Rocket Mortgage

Office address: 1050 Woodward Ave, Detroit, MI 48226
Website: www.rocketmortgage.com
Year established: 1985
Company type: financial services
Employees: 26,000+
Expertise: financial technology, mortgage loans, 15-year and 30-year fixed rate mortgages, FHA loans, VA loans, arm loans, jumbo loans
Parent company: Rocket Companies, Inc.
CEO and key people: Varun Krishna (CEO), LaQuanda Sain (EVP), Austin Niemiec (CRO), Brian Woodring (CIO), Casey Hurbis (CMO), Bill Banfield (CRO)
Financing status: formerly PE-backed

Rocket Mortgage is a mortgage lending company that provides home loan services and a variety of digital products. The company has a market capitalization of around $25.97 billion. It has been facilitating over $1.7 trillion in home loans since 1985. The lending company services 2.5 million families’ mortgages monthly.

History of Rocket Mortgage

Rocket Mortgage, initially known as Rock Financial, was founded in 1985 by Dan Gilbert. Over the years it has expanded from a traditional mortgage company to a fintech leader. The introduction of “Mortgage In A Box” in 1996 introduced a more simplified mortgage process.

In 1999, Rocket Mortgage transitioned into an online platform, RockLoans.com, and rebranded to Quicken Loans. It became the world’s first completely online mortgage process in 2015 and the largest residential mortgage lender in the United States in 2017.

Products and Services of Rocket Mortgage

Rocket Mortgage’s products and services are designed to help quicken and simplify the financial processes of its customers. Such offerings include:

• home financing: comprehensive mortgage solutions designed for simplicity and speed
• home sale and search: services that streamline the home buying and selling process
• personal finance: financial products beyond mortgages to support clients' broader financial needs
• sales, technology and marketing services: advanced tech solutions supporting sales and marketing efforts

Culture at Rocket Mortgage

Rocket Mortgage has a set of foundational philosophies, or "ISMs," which guide the organization's actions, promoting a positive, proactive, and inclusive workplace. The company also offers an array of employee benefits, such as:

• comprehensive health care coverage
• paid time off policy
• 401(k) plan with company match
• Team Member Stock Purchase Plan
• fully paid parental leave
• Rock Health Collective
• Rocket Academy

Rocket Mortgage promotes an inclusive environment that extends its diversity, equity, and inclusion (DEI) principles into its operations. Central to these efforts include:

• partnering with Historically Black Colleges and Universities (HBCUs) and Urban Alliance to provide opportunities and experience to young people
• engaging its team members through inclusive initiatives like book clubs focused on DEI topics, mandatory 'The Art of Inclusion' training, and the celebration of diversity-promoting holidays without the need for employees to use paid time off
• collaborating with the National Association of Minority Mortgage Bankers of America (NAMMBA) to further opportunities for historically underrepresented professionals in the mortgage sector

About Rocket Mortgage CEO Varun Krishna

Varun Kirshna is the CEO of Rocket Companies and Rocket Mortgage and has over 2 decades of experience in product development, technology, and leadership. Krishna has previously held high positions in companies such as Intuit, PayPal, Groupon, and Microsoft. He obtained his computer engineering bachelor’s degree from the University of Waterloo in Canada.

Alongside Varun Krishna are some of the key leaders at Rocket Companies:

• LaQuanda Sain (EVP): leads the company's mortgage servicing business
• Austin Niemiec (CRO): oversees home lending strategy; former head of Rocket Pro TPO
• Brian Woodring (CIO): focuses on digital product strategy and technology platforms
• Casey Hurbis (CMO): manages marketing initiatives and brand strategy
• Bill Banfield (Chief Business Officer): handles critical business areas including capital markets and mortgage servicing

The Future at Rocket Mortgage

Rocket Mortgage aims to explore new ventures like the solar power sector to expand its operations and capitalize on the growth of the solar market. Its parent company has also initiated the Rocket Rewards scheme to boost client involvement and financial benefits.