What exactly is Rocket Mortgage, also referred to as Quicken Loans in the past?
It is important to keep in mind that not all loan originators will approach the process of refinancing or purchasing a new home mortgage in the same manner. This is something you should keep in mind if you plan to do either of these things online. While other websites, such as LendingTree and Zillow, act as lead generators and send your loan request to a number of different mortgage providers, Rocket Mortgage is a legitimate lending institution.
If you use a direct lender such as Rocket Mortgage, you won’t be inundated with emails from competing lenders vying for your business like you would if you used an intermediary lender. Customers who place a high value on their privacy are likely to appreciate the fact that their personal information will be shared with fewer parties. However, if you are looking for a way to quickly compare rates from a number of different lenders, you might want to consider using websites that send your information to a number of different lenders at the same time.
Who holds ownership of the Rocket Mortgage business?
Rocket Companies, Inc., headquartered in Detroit, is the owner of Rocket Mortgage, which was formerly known as Quicken Loans. Rocket Companies, Inc. is a publicly-traded company that trades on the NYSE using the ticker symbol RKT. Rocket Companies owns a real estate search and referral platform called Rocket Homes;
an automotive retail marketplace called Rocket Auto that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business. In addition to their home loan business, Rocket Companies also own Rocket Auto and Rocket Loans. In addition to that, it is the owner and operator of a number of different technological and advertising technology platforms revolving around these businesses.
The direction that interest rates go in has a significant impact on the company’s profits.
The vast majority of Rocket’s new mortgage business is comprised of refinancing existing loans. Only 27 percent of the total $39 billion in mortgages originated in 2019 were for purchases by individual consumers to occupy existing homes. As a consequence of this, refinancing accounts for a greater portion of Rocket’s business than it does for the mortgage industry as a whole.
As a result of interest rates reaching all-time lows in the most recent months, Rocket has been able to process a record number of loans, which has contributed to an increase in the company’s profits in this fiscal year. According to what is stated in the prospectus provided by the company, “If interest rates rise and the market shifts to purchase originations, our market share could be adversely