Detroit based Quicken Loans Inc., previously Rock Financial Corp., was founded by Dan Gilbert in 1985. Initially a branch-based lender, the company launched Rockloans.com in January 1999, which quickly positioned the company as one of the fastest growing online direct mortgage lenders on the Internet.
In December 1999, Intuit Inc. (makers of market-leading software Quicken, TurboTax and QuickBooks) purchased Rock Financial. The company was renamed Quicken Loans. In August 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans Inc. subsidiary back from Intuit. Quicken Loans has been privately held since. Fortunately, the company retained all Quicken Loans branding and marketing initiatives.
During the turmoil in the mortgage industry in 2008 and 2009, Quicken Loans was able to grow its market share significantly, due in large part to the company’s past refusal to originate subprime mortgages.
In August 2010, Quicken Loans moved its headquarters and 1,700 full-time team members to downtown Detroit and Dan Gilbert coined the name “WEBward Avenue” to illustrate the movement toward a brain-based economy that is currently taking hold in Detroit as more tech-based companies move to Detroit along with Quicken Loans.
The company later moved an additional 2,000 team members to Detroit. Later that year the company completed the move of all its Michigan-based team members to the city. Today, more than 8,000 team members call Detroit home.
Quicken Loans ended out 2011 with a company record of $30 billion in closed loan volume. In June 2012, Quicken Loans partnered with other Detroit businesses to create “IT in the D,” a program to give local university students real-world experience to prepare them for tech jobs in Detroit.
Quicken Loans closed $70 billion in residential mortgages in 2012, beating the previous record set in 2011 by more than 133 percent. The organization also significantly entered the mortgage servicing business, announcing it had built an $80 billion – and growing – servicing portfolio as of the end of calendar year 2012.
In March, Quicken Loans announced its purchase of $34 billion in mortgage servicing rights from Ally Bank, expanding its servicing portfolio to exceed $125 billion.
According to quicken loans founder Dan Gilbert, culture is the single most important aspect of a company’s success. Culture frames expectations, deconstructs bureaucracy and sets the tone for everything that an organization is today, and has the potential to achieve in the future. Understanding and incorporating that fundamental idea has ranked Quicken among the top-30 companies on Fortune magazine’s annual “100 Best Companies to Work For” list for 10 consecutive years.
Gilbert knew the role culture would play in the company’s success, and it is something the company leadership has spent a lot of time focusing on ever since. Every team member — and the term team member is used intentionally — is valued and Quicken Loans recognizes diverse backgrounds, experiences and talents build stronger and more effective teams. Beyond the diverse and inclusive work environment, the over the final by-product of culture is success. This is reflected in the company’s rapid growth and expanding steak in lending market.
Community service is embedded in the Quicken Loans company credo, as each full- time team member is given eight hours of paid time off each year to volunteer in the community. It is essential for Quicken Loans and the additional family of companies to make a difference in their surrounding communities.
During a special blitz weekend in early August, as part of the broader ARISE Detroit! Neighborhood’s Day effort, more than 1,200 Quicken Loans team members volunteered, – the company’s largest volunteer event to date.
Quicken Loans also partnered with Life Remodeled, Handy Man Ministries and local Detroiters to help transform nearly 50 blocks in Detroit’s North End neighborhood into a clean, safe and livable area.
Year in review…
‘Opportunity Detroit’ public Wi-Fi launches in Campus Martius, Cadlliac Square the lobbies of the First National, 1001 Woodward and Chase Tower buildings.
Rock Ventures adds 1505 Woodward and 1265 Griswold to its downtown Detroit real estate portfolio.
Bedrock Real Estate Services and fine-art gallery Library Street Collective announce the launch of a dynamic art project that will make “the Z” parking structure and retail development a uniquely exciting experience for downtown visitors.
Dan Gilbert is named as a co-chair of the Blight Revitalization Task Force by The Obama Administration.
Quicken Loans partners with the Neighborhood Service Organization to fight homelessness’ in Detroit, contributing $350,000 for permanent supportive housing for homeless adults in Detroit.
The first 15 police cruisers and 10 EMS units, paid for by a pledge from the business community (including Rock Ventures/Quicken Loans), are delivered to the Detroit Police Department.
As part of ARISE Detroit! Neighborhoods Day, more than 1,200 Quicken Loans team members clean up Detroit neighborhoods by painting, removing debris, doing yard work and more.
The second annual Live Downtown Games kicks off with a week-long friendly competition between Quicken Loans, Blue Cross Blue Shield of Michigan, Compuware, DTE Energy, Marketing Associates and Strategic Staffing Solutions. The competition recognizes the five-year, $4 million Live Downtown Program created to incentivize team members to live in the city in Detroit.
Rock Ventures acquires 1238 Randolph Street, the former Serman’s building in the historic Greektown neighborhood
The 620 and 630 Woodward buildings are acquired by Rock Ventures.
Opportunity Detroit sponsors an international design ideas competition to develop a signature project on the historic Hudson’s Department Store site.
Quicken Loans and its Family of Companies hires 1,200 paid summer interns to spend the summer living, working and playing in Detroit.
Rock Gaming affiliate, Athens Acquisition LLC, acquires a majority interest in downtown Detroit’s Greektown Casino-Hotel with a vision to enhance and grow the existing entertainment district and continue the positive momentum already occurring in the heart of downtown Detroit.
Rock Ventures acquires the 23-story 1001 Woodward office tower, located in the heart of Detroit’s emerging tech district.
Rock Ventures acquires the historic 12-story Albert Kahn-designed Vinton Building.
Rock Ventures signs master lease agreements with the Schostak Brothers and Farbman Group to manage more than 60,000 square feet of first floor retail along the Woodward Corridor in downtown Detroit.
Rock Ventures announces popular grocer Papa Joe’s Gourmet Market and Catering will occupy 15,000 square feet of space in the First National Building, steps from Campus Martius Park in downtown Detroit.
Rock Ventures/Quicken Loans joins with Penske, Blue Cross Blue Shield of Michigan, Platinum Equity, Shinola and the Kresge Foundation to announce an $8 million pledge to replace 100 police cruisers and 23 EMS units in the city of Detroit.
The Roasting Plant, a unique and innovative coffee shop, opens in the Rock Ventures-owned First National Building.