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"History Updates"

On behalf of my employer, Quicken Loans, I wrote up a draft History section that I think could improve the existing section. I have placed the drafted text in the box below. To make reviewing a bit easier, I will list my proposed changes:

  1. Delete the unsourced sentence: "In July 1987 the name was changed to Rock Financial Corp."
  2. Move up the paragraph on changes to the business in the 1990s to fit chronologically
  3. Replace unsourced content: "As RFC grew so did the head count, hitting 50 employees in August 1991. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns and Prudential Securities" with sourced content, "In May 1998, Gilbert took Rock Financial public, raising $33.3 million"
  4. Replace "M" with "million"
  5. Remove "The construction sites reserved for development by the agreement included the location of the former Statler Hotel on Grand Circus Park and the former Hudson's location" to streamline
  6. Delete unsourced sentence: "In the spring of 2008, Rock Holdings entered the reverse mortgage market with the acquisition of One Reverse Mortgage", as this deals with Rock Holdings, not Quicken Loans
  7. Streamline paragraph on Quicken Loans' locations in Detroit
  8. Delete the following because the material is not verified in the cited source: "In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. In response, Quicken Loans discontinued:[16] Second mortgages; Home equity lines of credit (HELOC); Alt-A products; Deferred interest loans"
  9. Delete the paragraph on a class action lawsuit because the courts found in favor of Quicken Loans, there was not much media coverage of the lawsuit, and it seemed to be given too much weight in the article. If editors think this class action lawsuit is necessary, I wonder if editors think it could be summarized in a way that does not give it as much weight.
  10. Change verb tense
  11. Update employee count
  12. Update paragraph on Rocket Mortgage founding
  13. Add a paragraph on the false-claims lawsuit from 2015
  14. Add extra context surrounding Quicken Loans becoming the nation's largest mortgage lender
Proposed History updates
History

Quicken Loans, originally Rock Financial, was founded in 1985 by Dan Gilbert, Gary Gilbert,[1] and Lindsay Gross.

The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. 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.[2]

In May 1998, Gilbert took Rock Financial public, raising $33.3 million.,[3][4]

In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, Quicken, and an online lending platform QuickenMortgage) purchased Rock Financial Corp. for $532 million. The company was renamed Quicken Loans. In June 2002, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64 million.[5]

On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices.[6] Quicken Loans moved into its downtown headquarters in August 2010. The initial move brought 1,700 employees to the city.[7]

Quicken Loans has created a downtown Detroit campus, maintaining office space in One Campus Martius (formerly called the Compuware building), First National Building, The Qube, Chrysler House, One Woodward Avenue, 1001 Woodward, and The Detroit News Complex.[8][9]

The company saw a small drop in employment levels following the 2008 financial crisis.[10][11]

In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and remained the nation's largest online mortgage lender.[12] The company employs 17,000 people and is Detroit's largest employer, minority employer, and taxpayer..[13][14][15]

Quicken Loans launched Rocket Mortgage in 2015. Rocket Mortgage is considered the industry's first fully digital loan origination platform.[16]

The United States Department of Justice filed a false-claims lawsuit against Quicken Loans in 2015, alleging that the company misrepresented borrowers' income, credit scores, or appraisals, to secure Federal Housing Administration insurance.[17] Quicken Loans denied the allegations, having filed a pre-emptive lawsuit against the government.[17] Quicken Loans' lawsuit was dismissed at the end of that year. [18] In June 2019, the government's was resolved with no admission of wrongdoing.[19] Quicken Loans agreed to pay $32.5 million for loans that had errors, which represented 0.02% of its FHA originations.[19][20]

In January 2018, Quicken Loans became the nation's largest mortgage lender, overtaking Wells Fargo, which held the top spot since 2004.[21][22] To take over the top spot, Quicken Loans originated $25 billion in retail home loans in the last quarter of 2017,[23] ahead of Wells Fargo ($23 billion), Bank of America ($13 billion), and Chase Bank ($11 billion).[21] As of 2019, Quicken Loans maintains its position as the largest mortgage lender in the U.S.[3][24]

In August 2018, Quicken Loans parent Rock Holding acquired Dictionary.com and Thesaurus.com from IAC.[25]

On October 15, Quicken Loans announced that it was expanding into Canada by opening a tech center across the river in downtown Windsor, Ontario.[26][27][28]

References

  1. ^ Segal, David (April 13, 2013). "A Missionary's Quest to Remake Motor City". New York Times. New York Times. Retrieved January 26, 2016.
  2. ^ "A new foundation". The Economist. ISSN 0013-0613. Retrieved June 3, 2016.
  3. ^ a b Walsh, Dustin (March 10, 2019). "How big can Quicken Loans get?". Crain's Detroit Business. Retrieved July 25, 2019.
  4. ^ Roush, Matt (March 2, 1998). "13 Years Later, Rock Financial Is Going Public". Crain's Detroit Business. Retrieved July 25, 2019.
  5. ^ "The 400 richest Americans". Forbes Magazine. August 24, 2007. Retrieved August 24, 2007.
  6. ^ Howes, Daniel (November 12, 2007).Quicken moving to downtown Detroit.The Detroit News. Retrieved on November 12, 2007.
  7. ^ Randolph, Ned (November 2, 2011). "Detroit native Dan Gilbert bets big on the city's rebound". Reuters. Retrieved November 28, 2012.
  8. ^ Wayland, Michael (October 11, 2011). "Gilbert's glory: 1,500 Quicken Loans employees move to Detroit, help 'transform downtown'". mLive. Retrieved November 28, 2012.
  9. ^ "Detroit News' former home nominated for historic status". The Detroit News. September 16, 2015. Retrieved September 5, 2019.
  10. ^ "Gilbert: Housing slump hits Quicken". The Detroit News. October 15, 2007. Retrieved October 15, 2007.
  11. ^ "Quicken lays off 250 in Mich., Ariz., Ohio". The Detroit News. June 20, 2008. Retrieved July 1, 2008.
  12. ^ Morris, Bill (October 18, 2012). "Finally, a Downtown's Upswing". New York Times. Retrieved November 28, 2012.
  13. ^ Feloni, Richard (August 18, 2018). "Billionaire Dan Gilbert has already bet $5.6 billion on Detroit's future, but money can't solve his biggest challenge". Business Insider. Retrieved July 25, 2019.
  14. ^ "Rock Ventures on the Forbes America's Largest Private Companies List". Retrieved 2016-08-03.
  15. ^ King, R.J. (September 5, 2017). "Quicken Loans Family of Companies Surpasses 17K Employees in Detroit, More to Come". D Business. D Business. Retrieved 21 September 2017.
  16. ^ Swanson, Brena (November 24, 2015). "Game changer? Quicken Loans takes mortgage lending fully digital". Retrieved January 21, 2017.
  17. ^ a b Creswell, Julie (January 21, 2017). "Quicken Loans, the New Mortgage Machine". The New York Times. Retrieved July 25, 2019.
  18. ^ Chambers, Jennifer; Kurth, Joel (December 31, 2015). "Judge dismisses Quicken Loans lawsuit against feds". The Detroit News. Retrieved September 10, 2019.
  19. ^ a b Heisig, Eric (June 17, 2019). "Quicken Loans agrees to $32.5 million settlement in federal mortgage fraud lawsuit". The Plain Dealer. Retrieved July 25, 2019.
  20. ^ Tompor, Susan (June 14, 2019). "Quicken Loans to pay $32.5 million to resolve mortgage suit". Detroit Free Press. Retrieved September 10, 2019.
  21. ^ a b Pender, Kathleen (February 1, 2018). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle. Retrieved July 25, 2019.
  22. ^ "Quicken Loans becomes largest U.S. mortgage lender". Detroit News. Retrieved 2018-03-10.
  23. ^ Sharf, Smantha (February 5, 2018). "Quicken Loans Overtakes Wells Fargo As America's Largest Mortgage Lender". Forbes. Retrieved July 25, 2019.
  24. ^ "Fortune 100 Best: Quicken Loans". Fortune. 2019. Retrieved July 25, 2019.
  25. ^ Reindl, J. C. "Dan Gilbert just dipped into the online dictionary, thesaurus business". Detroit Free Press. Retrieved 2019-08-06.
  26. ^ "New Quicken Loans tech centre a Windsor beachhead, says Rock Ventures principal". Windsor Star. October 31, 2018.
  27. ^ "Detroit businessman Gilbert, Quicken Loans moving into Windsor". Windsor Star. October 15, 2018.
  28. ^ "Local tech companies welcome Quicken Loans as potential game changer". Windsor Star. October 16, 2018.

Will an editor please take a look and update the infobox as they see fit? @Kvng: Would you be willing to take a look at the text I've proposed and implement if this would be an improvement to the encyclopedia?

I want to contribute to Wikipedia by working with volunteer editors to update the Quicken Loans article to make it an accurate reference for readers. Because of my conflict of interest, I won't edit the Quicken Loans article myself, so you'll see me around here and related Talk pages to work on building consensus. Happy to be part of the community. Thanks! AE at Quicken Loans (talk) 22:11, 7 November 2019 (UTC)

Rocket Mortgage Rebrand

So Quicken Loans is now Rocket Mortgage... and the company name has changed. Anything we could do? 173.54.114.244 (talk) 00:40, 10 August 2021 (UTC)

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