The country’s largest mortgage lender is undergoing a rebrand.
Quicken Loans has announced that it is officially changing its name to Rocket Mortgage, effective July 31. The change fully brings Quicken into alignment with the conglomerate’s overarching “Rocket” brand; its parent company is named Rocket Companies and sister companies are already dubbed Rocket Homes, Rocket Auto and Rocket Loans.
Several inside and outside the lending industry may not necessarily see the change as significant, considering many have colloquially used “Quicken Loans” and “Rocket Mortgage” interchangeably for years. Quicken has a legal “doing business as” (DBA) in place and acknowledged that consumers may see the company referenced by either name leading up to the formal name change at the end of July.
Notably, though, the rebrand brings to the forefront the large-scale digital innovation that it helped usher into the mortgage space when Rocket Mortgage was first introduced. Quicken originally launched Rocket Mortgage as an online, fully digital retail lending platform in 2015 — helping popularize technology where a borrower could go from application to closing on a computer without leaving their home or visiting a brick-and-mortar lender.
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Then-CEO Bill Emerson called the debut a “monumental leap forward,” and the company called back to that language — and kept with the theme of space travel imagery — in calling this new rebrand “one giant leap” in its growth.
“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, current 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.”
