Quicken Loans is one of the largest mortgage lenders in America. But who is the brilliant entrepreneur behind this massively successful company? That would be none other than Dan Gilbert the founder and chairman of Quicken Loans and owner of the NBA’s Cleveland Cavaliers.
Humble Beginnings
Dan Gilbert was born on January 17, 1962 in Detroit, Michigan. From a young age, he displayed an entrepreneurial spirit. While attending Michigan State University, Gilbert earned his real estate license and sold homes. He later attended law school at Wayne State University, while still dabbling in real estate on the side.
In 1985 at just 23 years old, Gilbert decided to dip his toes into the mortgage industry. He co-founded Rock Financial, along with his younger brother Gary Gilbert and three partners, with just a $5,000 investment. Rock Financial was one of the first companies to offer mortgages online, allowing customers to get home loans faster and with less paperwork.
Selling to Intuit
Through Gilbert’s leadership and tech-forward thinking, Rock Financial exploded. In 1999 he sold the company to Intuit for a whopping $532 million. However Gilbert wasn’t done with the mortgage business just yet. A few years later in 2002, he got back in the game by buying Quicken Loans and its affiliated national title company Title Source from Intuit for just $64 million – a steal compared to what he had previously sold it for!
Under Gilbert’s guidance, Quicken Loans became the largest online retail mortgage lender in America. In 2010, Gilbert consolidated all his Detroit-based businesses, including Quicken Loans, under the name Rock Ventures LLC.
Revitalizing Detroit
In addition to his mortgage endeavors, Gilbert has focused heavily on revitalizing the city of Detroit. After moving Quicken Loans headquarters and 1700 employees to downtown Detroit in 2010, Gilbert went on an epic building buying spree in the city’s urban core. Through his real estate company Bedrock Detroit, he purchased over 100 properties and invested over $5.6 billion in Detroit real estate.
Some of Gilbert’s high profile building purchases include One Woodward Avenue, Chase Tower, the Madison Theater Building, the First National Building, and the Book Tower. Gilbert’s investments in Detroit are not just about making money. He sincerely wants to help rebuild and revitalize the downtown area. His investments have brought thousands of jobs into the city.
Cleveland Cavaliers
Beyond mortgages and Detroit real estate, Gilbert also owns the NBA’s Cleveland Cavaliers. He bought the team in 2005 for $375 million. During his ownership, the Cavs have seen great success, including a 2016 NBA championship and 4 straight Finals appearances alongside superstar LeBron James from 2015-2018.
In addition to the Cavs, Gilbert also owns the NHL’s Cleveland Monsters, the AHL affiliate for the Columbus Blue Jackets. Between the Cavs and Monsters, Gilbert has proven himself as one of the most engaged and passionate professional sports owners out there.
Rocket Mortgage IPO
In August 2020, Gilbert took Quicken Loans public under the new name Rocket Companies. The company debuted on the New York Stock Exchange with an initial valuation of $36 billion. Gilbert maintained majority control with 79% of the company’s shares.
As of June 2022, Forbes estimates Gilbert’s net worth at $28.4 billion. The Rocket Mortgage IPO certainly gave his fortune a nice boost! Gilbert is the 67th richest person in America.
Philanthropy
Though clearly successful in business, Gilbert has not forgotten to give back. He and his wife Jennifer joined The Giving Pledge in 2012, promising to donate half their wealth to charity.
Some of Gilbert’s philanthropic endeavors include:
- Funding neurofibromatosis research after his son was diagnosed with the disorder
- Supporting the Children’s Tumor Foundation, the Cleveland Clinic, and Children’s National Medical Center
- Co-chairing M-1 RAIL, a non-profit promoting light rail transportation in Detroit
- Donating $750,000 to Chris Christie’s presidential campaign
- Donating $15 million to Michigan State University
- Donating $1.2 million to Detroit COVID-19 relief efforts
For all his business savvy and shrewd investing, Gilbert has not lost his human touch. He sincerely cares about Detroit, Cleveland, neurofibromatosis sufferers, and many other worthy charitable causes.
Looking Ahead
At 60 years old, Gilbert still has plenty of gas left in the tank. It will be exciting to see what new ventures and projects he takes on in the years ahead. But one thing is for sure – Gilbert will continue using his business prowess to improve Detroit, create jobs, support medical research, and boost the teams he owns to new heights.
Dan Gilbert’s story is one of boundless vision and determination. He built Quicken Loans from a tiny start-up into a mortgage giant through hard work, perseverance, and a willingness to buck traditional methods. Gilbert has never been afraid to chart his own path and find new ways of doing things. His audacious spirit is an inspiration to entrepreneurs everywhere. The Master of Mortgages has only just begun to leave his mark on the world.
Bill EmersonPresident and Chief Operating Officer, Rocket Companies
Bill Emerson is a member of our Board, and serves as our President and Chief Operating Officer since September 5, 2023. In these executive positions, Bill oversees the day-to-day operations of the business, focusing on strategic planning and leveraging synergies among various operational teams at the Company. He served as our Interim Chief Executive Officer from June 1, 2023 to September 4, 2023. Bill was previously Vice Chairman of Rock Holdings, Inc., a position he held from February 2017 until May 2023, and he served in a leadership role at Bedrock from July 2020 until February 2023. In both roles, he was responsible for leadership, growth and development of culture. From 2002 to 2017, Bill was Chief Executive Officer of Rocket Mortgage, the Company’s flagship business, a position he held for 15 years. Bill is a member of the board of directors of Xenith, Inc., a football helmet company dedicated to advancing safety through innovation and education; the United Way of Southeast Michigan; Detroit Economic Club; Detroit Sports Organizing Committee; Housing Policy Council; Rocket Giving Fund; The Parade Company; the Detroit Children’s Fund and the Skillman Foundation. Bill earned a Bachelor’s degree in business from Penn State University.
Bill’s extensive leadership roles in our key businesses for many years gives him a unique understanding of our business, culture and history through many economic cycles, which is particularly critical given recent executive transitions and the current macroeconomic challenges. His senior leadership experience also provides our Board with valuable perspective in significant areas of oversight such as long-term strategy, budgeting, risk management, human capital management and succession planning.
Matthew RizikChief Executive Officer of Rock Ventures
Matthew Rizik is a member of our Board. Matthew is also a director of RHI. Matthew joined RHI in 2012 as the Chief Tax Officer and is currently Treasurer, Chief Financial Officer and Chief Tax Officer. In February 2023, Matthew was appointed as the Chief Executive Officer of Rock Ventures. Prior to joining RHI, Matthew was a tax partner with PricewaterhouseCoopers LLP in Detroit, where he had over 31 years of experience serving Fortune 500 public companies. Matthew currently serves as a board member of Rock Ventures LLC, Bedrock, Rocket Mortgage, the Cleveland Cavaliers, the Motown Museum Legacy Council, City Year, Gilbert Family Foundation, Rocket Giving Fund and NF Forward. Matthew earned a bachelor’s degree in accounting and a master’s degree in business administration from Michigan State University.
Matthew is qualified to serve as a member of our Board due to his significant senior leadership experience in the areas of accounting and tax. As Chief Financial Officer of RHI with prior experience serving prominent companies in the banking and mortgage industries, his significant knowledge and experience brings important perspective on our business strategy, operating structure, operations and general industry conditions.
VIDEO: Dan Gilbert, owner of Quicken Loans and Cleveland Cavaliers
FAQ
How much is the CEO of Quicken Loans worth?
How did Dan Gilbert make his money?
Does Dan Gilbert still own the Cavs?
Who owns Quicken Loans mortgage?
Quicken Loans, originally Rock Financial, was founded in 1985 by Dan Gilbert, Lindsay Gross, and Gary Gilbert. In July 1987, the name of Rock Financial was Owner: Dan GilbertNumber of employees: 24,000 (2020)Founders: Dan Gilbert; Gary Gilbert; Lindsay GParent: Rocket Companies Inc. owned by Rock History · Rocket Mortgage (3) ….
Is Quicken Loans a reputable company?
Quicken Loans has consistently been awarded the highest customer satisfaction rating among primary mortgage originators the U.S. for 10 straight years, as well as being one of top 20 companies to work for and a top pick for overall best mortgage lenders, according to Consumers Advocate.
Who is the founder of Quicken Loans?
Quicken Loans/Founders Founded by Dan Gilbert in 1985, Rocket Mortgage, known then as Rock Financial, was a brick-and-mortar mortgage company. Dan Gilbert, Founder and Chairman, Quicken Loans Inc. and Rock Ventures LLC
How much does Quicken Loans Inc. pay?
Quicken Loans employees earn $69,707 annually on average in Detroit, MI area. Explore how much salaries does Quicken Loans pay in Detroit area. Exlore Quicken Loans salaries by top job title and job location.