Is Rocket Mortgage and Quicken loans the same?

Quicken Loans is the highest-volume lender in the U.S. when it comes to the total number of loans, originating over 541,000 in 2019, the most recent year for which statistics are available.
The company launched Rocket Mortgage in 2015 to serve as its “online retail lending platform,” according to CEO Bill Emerson in a press release in November 2015. Quicken Loans has continued to operate a separate company website, but consumer applications are usually routed through the Rocket Mortgage platform, which is available online or via mobile app.

Compare Rocket Mortgage and Quicken Loans

The Rocket Mortgage application asks you a series of questions about your credit, your finances, and your potential home purchase. You’ll have to agree to a credit check and enter the passwords for your bank and other financial accounts. That allows the site to access and verify real-time financial data.

Quicken Loans LLC. is a mortgage lending company headquartered in the One Campus Martius building in the heart of the financial district of downtown Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. (it is also the largest online retail mortgage lender). Unlike other large mortgage lenders that depend on deposits, Quicken Loans relies on wholesale funding to make its loans and uses online applications rather than a branch system. Amrock and One Reverse Mortgage are also part of the Quicken Loans Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.

What’s the difference between Rocket Mortgage and Quicken loans

In 2015, Quicken Loans created Rocket Mortgage, the first lender to perform electronic closings (eClosings) in all 50 states. Upon launch, TechCrunch claimed it was the mortgage industry’s “iPhone moment” and compared the application process to TurboTax. Rocket owns three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties. In 2019, it filed another patent for data set selection using multi-source constraints. The most recent patent was filed in October 2020 regarding extracting data sets from external data stores.

In its first full year, Rocket funded $7 billion in closed loans. J.D. Power named Rocket Mortgage #1 in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.

The Rocket Mortgage platform (and the online process it offers) is one of Quicken Loans’ biggest selling points. The company says it saves users both time and money. It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes.

Find out More Information about Your Local Rocket Mortgage Approved Broker in Maryland at 410-827-5111