Rocket Mortgage’s primarily digital mortgage lending process has proven popular with millennials in particular, who represent the largest generation of home buyers in the country. Rocket Mortgage has increased its market share to 9.2% in the first quarter of 2020 from 1.3% in 2009.
In 2016, Quicken Loans debuted the Rocket Mortgage brand with the claim that the company’s digital mortgage process could connect consumers with a mortgage in as little as eight minutes. Throughout its history, Quicken has been at the forefront of the digitization of the mortgage industry. Then in 2002, Gilbert and other investors purchased Quicken Loans back from Intuitĭon’t miss: The mortgage industry is facing a crisis because of the coronavirus - and borrowers could fall through the cracks At that time, the company’s name was switched to Quicken Loans. In 1998, Gilbert took Rock Financial public, but eight years later it was purchased by Intuit. The lender was originally founded in 1985 as Rock Financial. Julie Booth, the company’s chief financial officer and treasurer, has been in this role at Quicken Loans since 2005. Farner has been with Quicken for over two decades, and previously served as the lender’s president and chief marketing officer. Jay Farner, who has served as CEO of Quicken Loans since 2017, will be the company’s CEO. The company’s leadership team mainly comprises executives from Quicken Loans. Rocket is also going public as the mortgage industry has seen millions of homeowners request forbearance on their monthly loan payments amid record levels of unemployment. Which returned to public markets in June after nine years of being private, and online insurer Lemonade Recent offerings include Warner Music Group Corp. Rocket’s IPO comes as the broader IPO market has kicked into high gear after a long dry spell as a result of the coronavirus pandemic. Proceeds from the IPO will be used to purchase businesses and Class D stock from Rocket Cos.’ existing holding company, Rock Holdings Inc., which is owned by the company’s founder and chairman Dan Gilbert. Twenty banks are set to underwrite the IPO, led by Goldman Sachs
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