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Rebranding: Quicken Loans to Soon Become Rocket Mortgage

After July 31, Quicken will retire its name and start using Rocket Mortgage, a subsidiary it formed in 2015 in order to completely automate the lending process.

NEW YORK – Quicken Loans, the nation’s largest home lender, will officially change its name to Rocket Mortgage on July 31, 2021. The name change reflects that technology – which the Rocket Mortgage brand has touted for six years – is at the core of its mortgage business.

Quicken Loans launched Rocket Mortgage in 2015 with a goal of putting the entire mortgage process online – and Rocket Mortgage says it accomplished that goal, allowing for a fully digital mortgage experience from application to closing that can take place virtually without a borrower ever speaking directly to a human being.

These virtual “nonbanks” have been quickly growing their market share in the mortgage business recently, and Quicken Loans is the largest single-family lender in the country by dollar volume and units, according to preliminary 2020 data from the Home Mortgage Disclosure Act.

Quicken notes in a press release announcing the name change that the public has become familiar with its Rocket Mortgage brand over the years through marketing and sports sponsorships.

“Rocket Mortgage has extremely high-affinity metrics that eclipse those of Quicken Loans,” the release states. “The name change is significant for the company, but clients will not see any difference to the digital experience.”

Starting July 31, consumers will see a name change from “Quicken Loans” to “Rocket Mortgage” on documents and communications, company officials say. Borrowers likely won’t note any other changes.

Quicken Loans’ subsidiaries of Rocket Companies went public last year. Several of Rocket Mortgage’s sister companies have already embraced the Rocket name, including Rocket Home, Rocket Auto and Rocket Loans.

Source: Rocket Mortgage

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