It’s not gonna be a long, long time until Quicken Loans has a new name.
The country’s largest mortgage lender is officially rebranding as Rocket Mortgage on July 31. The name change will align the lender with the other subsidiaries of Rocket Companies /zigman2/quotes/219854810/composite RKT -1.45% , their holding company that went public last year.
“With this official name change, we will have a consistent brand that is synonymous with innovation and excellence,” said Jay Farner, CEO of both Rocket Mortgage and Rocket Cos. The company also owns auto financer Rocket Auto and personal loans company Rocket Loans, among other subsidiaries.
Quicken Loans first debuted the Rocket Mortgage brand back in 2015 as the name for its new, digital lending process. In advertisements that aired during the Super Bowl in 2016, the company boasted how mortgage borrowers could go through the entire loan origination process from application to closing without speaking to any people if they wanted.
Before Rocket Cos. went public , the company noted in a filing with the Securities and Exchange Commission that it does not own the rights to the Quicken Loans trademark, but licenses the name and trademark from Intuit /zigman2/quotes/203136605/composite INTU -2.95% . Back when Intuit purchased Rock Financial, which was founded by Dan Gilbert, it merged Rock’s existing mortgage business with its own QuickenMortgage entity. When Gilbert bought Rock Financial back from Intuit years later, he got the mortgage business, but Intuit retained the name.
In the SEC filing, the company said it had entered into an agreement to assume full ownership of the brand in 2022. A spokesman for Rocket Companies said the ownership of the “Quicken Loans” name did not factor into the decision to switch to Rocket Mortgage as the brand.
New and existing customers won’t be affected much by the change. The company’s documentation and communications to borrowers will bear the new name moving forward, but QuickenLoans.com will remain in operation after the name change and direct customers to Rocket Mortgage. The company is also exploring other ways to use the Quicken Loans website in the future, a spokesman said.
Since the start of the year, Rocket Cos. shares are down nearly 17%, whereas the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.89% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.30% are both up around 45%.