In June 2002, two and a half years after selling the company, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial Corp. In December 1999, a year and a half after the IPO, Intuit Inc. 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. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns. Rock Financial was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. Unlike other large mortgage lenders that depend on deposits, Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system.
(it is also the largest online retail mortgage lender).
In January 2018, the company became the largest overall retail lender in the U.S. It is headquartered in the One Campus Martius building in the financial district of Downtown Detroit, Michigan. Rocket Mortgage, LLC (formerly known as Quicken Loans, LLC) is a mortgage loan provider.
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