From 2007 to 2011, Quicken Loans allegedly lied about home values in order to guarantee loans for its users. The Department of Justice filed an FCA lawsuit against the company in 2015, also alleging that Quicken Loans lied about borrower eligibility.

Quicken Loans has a good reputation, and is known for having great customer service. It was the top lender for customer satisfaction in 2022, according to J.D. Power's Mortgage Origination Satisfaction Study. It also has an A+ rating from the Better Business Bureau. Is Quicken Loans a good place to get a loan?

Is Rocket Mortgage the Same as Quicken? Yes. Rocket Mortgage used to be called Quicken Loans. However, the corporate name was changed in May 2021 so as to be consistent with the name of its parent company, Rocket Companies.

Here's why it changed. Quicken Loans, the company behind Rocket Mortgage, has always been obsessed with finding a better way. That's why Rocket Mortgage was created: to make getting a mortgage easier. Along the way, Rocket became a word that defined what Quicken Loans did best.

Mat Ishbia's Post. Disappointed is the nicest way to describe my thoughts around Rocket Mortgage/Quicken Loans laying off over 2,000 of their people, as this should not be necessary for a company that made over $5 Billion last year in profits.

Quicken Loans main competitors are Homesite Mortgage, Tradition Mortgage, and The Money Source. Competitor Summary. See how Quicken Loans compares to its main competitors: LoanDepot has the most employees (11,307).

You'll need a minimum credit score of 620 if you want a shot at getting approved for a conventional loan from Quicken Loans. The higher your credit score the higher your chances of approval. But your credit score isn't the only important stat that Quicken Loans will consider.

Minimum Credit Score Required By Mortgage Loan Type

Cons of a Rocket Mortgage loan No in-person access. Doesn't offer USDA or home equity loans. Must request preapproval to view personalized rate. No publicly disclosed lender fees.

Rocket Mortgage® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.

Documents filed by the former employees claim that Rocket deliberately "suffered or permitted" the collective members to perform labor without payment of overtime compensation at a rate of not less than one-and-one-half times their regular hourly rate of pay for hours worked in excess of forty in a week as required by ...

Rocket Mortgage isn't the cheapest option for getting a mortgage. The lender's advertised rates are often higher than Bankrate's national averages, and borrowers do pay lender charges, such as origination and rate-lock fees.