DETROIT, March 7, 2017 /PRNewswire/ -- One year after Quicken Loans' Rocket Mortgage Super Bowl ad ignited a nationwide conversation about the power of the American homebuyer, the largest FinTech lender funded $7 billion of its record $96 billion in total closed loan volume in 2016 through Rocket Mortgage. In just 11 months Rocket Mortgage's closed volume alone would already rank as a top-30 national mortgage lender, among the nearly 50,000 banks, credit unions, brokers and mortgage companies in the United States.
"Rocket Mortgage has forever changed the way people think about getting a mortgage," said Jay Farner, CEO of Quicken Loans. "The product has been a success in so many ways, including its strong appeal to first-time homebuyers and ability to remove the intimidating and cumbersome aspects of the traditional mortgage process. Rocket Mortgage has become a significant part of our business and will continue to be a central driver of our growth."
The rapid growth of Rocket Mortgage comes from its appeal to a new generation of homebuyers. In 2016, two-thirds of Rocket Mortgage clients used it to finance a home purchase and 80 percent of those consumers were first-time home buyers.
"It's no surprise that Rocket Mortgage is attracting so many first-time homebuyers. The product allows borrowers to qualify for a new mortgage in an automated and highly transparent fashion, without spending hours, or days, cobbling paperwork together," said Laurie Goodman, Co-Director of the Housing Finance Policy Center at the Urban Institute.
Millennials were twice as likely to use Rocket Mortgage in 2016.
"While millennials are more likely to use Rocket Mortgage, we see strong adoption across all demographics," said Regis Hadiaris, Senior Product Manager of Rocket Mortgage. "Many consumers can't, or simply won't navigate the mortgage process solely within the limited timeframe of traditional business hours. They expect technology to service their demands and simplify their lives, whether it's shopping, dating, arranging an Uber, trading their sneakers or even a complex infrequent transaction such as a home loan."
The development of Rocket Mortgage includes the digital verification of client income, credit, assets and even property valuations in a growing percentage of cases; all via third-party electronic interfaces. This capability has enabled hundreds of thousands of home buyers to eliminate paperwork entirely from the mortgage process, ensuring accuracy for the lender, virtually eliminating any compromise of highly sensitive data and closing 12 days faster than industry averages.
Quicken Loans offers conventional, VA and FHA mortgages products through Rocket Mortgage.
For more information, please visit the Quicken Loans press room.
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company has closed over $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked "Highest in Customer Satisfaction for Primary Mortgage Origination" in the United States by J.D. Power for the past seven consecutive years, 2010 – 2016, and highest in customer satisfaction among all mortgage servicers the past three years, 2014 – 2016.
Quicken Loans was ranked #5 on FORTUNE magazine's annual "100 Best Companies to Work For" list in 2016, and has been among the top-30 companies for the last 13 years. It has been recognized as one of Computerworld magazine's '100 Best Places to Work in IT' the past 12 years, ranking #1 for seven of the past eleven years including 2016. The company moved its headquarters to downtown Detroit in 2010, and now more than 12,000 of its 16,000 team members work in the city's urban core. For more information about Quicken Loans, please visit QuickenLoans.com.
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SOURCE Quicken Loans