The company also houses its employees in Downtown Detroit's First National Building, The Qube, Chrysler House, One Woodward Avenue, and 1001 Woodward, all owned by Quicken Loans' parent company, Rock Ventures. Since 2009, Quicken has been headquartered at One Campus Martius facing Campus Martius Park in Detroit. The company saw a small drop in employment levels following the 2008 financial crisis. In the spring of 2008, Rock Holdings entered the reverse mortgage market with the acquisition of One Reverse Mortgage. The initial move brought 1,700 employees to the city. Quicken Loans moved into its downtown headquarters in August 2010. The construction sites reserved for development by the agreement included the location of the former Statler Hotel on Grand Circus Park and the former Hudson's location.
On November 12, 2007, Gilbert announced a development agreement with the city of Detroit to move the company headquarters downtown, consolidating suburban offices. In response, Quicken Loans discontinued:
In August 2007, the entire mortgage industry faced a crisis in obtaining new credit from banking institutions and hedge funds. The decision means that Quicken Loans is not obligated to pay overtime payments to the plaintiffs. On March 17, 2011, a federal jury found in favor of Quicken Loans, ending the seven-year-old lawsuit. Quicken Loans denied these claims, and said it is not aware of any such violations of the FLSA. The claimants alleged that Quicken violated the Fair Labor Standards Act (FLSA) by failing to pay the plaintiffs overtime for working beyond a 40-hour work week. This was filed against the company on behalf of employees who had worked as loan consultants for any Quicken office within the past three years. In 2004, Quicken Loans became a defendant in a class action lawsuit. In June 2002, two and a half years after selling the company, Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit for $64M. (makers of QuickBooks, TurboTax, and Quicken) purchased Rock Financial Corp. In December 1999, a year and a half after the IPO, Intuit Inc. 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. Traditionally, the home mortgage business in America has been fragmented due to varying regulations in each state and locality. The company started to change course in the late 1990s, shifting from a traditional mortgage provider to an online-focused lender. In May 1998, Gilbert took Rock Financial public, launching an IPO underwritten by Bear Stearns.
Rock Financial was founded in 1985 by Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. Unlike other large mortgage lenders that depend on deposits, Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. (it is also the largest online retail mortgage lender). In January 2018, the company became the largest overall retail lender in the U.S. It is headquartered in the One Campus Martius building in the financial district of Downtown Detroit, Michigan. Rocket Mortgage, LLC (formerly known as Quicken Loans, LLC) is a mortgage loan provider.
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