Talk:Rocket Mortgage
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Update to History section
[edit]Hello, I work for Rocket Mortgage. I noticed that there is a promotional content tag on this page. I've created a shortened, less promotional version of the history section that removes excess information and promotional material. I'd appreciate it if you would take a look at this new draft - you can see my suggestions by clicking below. If you approve, please replace the existing history section and remove the tag.
Revised History section
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History[edit]Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[1][2][3] The company became a mortgage lender in 1988, and in May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns.[4] The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.[5] Quicken Loans[edit]1999-2004[edit]In October 1999, almost a year and a half after Rock Financial’s 1998 IPO, Intuit Inc. agreed to buy the company at a valuation of $370 million.[6] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[2]
In 2004, Quicken Loans became a defendant in a class action lawsuit on behalf of employees who had worked as loan consultants. In 2011, a jury ruled in favor of Quicken.[7] 2006-2010[edit]In August 2007, Quicken Loans discontinued second mortgages, home equity lines of credit, Alt-A products, and deferred interest loans. Neither Rock nor Quicken have ever made subprime loans to home buyers with poor credit histories.[8]
On November 12, 2007, Founder and Chairman, Dan Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices.[9] Quicken Loans moved into its downtown Detroit headquarters in August 2010.[10] The initial move brought 1,700 employees to the city.[10]
2011-2020[edit]In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and was the nation's largest online mortgage lender.[11] In January 2018, they became the nation's largest mortgage lender.[12]
On October 15, 2018 Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[13][14][15]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[16] raising $1.8 billion.[17][18] Quicken Loans was the largest subsidiary of the newly formed, public traded entity that also included Rocket Homes, Rocket Loans, Amrock and other tech-driven personal finance companies.[19] Rocket Mortgage[edit]2015 - 2020[edit]In 2015, Quicken Loans created Rocket Mortgage, the first fully online mortgage process. [20]
By 2016, Rocket owned three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties.[21] In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.[22]
In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states.[23]
J.D. Power named Rocket Mortgage number one in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.[24] That year the company doubled its mortgage originations.[25]
In March 2021, the company was the number one mortgage lender by overall business in the United States. [26]
On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[27]
That year, Rocket Mortgage grew its mortgage originations by more than 30%, continuing to surpass Wells Fargo and JPMorgan Chase.[28]
Rocket sponsors the Rocket Mortgage FieldHouse, an arena located in downtown Cleveland, Ohio. The arena, formerly known as the Quicken Loans Arena, changed its name to the Rocket Mortgage FieldHouse after the completion of the arena's renovation and expansion in 2019.[29]
At the end of 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion.[30]
In 2024, Rocket Mortgage launched Rocket Logic, an AI-driven tool that gathers and processes documents needed for underwriting mortgages, reducing the time it takes to purchase a loan by 25%.[31] References
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Thanks for your help, ~~~~ Annie13478 (talk) 17:18, 18 December 2024 (UTC)
- Comment - @Annie13478:, Thanks for your disclosure. I have worked on this page in the past and will have a closer look at your request sometime later today. In the meantime, can you tell me if you have a relation to user:Fabiola718? They have heavily edited the page and if they are related to Rocket, they will need to make such disclosure as well. If you have no relation to that account, please disregard my request. --CNMall41 (talk) 17:30, 18 December 2024 (UTC)
- Thanks so much for your time, CNMall41! I look forward to your thoughts and hope we can amend the issues together. I don't have any relation with that account, I'm sorry I can't help with that. Thanks again. ~~~~ Annie13478 (talk) 19:40, 19 December 2024 (UTC)
- @Annie13478:, are you able to clarify a few things with your proposed edits? Under Rocket mortgage, you have 2015-2020 but also include information through 2024. You seems to have left off the 2021-present heading (maybe??). Also, can you point out specifically what was changed as it would be easier to see the changes called out as opposed to going line by line to determine what was removed/added? --CNMall41 (talk) 18:00, 2 January 2025 (UTC)
- Thanks for being so thorough, CNMall41. I will do my best to clarify. I did mistakenly leave off the 2021-present heading. Good catch - that can be added in to my draft.
- Here is a draft of the current page that shows the changes I made. I have crossed out things that I suggest removing, and I have highlighted the things that I suggest adding. In light of the promotional content tag on the page, I am suggesting the removal of anything that seems promotional, redundant, or simply unnecessary so that the page is more relevant. I hope this helps.
Revised History section
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History
Rock Financial was founded as a mortgage broker in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert.[1][2][3] The company became a mortgage lender in 1988, and in May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns.[4] The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. Gilbert challenged this orthodoxy, however, by offering loan applications online that were reviewed by experts versed in the regulations of each region but who were located in a central headquarters.[5] Quicken Loans
1999-2004
In October 1999, almost a year and a half after Rock Financial’s 1998 IPO, Intuit Inc. agreed to buy the company at a valuation of $370 million.[6] The name changed to Quicken Loans. In 2002, Dan Gilbert and a group of private investors bought the company back.[2]
In 2004, Quicken Loans became a defendant in a class action lawsuit 2006-2010
In August 2007, On November 12, 2007, Founder and Chairman, Dan Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices.[9]
Quicken Loans moved into its downtown Detroit headquarters in August 2010. The initial move brought 1,700 employees to the city.[12]
2011-2020
In 2014, Quicken Loans grew to be the 2nd largest mortgage lender in the United States, and was the nation's largest online mortgage lender.[14]
In January 2018, Quicken Loans became the nation's largest mortgage lender.[17] On October 15, 2018 Quicken Loans announced that it was expanding into Canada by opening a tech center in downtown Windsor, Ontario.[18][19][20]
On August 6, 2020, Rocket Companies, Inc. went public on the New York Stock Exchange under the symbol RKT,[22] raising $1.8 billion.[23][24] Quicken Loans was the largest subsidiary of the newly formed, public traded entity that also included Rocket Homes, Rocket Loans, Amrock and other tech-driven personal finance companies.[25]
Rocket Mortgage
Heading 2015-2020
In 2015, Quicken Loans created Rocket Mortgage, the first fully online mortgage process.[28] Rocket owns three patents around verifying client data, filtering it and sourcing it, and extracting it from external parties.[31] In its first full year, the Rocket Mortgage platform funded $7 billion in closed loans.[32]
In 2019, the company became the first mortgage lender to perform electronic closings (eClosings) in all 50 states.[34]
J.D. Power named Rocket Mortgage number one in the nation for client satisfaction in primary mortgage origination in 2020, the 11th consecutive year either Rocket Mortgage or Quicken Loans earned the recognition.[37] That year the company doubled its mortgage originations.[38] 2021-present
In March 2021, the company was the number one mortgage lender by overall business in the United States.[39] On May 12, 2021 Quicken Loans announced that it would be rebranded to Rocket Mortgage, by July 31, 2021.[40] That year, Rocket Mortgage grew its mortgage originations by more than 30%, continuing to surpass Wells Fargo and JPMorgan Chase.[41] Rocket sponsors the Rocket Mortgage FieldHouse, an arena located in downtown Cleveland, Ohio.[42] At the end of 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion.[44] In 2024, Rocket Mortgage launched Rocket Logic, an AI-driven tool that gathers and processes documents needed for underwriting mortgages, reducing the time it takes to purchase a loan by 25%.[45] References
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- Thank you, Annie13478 (talk) 13:00, 7 January 2025 (UTC)
- I appreciate the effort. I am implementing the changes although I will be doing some cleanup of those edits as well prior to addressing the tags. For future reference, it would be better to request smaller changes and pointing out what will be removed and/or added. Also, make sure to use the "edit request" template as this request was not in the queue at WP:COIN (I have it on my watchlist which is why it was responded to quickly). If not in queue, the request could sit here for a long time. Cheers! --CNMall41 (talk) 20:19, 7 January 2025 (UTC)
- Thank you, Annie13478 (talk) 13:00, 7 January 2025 (UTC)
- Thank you for you assistance and advice, CNMall41. While we're working on this, I'd like to ask for your help on the Jonathan Mildenhall page. Jonathan is the Chief Marketing officer of Rocket, but this information is not yet on Wikipedia. Would you be willing to update the page with this sentence?
- In 2024, Mildenhall became the Chief Marketing Officer of Rocket Companies.[1]
References
- ^ Graham, Megan (January 4, 2024). "Rocket Cos. Hires Former Airbnb CMO Jonathan Mildenhall as Its CMO". The Wall Street Journal.
- Happy new year, Annie13478 (talk) 16:27, 8 January 2025 (UTC)
- As stated about following the process above (using the "edit request" template), you will need to follow the process to do the same for Jonathan Mildenhall. --CNMall41 (talk) 18:26, 8 January 2025 (UTC)
- Thanks, CNMall41. I just posted the request: https://en.wikipedia.org/wiki/Talk:Jonathan_Mildenhall. Annie13478 (talk) 15:30, 9 January 2025 (UTC)
- Looks good! Someone should be around to review shortly. If no one does in a few weeks, feel free to ping me. I always like to have other opinions so hope someone gets around to review it prior to me. --CNMall41 (talk) 20:22, 9 January 2025 (UTC)
- Thanks, CNMall41. I just posted the request: https://en.wikipedia.org/wiki/Talk:Jonathan_Mildenhall. Annie13478 (talk) 15:30, 9 January 2025 (UTC)
- As stated about following the process above (using the "edit request" template), you will need to follow the process to do the same for Jonathan Mildenhall. --CNMall41 (talk) 18:26, 8 January 2025 (UTC)
- Happy new year, Annie13478 (talk) 16:27, 8 January 2025 (UTC)
Lawsuits
[edit]Rocket get involved in lawsuits a lot and not including any mention of any of them when competitors have lawsuits all over their articles is sugar coating and whitewashing —20:56, 11 January 2025 (UTC) (correcting placement for IP 67.149.160.101) who I believe is wanting to finally discuss per ONUS. CNMall41 (talk) 21:34, 11 January 2025 (UTC)
- All mortgage companies get involved in lawsuits. Please state your reasoning for why the lawsuit you want mentioned meets inclusion. As far as the "sugar coating and whitewashing," I would highly advise to WP:AGF prior to throwing accusations. In the meantime, please respect the process for consensus. Your previous blocks tell me you are unlikely to, but I hope you will discuss in good faith in order to gain consensus here. --CNMall41 (talk) 21:38, 11 January 2025 (UTC)
- Looks like we have an article owner here keeping off anything negative and keeping in primary sources and positive bias. Nothing improvement wise is now possible as anything negative will just be fought over and blocked. Y the self appointed owner. This is easily evidenced by the bad faith aspersions cast about ‘I hope we can discuss in good faith but your last blocks’ yada yada. I have no idea what blocks are being talked about and it shows the other user has a serious case of my version or the highway and should be no where near this as they are removing ban ace and well sourced items.
- The federal government suing a company for being racist and engaging as a monopoly are not ‘everyday lawsuits’ what next we remove the monopolistic practices context from articles on companies like Microsoft or Standard Oil. Also wage theft lawsuits are not an everyday thing…plus suspiciously it’s fine on the article of their local competitor…just saying that it’s stinks like rotten fish these removals.
- it’s a joke of a position taken by the self appointed owner to block the content that goes against their preferred biased version.
- Additionally they are speedy in removing tags which point out even the most innocuous points like the article relies way to much on rocket as a source. I’m guess if I were to remove the content only backed by rocket self promoted sources or reads there’s I’ll be reverted by the articles self s as pointed owner. 16:01, 12 January 2025 (UTC) 67.149.160.101 (talk) 16:01, 12 January 2025 (UTC)
- You won't be given much more rope here with your WP:ASPERSIONS casting and lack of good faith. I will address your conduct on your talk page so as not to create a wall of text as it relates to content of this page. Now, your first set of edits added its competitor to the lead without a reliable source. Strange how you also made an edit to that competitor removing the term "wholesale" despite the reference clearly stating such (note that I updated the lead to reflect the date so it shows they are the current #1 as of 2024 - maybe you can accuse me of having a COI as it relates to them as well). You also add lawsuit information to the lead. Please see WP:LEAD as WP:CIR and putting that in the lead without it being in the body would violate such. It would also violate NPOV as we don't list every single lawsuit a company is involved in. If we did, then I would suggest adding this to the lead of the competitor which you seem to be here to promote. In fact, there was lawsuit information in the LEAD of UWM which I conceded did not belong in the lead and was removed.
- So, here is how this works (fourth time). The edits you made are being challenged. The WP:ONUS is no you to propose and get consensus on what you want included. My reasons for the challenge have been stated and now we are here discussing. --CNMall41 (talk) 20:07, 12 January 2025 (UTC)
- Congrats owner of article making execution smilies
- You have done nothing but block and assume bad faith 67.149.160.101 (talk) 21:21, 12 January 2025 (UTC)
- I think I have been very patient given what you have been warned for and your prior aspersions against others. Not reporting you and allowing you a chance to gain consensus is something you should appreciate. At this point I will say that either you need to engage in discussion or take a break from Wikipedia, but what you are doing now is unproductive.--CNMall41 (talk) 21:41, 12 January 2025 (UTC)
- What on earth are you talking about? I have not edited this encyclopaedia in 2024, others on the same IPv4 address might have but I haven’t.
- Way to make assumptions and assume bad faith based on a IP address. You are like a copyright lawsuit farm suing based solely on the IP address. I’d try again if I were you at your initial assumptions. 67.149.160.101 (talk) 21:58, 12 January 2025 (UTC)
- Assumptions based on someone editing from the same IP with the same tone of voice responding to same/similar warnings throughout 2023 and 2024, but okay. --CNMall41 (talk) 22:14, 12 January 2025 (UTC)
- I think I have been very patient given what you have been warned for and your prior aspersions against others. Not reporting you and allowing you a chance to gain consensus is something you should appreciate. At this point I will say that either you need to engage in discussion or take a break from Wikipedia, but what you are doing now is unproductive.--CNMall41 (talk) 21:41, 12 January 2025 (UTC)
- Just to provide an uninvolved opinion, it is correct that Wikipedia does not memorialize every lawsuit filed against a company. Every company of sufficient size and societal impact eventually is involved in some litigation, and literally anyone can file a lawsuit, and can make whatever claims they feel like making in such a filing. A lawsuit is sufficiently noteworthy to mention in a Wikipedia article when it received sustained coverage over time in multiple reliable sources. BD2412 T 19:10, 13 January 2025 (UTC)
Convenient omission
[edit]The article conveniently omits that United Wholesale Mortgage overtook Rocket Mortgage in the USA as the largest overall lender in October 2022. Not including that is patent bias to portray Rocket as not having been overtaken. 16:33, 12 January 2025 (UTC) 67.149.160.101 (talk) 16:33, 12 January 2025 (UTC)
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