Meeting with a mortgage lender face-to-face may offer some consumers peace of mind, but the rise of online mortgage companies like Rocket Mortgage, the largest home loan provider in the US, demonstrates a growing comfort with applying for loans digitally.
In May 2021, Quicken Loans rebranded as Rocket Mortgage, a subsidiary of the publicly traded Rocket Companies (RKT).
What Is Rocket Mortgage (Formerly Quicken Loans)?
Rocket Mortgage stands out as an online direct-lending platform specializing in residential mortgages and home loan products. Formerly known as Quicken Loans, the company officially changed its name in 2021 under the ownership of Rocket Companies, solidifying its position as one of America’s top mortgage lenders.
How Does Rocket Mortgage Compare to Traditional Loans?
Rocket Mortgage caters to borrowers seeking the convenience of acquiring a loan from the comfort of their home, offering a largely online application and approval process. Despite its digital focus, the loan application and closing procedures mirror those of traditional banks, with options to work with experts and customize loan terms.
To proceed with loan approval, Rocket Mortgage scrutinizes credit scores, income, employment details, and property valuations. A nominal “good faith deposit” ranging from $400 to $750 is required, which the company offsets against closing costs, resulting in competitive fees compared to other lenders.
Pros and Cons of Rocket Mortgage
Unlike marketplaces like LendingTree, Rocket Mortgage streamlines the lending process by serving as a single direct lender, ensuring privacy and reducing unnecessary solicitations.
Rocket Mortgage empowers consumers with a variety of mortgage options, specializing not only in conventional loans but also offering VA and FHA products, emphasizing choice and flexibility in loan selection.
Who Owns Rocket Mortgage?
Rocket Mortgage, formerly Quicken Loans, is a subsidiary of Detroit-based Rocket Companies Inc., publicly traded on the NYSE under the symbol RKT. Alongside home loans, Rocket Companies operates Rocket Homes, Rocket Auto, Rocket Loans, and various technology platforms.
Is Rocket Mortgage the Same as Quicken Loans?
In 2021, Quicken Loans rebranded as Rocket Mortgage, with the Quicken Loans website redirecting users to the new platform.
Is Rocket Mortgage a Bank?
Rocket Mortgage functions as a direct lender specializing in home loans and related financial products, distinct from traditional banking services like deposits or payment cards.
The Bottom Line
While Rocket Mortgage offers a convenient digital avenue for home financing, exploring other options can ensure competitive rates. Overall, its focus on user experience and diverse loan offerings cements its standing in the mortgage industry.