July 12, 2024


Making a New Home

Rebranding: Quicken Loans to Soon Become Rocket Mortgage

2 min read

Soon after July 31, Quicken will retire its identify and start out applying Rocket Mortgage, a subsidiary it fashioned in 2015 in get to completely automate the lending process.

NEW YORK – Quicken Loans, the nation’s greatest home financial institution, will officially alter its title to Rocket Home loan on July 31, 2021. The identify transform displays that engineering – which the Rocket Home finance loan brand has touted for 6 many years – is at the core of its mortgage loan business.

Quicken Loans launched Rocket Mortgage loan in 2015 with a goal of placing the total mortgage loan system on the internet – and Rocket Home loan claims it attained that goal, making it possible for for a entirely electronic home finance loan encounter from software to closing that can acquire position just about devoid of a borrower ever talking instantly to a human becoming.

These digital “nonbanks” have been swiftly expanding their market place share in the home loan business just lately, and Quicken Loans is the greatest solitary-spouse and children lender in the country by greenback volume and units, according to preliminary 2020 facts from the Residence Home finance loan Disclosure Act.

Quicken notes in a press release saying the name change that the general public has turn into acquainted with its Rocket Home loan model in excess of the years by means of marketing and advertising and sports activities sponsorships.

“Rocket Property finance loan has really higher-affinity metrics that eclipse all those of Quicken Financial loans,” the launch states. “The name alter is sizeable for the business, but shoppers will not see any distinction to the digital practical experience.”

Starting up July 31, people will see a title transform from “Quicken Loans” to “Rocket Mortgage” on documents and communications, business officers say. Borrowers most likely won’t take note any other modifications.

Quicken Loans’ subsidiaries of Rocket Firms went community last calendar year. Various of Rocket Mortgage’s sister corporations have already embraced the Rocket name, such as Rocket Home, Rocket Auto and Rocket Loans.

Resource: Rocket Home loan

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