So while Rocket Mortgage made up less than 8% of Quicken’s business in its first year, the digital mortgage is already one of the most successful lenders in the nation by itself. However, if Rocket Mortgage was a lender unto itself, its $7 billion in closed loan volume alone would place it among the top 30 mortgage lenders in the country, according to Quicken.
That’s just over 7% of Quicken Loans’ total closed loan volume in 2016, which checked in at a record-breaking $96 billion, the lender said in the report. Once that original furor and confusion dissipated, ads for Rocket Mortgage became commonplace on TV, as Quicken worked hard to publicize its digital mortgage and entice borrowers to use it.Īnd now that the dust is settled from Rocket Mortgage’s first year of existence, the question is just how much did the digital mortgage drive business for Quicken Loans?Īccording to data published Tuesday by Quicken Loans, the lender funded $7 billion in closed loans through Rocket Mortgage in 2016.
The rollout of Rocket Mortgage kicked in high gear when Quicken Loans introduced the world to its digital mortgage with a Super Bowl commercial that, well, confused quite a few people. It’s been just over a year since Quicken Loans went digital with Rocket Mortgage, the lender’s fully online mortgage.
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