Quicken Loans, the nation’s largest lender, announced it will officially change its name to Rocket Mortgage, beginning July 31, 2021. The name change is to reflect that technology—which the Rocket Mortgage brand has touted for six years—is at the core of its mortgage business.
Quicken Loans launched Rocket Mortgage in 2015 with the goal of putting the entire mortgage process online. Rocket Mortgage has accomplished that goal, allowing for a fully digital mortgage experience from application to closing that can take place all online without the borrower speaking to a human.
Nonbanks have quickly been growing their market share in the mortgage business in recent years. Quicken Loans is the largest single-family lender in the country by dollar volume and units, according to preliminary 2020 data from the Home Mortgage Disclosure Act.
The company notes in a press release that the public has become familiar with its Rocket Mortgage brand over the years through marketing and sports sponsorships. “Rocket Mortgage has extremely high-affinity metrics that eclipse those of Quicken Loans,” the company’s press release states. “The name change is significant for the company, but clients will not see any difference to the digital experience.”
On the July 31 starting date, consumers will see a name change from “Quicken Loans” to “Rocket Mortgage” on documents and communications, company officials say. Borrowers likely won’t see any other changes.
Quicken Loans’ subsidiaries of Rocket Companies went public last year. Several of Rocket Mortgage’s sister companies have already embraced the Rocket name, including Rocket Home, Rocket Auto, and Rocket Loans.