If you've been searching online for Quicken Loans reviews, you may have noticed that many of the reviews you're finding are from a few years back. That's because Quicken changed its name back in 2021, then dipped out of the mortgage business entirely in 2023. Here's what's going on with Quicken Loans.
👉 Curious about getting a mortgage? Check out our comprehensive guide to getting a home loan or NerdWallet's review of Rocket Mortgage.
A quick(en) history lesson: Quicken Loans came about in 1999. That’s when Intuit purchased mortgage lender Rock Financial and combined it with its growing online home loan marketplace QuickenMortgage. In 2002, a group of investors led by Rock Financial's founder bought Quicken Loans from Intuit. They kept the Quicken Loans name.
In 2015, Quicken Loans launched Rocket Mortgage. This was the first fully online mortgage application experience. Both had their own websites, but Rocket Mortgage was really a Quicken offering.
In 2021, that relationship flipped. Rocket Companies — the parent to Quicken Loans as well as other Rocket brands — announced that Quicken Loans would be renamed Rocket Mortgage. Quicken Loans still existed as a name, but all of the lending was through Rocket.
In 2023, Rocket Companies fully separated Quicken Loans from Rocket Mortgage. The name “Quicken Loans” was licensed to a Rocket Companies subsidiary, LMB Mortgage Services. LMB powers the website for Quicken Loans to this day.
What does Quicken Loans do now?
Quicken Loans does not make home loans. Instead, its website matches consumers looking to buy or refinance a home with mortgage lenders. Clicking on buttons like "Buy a Home" takes you to a series of questions about home purchasing or refinancing. At the end, you’ll be asked to provide your contact information.
It's similar to what you'd go through on a lender site if you were looking to get a rate quote or apply for mortgage preapproval. But instead of working with one lender, sharing your information allows Quicken partners — including, potentially, Rocket — to contact you directly with more offers.
Where should you go next?
Did you find this article because you were looking to get a mortgage from Quicken Loans or read Quicken Loans reviews? If so, head to our review of Rocket Mortgage — that's who handles the brand's actual home lending business. Rocket Mortgage is the highest-volume consumer mortgage lender in the U.S., according to the latest data collected under the Home Mortgage Disclosure Act. It offers a wide range of home loans, including several low-down-payment options.
But if you're still shopping around, check out our list of top-rated mortgage lenders (which also includes Rocket). It's always a good idea to compare multiple mortgage lenders. This way, you can find lenders that offer the right type of loan for you and also see which one will give you the best deal.
NerdWallet writer Ashley Harrison contributed to this story.
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