History
Quicken Loans, originally Rock Financial Corporation, was founded in 1985 by Dan Gilbert and Lindsay Gross, along with his younger brother, film producer Gary Gilbert. Rock Financial became one of the largest independent mortgage companies in the country. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns and Prudential Securities.
In December 1999, Intuit Inc. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial for a sum of $532M. The company was renamed Quicken Loans. In June 2002, Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for just $64M.
Quicken Loans moved its headquarters from the Michigan suburbs to the Compuware Building in the heart of Detroit’s business district in August 2010. The initial move brought 1,700 team members to the city.
In 2012, Quicken Loans has grown to be the 4th largest mortgage lender in the country, and remains the nation’s largest online mortgage lender. The company employs more than 8,000 team members, with 6,500 now working in the city of Detroit.
Read more about this topic: Quicken Loans
Famous quotes containing the word history:
“All history is a record of the power of minorities, and of minorities of one.”
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