And as of July 2021, Quicken has merged under the Rocket brand name. Fairway, for its part, told National Mortgage News that UWM's agreement with brokers limits their opportunity to find lower interest rates. Rocket Mortgage was launched in 2015 by Quicken Loans. Meanwhile, Rocket tells the Wall Street Journal that its lending platform has grown market share since UWM announced the move. "They understand that Mat and UWM is here to protect the broker channel and consumers because consumers get lower rates when they go through a broker. "The reality is, brokers are all in," Ishbia said.
Satisfied customers mention helpful, attentive and personalized service from loan officers, along with lower-than-expected interest rates and fees. As of December 2021, the company earns a 4.48 out of a 5-star rating on Zillow from over 7,880 reviewers. Ishbia claims Quicken Loans is stunting growth in the mortgage sector, though he said he does not accuse the company of illegal practices. Rocket Mortgage, previously known as Quicken Loans, also gets pretty high marks from customers. Quicken, the Detroit-based lending giant owned by Rocket Companies, is the nation's top mortgage lender, followed by UWM. Ishbia told the show's host Jim Cramer that the Pontiac, Michigan-based company gained an upper hand in the ultimatum: Out of 12,000 brokers, not even 500, chose to continue partnering with Quicken, he said. "I know how different people want to portray it, but the decision was not about doing things exclusively," CEO Mat Ishbia said in an appearance on CNBC's " Mad Money."
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