One of the most recognizable brands in mortgage will soon be seen in the broker channel. Quicken Loans Mortgage Services (QLMS) last week announced its complete rebrand to Rocket Pro TPO (the TPO representing “third party origination”). It had been QLMS since its launch in 2010.
Over the next two months, the lender will be changing all naming to align more with the Rocket brand and is making a push to further grow and support its broker partners.
Austin Niemiec, Executive Vice President of the soon-to-be-named Rocket Pro TPO, told Mortgage Media the change represents a commitment that they are “all-in for the broker community.”
“It’s more than a rebrand – it’s not just a name change,” he said. “It’s us raising the bar and committing even harder to the broker community and doubling down on our support to them.”
Rocket Pro TPO will give its broker partners access to Rocket’s technology, marketing support and leads.
The name change comes as the lender is making a major growth push, recently going public with an IPO. Niemiec said Rocket Pro TPO now has more than 10,000 partners, with close to 50,000 individual loan officers.
“We’ve added 3,000 partners this year alone. People were coming to us in droves,” Niemiec said. “We had to double our team that onboarded brokers. Clearly, we had to work more than ever before to build and hire folks, but we are able to do it very successfully.”
In discussion with Mortgage Media, Niemiec pointed to the company’s origins 35 years ago as an independent mortgage broker under founder Dan Gilbert.
“We literally started as a broker, building partnerships with big lenders and leaning on our partners’ technology, as well as trying to build a referral network,” he said. “Through hustle, hard work and great partnerships, we went from a small independent mortgage broker to the largest mortgage company in the country, with a market cap bigger than Ford or GM. And we’re in the Motor City.”
According to a press release on the rebrand, the company is driving record originations and revenue. In the second quarter of 2020, Rocket Mortgage’s Partner Channel, which included Rocket Pro TPO, increased its annual revenue by more than 500%.