2016.
  8. ^ "Quicken Loans, the Nation'due south Largest Mortgage Lender, Amid FORTUNE's Height-xv All-time Places to Piece of work in America | Quicken Loans Pressroom". Quicken Loans Pressroom. 2018-02-fifteen. Retrieved 2018-03-10 .
  9. ^ Segal, David (April xiii, 2013). "A Missionary's Quest to Remake Motor Metropolis". New York Times . Retrieved 2016-01-26 .
  10. ^ Rock Financial Corporation (1998), Grade S-one, U.S. Securities and Substitution Commission, p. 81, retrieved 2020-12-x
  11. ^ a b "The 400 richest Americans". Forbes Mag. August 24, 2007. Retrieved 2007-08-24 .
  12. ^ Duggan, Daniel (March 17, 2011). "Dan Gilbert: Quicken'southward triumph in overtime trial "a victory for right over incorrect"". Crains Detroit Concern.
  13. ^ "Gilbert: Mortgage squeeze could be approval for Quicken". The Detroit Gratuitous Press. Baronial 16, 2007. Archived from the original on September 27, 2007. Retrieved August 16, 2007.
  14. ^ a b Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
  15. ^ Randolph, Ned (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters . Retrieved 2012-11-28 .
  16. ^ "Gilbert: Housing slump hits Quicken". The Detroit News. Oct 15, 2007. Retrieved October 15, 2007.
  17. ^ "Quicken lays off 250 in Mich., Ariz., Ohio". The Detroit News. June 20, 2008. Retrieved 2008-07-01 .
  18. ^ Wayland, Michael (October xi, 2011). "Gilbert's celebrity: 1,500 Quicken Loans employees move to Detroit, help 'transform downtown'". mLive . Retrieved 2012-11-28 .
  19. ^ Morris, Beak (October 18, 2012). "Finally, a Downtown'south Upswing". New York Times . Retrieved 2012-11-28 .
  20. ^ "Rock Ventures on the Forbes America's Largest Private Companies List". Retrieved 2016-08-03 .
  21. ^ Rex, R.J. (September five, 2017). "Quicken Loans Family of Companies Surpasses 17K Employees in Detroit, More to Come". D Business. D Business organisation. Retrieved 2017-09-21 .
  22. ^ "Quicken Loans becomes largest U.Due south. mortgage lender". Detroit News . Retrieved 2018-03-10 .
  23. ^ Reindl, J. C. "Dan Gilbert simply dipped into the online dictionary, thesaurus business". Detroit Free Printing . Retrieved 2019-08-06 .
  24. ^ "New Quicken Loans tech middle a Windsor beachhead, says Stone Ventures principal". Windsor Star. October 31, 2018.
  25. ^ "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star. October fifteen, 2018.
  26. ^ "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star. October 16, 2018.
  27. ^ "2019 U.S. Primary Mortgage Origination Satisfaction Study".
  28. ^ "Quicken Loans".
  29. ^ "The Best Mortgage Rates of 2021 | ConsumersAdvocate.org". www.consumersadvocate.org . Retrieved 22 Baronial 2021.
  30. ^ "Quicken Loans files paperwork for IPO nether name Rocket Companies".
  31. ^ Noble, Breana (2020-08-05). "Rocket Companies IPO offers 100 million shares at $xviii each – far below target". The Detroit News. Retrieved 2021-01-02 .
  32. ^ Tompor, Susan (Baronial 6, 2020). "Dan Gilbert'southward Rocket IPO soars more than than xx% in trading". Detroit Complimentary Press . Retrieved January eight, 2021.
  33. ^ Grzelewski, Jordyn (July 7, 2020). "Quicken Loans files paperwork for IPO under name Rocket Companies". RIS Media . Retrieved January 8, 2021.
  34. ^ "Quicken Loans Mortgage Originations". Retrieved December 2, 2021.
  35. ^ "Quicken Loans will officially rebrand as Rocket Mortgage". Inman . Retrieved 22 August 2021.
  36. ^ Swanson, Brena (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Housing Wire . Retrieved Jan 8, 2021.
  37. ^ "This Could Be The Mortgage Industry's iPhone Moment". Tech Crunch. November 24, 2015. Retrieved Jan 8, 2021.
  38. ^ The states x,158,650, "Token verification from incremental inputs", published December 18, 2018
  39. ^ United States 10,198,400, "Data set up pick using multi-source constraints", published February 5, 2019
  40. ^ Usa ten,795,966, "Extracting information sets from external data stores", published October 6, 2020
  41. ^ Lane, Ben (March 7, 2017). "Hither's how much Rocket Mortgage helped Quicken Loans in 2016". Housing Wire . Retrieved January viii, 2021.
  42. ^ "Rocket Mortgage Ranked #i in the U.S. for Client Satisfaction in Mortgage Origination by J.D. Ability for the 11th Straight Year". PR Newswire. November 9, 2020. Retrieved January 8, 2021.
  43. ^ Fedor, Chris (April 9, 2019). "Quicken Loans Arena officially renamed Rocket Mortgage Fieldhouse: 'Next chapter in development of incredible facility". Cleveland Plain Dealer . Retrieved Jan 8, 2021.
  44. ^ "Rocket Mortgage Launches National Campaign To Address Urgent National Crisis Of Veteran Homelessness". joinbuiltforzero.org. November 28, 2019. Retrieved Jan 8, 2021.
  45. ^ Johncox, Cassidy (May 20, 2020). "New initiative to provide 'digital access' to all Detroiters within next 5 year". WDIV Telly . Retrieved January 8, 2021.
  46. ^ "Changing the Grade". PGA Tour . Retrieved January viii, 2021.

External links [edit]

  • Quicken Loans
  • WageDayAdvance
  • Business organisation information for Rocket Companies:
    • Google Finance
    • Yahoo! Finance
    • SEC filings

tenchnotiontery45.blogspot.com

Source: https://en.wikipedia.org/wiki/Rocket_Mortgage