That year, Quicken Loans surpassed Wells Fargo to become the No. In 2017, Farner was promoted to CEO of Quicken. While some critics said the ease of obtaining loans reminded them of the subprime lending crisis, Quicken Loans is “one of the few lenders that came through the financial crisis unscathed,” said Inside Mortgage Finance publisher Guy Cecala, as they were never involved in subprime lending. Quicken Loans’ Rocket Mortgage released an ad at the 2016 Super Bowl with the tagline “Push Button, Get Mortgage,” whereby clients could get a mortgage on their mobile phone.
QUICKEN LAONS FULL
In its first full year, Rocket funded $7 billion in closed loans. Upon launch, TechCrunch claimed Rocket Mortgage was the mortgage industry’s “iPhone moment” and compared the application process to TurboTax. Rocket Mortgage would later become the first lender to perform electronic closings.
In 2015, Quicken Loans created Rocket Mortgage, the first fully digital end-to-end consumer mortgage lending operation. PR Week called this a "data generation exercise … like gold dust" while others called it 2014’s “best PR move” of the year. While only $3 million was handed out, the challenge generated billions of online engagements and millions of new leads. In 2014, Farner led what USA Today called a “billion-dollar gamble” in a March Madness bracket challenge with Yahoo Sports, with a potential $1 billion prize offered to the winner. After this, Farner served as president and chief marketing officer for Quicken, spearheading the company’s outreach efforts, and was named one of Crain’s Detroit Business’ 40 under 40 class in 2011. Rock Financial’s online presence drew the attention of Intuit Inc., which bought the firm in 1999 from Gilbert for $336 million before later selling it back to him in 2002 for $130 million, at which point he said “it was off to the races,” as the company grew to become America’s leading provider of direct-to-consumer home loans on the internet, offering mortgages in all 50 states. In early 1997, Farner became director of mortgage banking, then vice president of web mortgage banking in May 1998. CareerĪfter Farner graduated from Michigan State University, he started as a mortgage banker at Quicken Loans Inc., then called Rock Financial, with Dan Gilbert in 1996 just as the Internet was catching on. He lives in the Detroit area with his wife, Wendi, and their three children. Jay graduated with a bachelor’s degree in finance from Michigan State University in 1996, where he restarted its business fraternity Delta Sigma Pi.
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