Talk:Rocket Mortgage
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Update to History section
[edit]Hello, I work for Rocket Mortgage. I noticed that there is a promotional content tag on this page. I've created a shortened, less promotional version of the history section that removes excess information and promotional material. I'd appreciate it if you would take a look at this new draft - you can see my suggestions by clicking below. If you approve, please replace the existing history section and remove the tag.
Revised History section
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History[edit]Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[1][2][3] The company became a mortgage lender in 1988, and in May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns.[4] The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.[5] Quicken Loans[edit]1999-2004[edit]In October 1999, almost a year and a half after Rock Financial’s 1998 IPO, Intuit Inc. agreed to buy the company at a valuation of $370 million.[6] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[2]
In 2004, Quicken Loans became a defendant in a class action lawsuit on behalf of employees who had worked as loan consultants. In 2011, a jury ruled in favor of Quicken.[7] 2006-2010[edit]In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans. Neither Rock nor Quicken have ever made subprime loans to home buyers with poor credit histories.[8]
On November 12, 2007, Founder and Chairman, Dan Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices.[9] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[10] The initial move brought 1,700 employees to the city.[10] 
2011-2020[edit]In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and was the nation's largest online mortgage lender.[11] In January 2018, they became the nation's largest mortgage lender.[12]
On October 15, 2018 Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[13][14][15]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[16] raising $1.8 billion.[17][18] Quicken Loans was the largest subsidiary of the newly formed, public traded entity that also included Rocket Homes, Rocket Loans, Amrock and other tech-driven personal finance companies.[19] Rocket Mortgage[edit]2015 - 2020[edit]In 2015, Quicken Loans created Rocket Mortgage, the first fully online mortgage process. [20]
By 2016, Rocket owned three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties.[21] In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.[22]
In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states.[23]
J.D. Power named Rocket Mortgage number one 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.[24] That year the company doubled its mortgage originations.[25]
In March 2021, the company was the number one mortgage lender by overall business in the United States. [26]
On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[27]
That year, Rocket Mortgage grew its mortgage originations by more than 30%, continuing to surpass Wells Fargo and JPMorgan Chase.[28]
Rocket sponsors the Rocket Mortgage FieldHouse, an arena located in downtown Cleveland, Ohio. The arena, formerly known as the Quicken Loans Arena, changed its name to the Rocket Mortgage FieldHouse after the completion of the arena's renovation and expansion in 2019.[29]
At the end of 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion.[30]
In 2024, Rocket Mortgage launched Rocket Logic, an AI-driven tool that gathers and processes documents needed for underwriting mortgages, reducing the time it takes to purchase a loan by 25%.[31] References
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Thanks for your help, ~~~~ Annie13478 (talk) 17:18, 18 December 2024 (UTC)
- Comment - @Annie13478:, Thanks for your disclosure. I have worked on this page in the past and will have a closer look at your request sometime later today. In the meantime, can you tell me if you have a relation to user:Fabiola718? They have heavily edited the page and if they are related to Rocket, they will need to make such disclosure as well. If you have no relation to that account, please disregard my request. --CNMall41 (talk) 17:30, 18 December 2024 (UTC)
- Thanks so much for your time, CNMall41! I look forward to your thoughts and hope we can amend the issues together. I don't have any relation with that account, I'm sorry I can't help with that. Thanks again. ~~~~ Annie13478 (talk) 19:40, 19 December 2024 (UTC)
- @Annie13478:, are you able to clarify a few things with your proposed edits? Under Rocket mortgage, you have 2015-2020 but also include information through 2024. You seems to have left off the 2021-present heading (maybe??). Also, can you point out specifically what was changed as it would be easier to see the changes called out as opposed to going line by line to determine what was removed/added? --CNMall41 (talk) 18:00, 2 January 2025 (UTC)
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