Does Quicken Loans Still Exist?
Yes, but Quicken is now a home loan marketplace instead of a mortgage lender.
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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 dipped out of the mortgage business back in 2021. 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.
How is Quicken Loans related to Rocket Mortgage?
A quick(en) history lesson: Quicken Loans came about in 1999, when Intuit purchased mortgage lender Rock Financial and combined it with its burgeoning online home loan marketplace QuickenMortgage. In 2002, when a group of investors led by Rock Financial's founder bought Quicken Loans from Intuit, they kept the Quicken Loans name.
Rocket Mortgage by Quicken Loans, the first fully-online mortgage application experience, launched in 2015. Both Rocket Mortgage and Quicken Loans 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.
More recently, Rocket Companies fully separated Quicken Loans from Rocket Mortgage. The name Quicken Loans is now licensed to Rocket Companies subsidiary LMB Mortgage Services, which powers the website for Quicken Loans.
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" will take you to a series of questions about home purchasing or refinancing that lead up to providing 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 will allow Quicken partners — including, potentially, Rocket — to reach out to you directly with more specific offers.
Where should you go next?
If you found this article because you were looking to get a mortgage from Quicken Loans or read Quicken Loans reviews, you should probably head to our review of Rocket Mortgage — that's who handles that brand's actual home lending business. Rocket Mortgage is the highest-volume consumer mortgage lender in the U.S., offering 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 does include Rocket). It's always a good idea to compare multiple mortgage lenders, not only to find lenders that offer the right type of loan for you, but also so you can see which will give you the best deal.