DETROIT – Quicken Loans will officially have its name changed to Rocket Mortgage this summer.
This hopefully will end the confusion some have had with the company that falls under billionaire businessman Dan Gilbert’s Rocket Companies (Ticker: RKT). Quicken will now carry the “Rocket” brand name that many know it by in the first place.
Now based in Downtown Detroit, Quicken Loans was founded by Gilbert in the late 1990s and has since become one of America’s largest mortgage lenders. In 2015, the company launched its fully digital, completely online, mortgage lending platform called Rocket Mortgage, hence the ensuing naming confusion.
“More than 20 years ago, Dan Gilbert, our founder and chairman, had a vision of putting the entire mortgage process online to simplify the lending experience and add more transparency. Since then, we developed proprietary technology to improve every piece of the process but we officially revolutionized the mortgage industry when we launched Rocket Mortgage in 2015,” said Jay Farner, Rocket Mortgage CEO. “Rocket Mortgage has grown to be the industry leader and the measuring stick for all other lenders. With this official name change, we will have a consistent brand that is synonymous with innovation and excellence.”
Quicken Loans will officially change its name to Rocket Mortgage on July 31.
Meanwhile, the company said Quicken Loans has a legal “doing business as” (DBA) in place and consumers may see the company referenced by either name leading up to the change on July 31. Moreover, QuickenLoans.com will remain operational after the legal name change. In its current state, it will direct clients to apply for a home loan with Rocket Mortgage.
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