Quicken Loans is going public: 5 things to know about the mortgage lender

www.marketwatch.com
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fairly difficult
Quicken has been the largest mortgage lender in the U.S. since 2018
Rocket Companies, the parent company of mortgage lending giant Quicken Loans, has filed for its initial public offering.

The company plans to trade on the New York Stock Exchange under the ticker "RKT." The terms of the offering, including the price range and number of shares, have not yet been announced. Six banks are set to underwrite the IPO, led by Goldman Sachs GS .

Proceeds from the IPO will be used to purchase businesses and Class D stock from Rocket Cos.' existing holding company, Rock Holdings Inc., which is owned by the company's founder and chairman Dan Gilbert.

Rocket's IPO comes as the broader IPO market has kicked into high gear after a long dry spell as a result of the coronavirus pandemic. Recent offerings include Warner Music Group Corp. WMG , 1.06%, which returned to public markets in June after nine years of being private, and online insurer Lemonade LMND , which debuted last week.

Rocket is also going public as the mortgage industry has seen millions of homeowners request forbearance on their monthly loan payments amid record levels of unemployment.

The company's leadership team mainly comprises executives from Quicken Loans. Jay Farner, who has served as CEO of Quicken Loans since 2017, will be the company's CEO. Farner has been with Quicken for over two decades, and previously served as the lender's president and chief marketing officer. Julie Booth, the company's chief financial officer and treasurer, has been in this role at Quicken Loans since 2005.

The lender was originally founded in 1985 as Rock Financial. In 1998, Gilbert took Rock Financial public, but eight years later it was purchased by Intuit. At that time, the company's name was switched to Quicken Loans. Then in 2002, Gilbert and other investors purchased Quicken Loans back from Intuit INTU .

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