Rocket Companies

For the aerospace manufacturer, see Rocket Lab.
Rocket Companies, Inc.
Company typePublic
Industry
Founder
HeadquartersOne Campus Martius,
Detroit, Michigan
,
U.S.
Areas served
  • United States
  • Canada
Key people
RevenueIncrease US$5.10 billion (2024)
Increase US$255 million (2024)
Increase US$29.4 million (2024)
Total assetsIncrease US$24.5 billion (2024)
Total equityIncrease US$9.04 billion (2024)
Number of employees
14,200 (2024)
Websiterocketcompanies.com
Footnotes / references
[1][2][3]

Rocket Companies, Inc. is an American fintech and homeownership services company. Founded by Dan Gilbert,[4] and based in Detroit, the company is one of the largest mortgage lenders in the United States through its flagship subsidiary Rocket Mortgage.[5] Its subsidiaries include Redfin, Forsalebyowner.com and several other fintech companies.

History

In 1985, Dan Gilbert founded Rock Financial, the company that would become Rocket Mortgage – the first of the Rocket Companies, in Metro Detroit.

In 1999, Rock Financial changed its name to Quicken Loans.[6]

In 2020, Quicken Loans and several other tech-driven real estate and personal finance entities including Rocket Homes, Rocket Loans and Rocket Close became a publicly traded company under the name Rocket Companies.[7] The company raised $1.8 billion in the initial public offering.[8]

In 2021, Rocket Community Fund, the philanthropic partner company of Rocket Companies,[9][10] announced an investment of $500 million in Detroit to be spent over the course of 10 years.[9][11] That same year, they gave $5 million to the Rehabbed & Ready program which rehabilitates homes in Detroit and helps residents access financing for homeownership.[10]

In 2023, Rocket Companies launched ONE+, a program that offers home loans for 1% down in an aim to provide lower income Americans with greater access to homeownership.[12] That same year, the company announced that its team members, along with those from partner companies, have spent 1 million hours volunteering in the community.[13]

Rocket Companies hired Jonathan Mildenhall as its first chief marketing officer[3] and Shawn Malhotra as the company’s first chief technology officer in 2024. Malhotra focused on integrating AI into the homebuying process.[14] The company developed Rocket Logic, an artificial intelligence (AI) platform designed to simplify the road to homeownership.[15]

The Rocket Companies website, Rocket.com website, launched in 2025, contains finance and management tools aimed at streamlining the process of buying and selling a home. The site includes an AI agent[16] that assists the client in collecting data from mortgage documents, completing forms, and correcting errors which may delay a mortgage’s approval. This automation has helped Rocket customers secure loans 2.5 times faster than the industry average.[17]

The company's Super Bowl LIX ad included a live sing-along to the song Take Me Home, Country Roads,[18][19] focusing on the American dream of homeownership.[20]

In 2025, Rocket Companies announced agreements to acquire Mr. Cooper Group,[21] America’s largest mortgage servicer, and Redfin, one of the largest real estate brokerages in the county.[22] [23][24]

Subsidiaries

  1. Rocket Mortgage: Rocket Mortgage is the largest mortgage lender in the United States.[25] It offers a fully online mortgage process.[26]
  2. Rocket Money: Rocket Money is a budgeting app that links to users' bank accounts to help track income and spending. The app includes features such as subscription cancellation and bill negotiation.[27]
  3. Rocket Homes: Rocket Homes is a real estate search platform which offers maps of nearby listings, referrals to real estate agents, and virtual reality tours of properties.[28][29]
  4. Rocket Close: Rocket Close, formerly known as Amrock, is a title producer, settlement provider and appraisal management company.[30][31]
  5. Rocket Loans: Rocket Loans is an online personal loan company which features an online application with same-day funding.[32]
  6. Rocket Title Insurance Company: Formerly known as Amrock Title Insurance Company, Rocket Title Insurance Company is a nationwide title insurer.[33]
  7. Forsalebyowner.com: ForSaleByOwner.com is a real estate site which enables homeowners to buy and sell properties on their own.[34]
  8. Core Digital Media: Core Digital Media is an advertiser in the mortgage and insurance world.[32]
  9. Lowermybills.com: Lowermybills.com provides comparisons for mortgages, reverse mortgages, refinancing, loans and insurance.[35]
  10. Lendesk:Based in Vancouver, LenDesk is a technology company that offers a suite of products to digitize the home loan experience for Canadian mortgage brokers and their clients.[36]
  11. Rocket Innovation Studio: Rocket Innovation Studio, based in Windsor, Ontario, recruits Canadian talent to develop technology solutions for Rocket Companies.[37]
  12. Woodward Capital Management: Woodward Capital Management is a firm which specializes in private label mortgage-backed securities.[32]

References

  1. ^ "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 3, 2025.
  2. ^ Lambert, Lance (April 8, 2025). "Look Out, Zillow: A New Real Estate Juggernaut is Forming". Fast Company.
  3. ^ a b Graham, Megan (January 4, 2024). "Rocket Cos. Hires Former Airbnb CMO Jonathan Mildenhall as Its CMO". Wall Street Journal.
  4. ^ Whitman, Victor (March 11, 2025). "Seattle-based Redfin's Sale to Rocket Could Shift Online Homebuying Market". The Detroit News.
  5. ^ Neubauer, Kelsey (May 20, 2025). "The 10 Largest Mortgage Lenders in the U.S." CNBC.
  6. ^ Noble, Breana (August 5, 2020). "Rocket Companies IPO Offers 100 Million Shares at $18 Each – Far Below Target". The Detroit News.
  7. ^ Reindl, JC; Tompor, Susan (July 7, 2020). "Quicken Loans Files IPO Paperwork, Will Be Called Rocket Companies". Detroit Free Press.
  8. ^ Franklin, Joshua (August 5, 2020). "Quicken Loans parent sells shares in IPO below target to raise $1.8 billion". Reuters.
  9. ^ a b Hirsch, Lauren (May 25, 2021). "Dan Gilbert Will Invest $500 million to Help Revitalize Detroit". The New York Times.
  10. ^ a b Williams, Candice (April 15, 2021). "Rocket Mortgage, Detroit Pledge $5M to Rehab More Homes". The Detroit News.
  11. ^ Kisner, Kim (September 3, 2024). "Creating Lasting Change:How the Gilbert Family Foundation is Shaping Detroit's Future". Detroitisit.
  12. ^ Stickford, Jim (May 23, 2023). "Rocket Mortgage Launches ONE+ Program to Boost Homeownership". DBusiness.
  13. ^ "Making Time to Give: Rocket's Volunteers Go Above and Beyond". The Mortgage Note. November 7, 2023.
  14. ^ Bousquette, Isabelle (May 6, 2024). "Rocket Cos. Taps Former Thomson Reuters Exec to Lead Companywide AI Efforts". Wall Street Journal.
  15. ^ Smith, Paige (August 23, 2024). "Home Lender Rocket Seeks AI-Fueled Rebound After Bumpy Era". Bloomberg.
  16. ^ Jensen, Katie (January 22, 2025). "Rocket Launches All-In One Platform Rocket.com For Buyers and Owners". National Mortgage Professional.
  17. ^ Kell, John (December 11, 2024). "How Rocket Companies' first-ever CTO is deploying AI aimed at making home buying easier". Fortune.
  18. ^ Steinberg, Brian (February 9, 2025). "Rocket Adds Live 'Country Roads' Sing-Along to Super Bowl Commercial, in Bid for 'Moment of Unity'". Variety.
  19. ^ Lacques, Gabe (February 9, 2025). "How 'Take Me Home Country Roads' Super Bowl singalong came together for Rocket commercial". USA Today.
  20. ^ Surnit, Andrea (January 30, 2025). "Rocket Teases Emotional Super Bowl Ad Focused on American Homeownership". Design Rush.
  21. ^ Munir, Zehra; Barnes, Oliver (March 31, 2025). "Rocket to buy Mr Cooper in $9.4bn deal to Create US Mortgage Giant". Financial Times.
  22. ^ Lawler, Ryan (March 31, 2025). "Rocket's Homeownership Strategy". Axios.
  23. ^ Gomes, Nathan (March 10, 2025). "Rocket Companies to buy real estate firm Redfin in $1.75 billion deal". Reuters.
  24. ^ Mishkin, Shaina (March 31, 2025). "Rocket to Buy Mr. Cooper for $9.4 Billion. The Deal Would Create a Mortgage Giant". Barron's.
  25. ^ Grace, Molly; Silbert, Sarah (February 19, 2025). "Rocket Mortgage, the Largest Lender in the U.S., is Launching a New Program to Help Renters Afford to Buy a Home". Business Insider.
  26. ^ Swanson, Brena (November 24, 2015). "Game Changer? Quicken Loans takes Mortgage Lending Fully Digital". Housingwire.
  27. ^ Ernst, Kelly (April 8, 2025). "Rocket Money Review 2025: CNET's Editor's Choice Winner for Best Budgeting App". CNET.
  28. ^ Hebron, Julian (August 11, 2021). "Rocket Homes makes big steps in giving people a one-stop shop for home buying, financing, selling. Here's how". Yahoo Finance.
  29. ^ Kim, Connie (February 6, 2024). "Rocket Homes Real Estate Search App is Available for Buyers on Apple Vision Pro". Housingwire.
  30. ^ Dilworth, Dianna (January 14, 2025). "Rocket Unveils New Brand Identity Ahead of Super Bowl". Brand Innovators.
  31. ^ Williams, Kim (January 14, 2025). "Rocket Companies Reveals New Logo as Part of Rebranding, Plans Super Bowl Ad". Detroit News.
  32. ^ a b c "Our Companies". Rocket Companies.
  33. ^ Kelly, Chris (January 14, 2025). "How Rocket Companies' Rebrand Sets the Stage for a New Super Bowl Approach". MarketingDive.
  34. ^ Jensen, Jeremiah (May 23, 2018). "Quicken Loans sister company In-House Realty acquires ForSaleByOwner.com". Housingwire.
  35. ^ Lane, Ben (January 26, 2017). "Quicken Loans Parent Acquires Mortgage Shopping Website LowerMyBills.com". Housingwire.
  36. ^ Waddell, Dave (April 24, 2019). "Rocket Innovation Studio Looking for Talent to Fuel Continued Growth". Betakit.
  37. ^ Kirkwood, Isabelle (May 6, 2021). "Mortgage Startup, Lendesk, Acquired by Quicken Loans Parent Company". Windsor News.
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