Numbers and money follow, they do not lead. That may seem like an unconventional, maybe even odd, way to talk about going public. But then again, if you ask around, you quickly learn our company has spent the last 35 years becoming America’s largest mortgage lender by taking the road less traveled. We invest for the long term and place tremendous value in supporting our team members, clients and hometowns. Our company operates with 19 principles as key drivers. Known as “ISMs,” these deceptively simple fundamentals drive our decisions and are at the heart of our entrepreneurial culture. If you were to ask for our secret sauce, it would be our ISMs. One of these ISMs is “numbers and money follow; they do not lead.” You see, Rocket Mortgage – a name now synonymous with digital mortgage lending – could never have been built if we had taken a short-term view, focused solely on short-term profitability. More than 500 developers, designers, QA technicians and business analysts worked for more than three years to completely redesign the highly complex mortgage process into what we introduced to the world in late 2015. We distilled a complicated, paper-intensive process down to a simple app that could be completed quickly, and from the convenience of a smart phone. We were blessed with the blueprints for this type of success. In 1998, our founder and chairman, Dan Gilbert, pioneered the digitization of mortgages in America by penning a now famous email calling out the opportunity that the internet presented to consumers and lenders alike. Less than a year after that letter, we launched Rockloans.com and centralized all our operations into internet lending centers. This centralization and technology legacy created the opportunity that led to Rocket Mortgage. Revolutionizing the mortgage industry, twice, took vision and patience – but as Dan always reminds us: building something great is messy. I’m proud to lead 20,000 team members who love the messy, frustrating, difficult process of creating and are always eager to get their hands dirty to help our clients. This dogged vision toward the future is simply who we are. As we embark on this process of making a public offering, these are some of the things I want you to keep in mind:
As you consider our company, I want you to think about who we are just as much as the success we’ve had. We are strong, both in our financial results and in our resolve to be a force for good. Last, when thinking about where our company is headed, look at our past. We have a proven record of leading the industry and being prepared no matter where the market takes us. Our digital-first brand is a driver for growth in this highly fragmented market. Even with the title of largest mortgage lender, we believe there is significant opportunity ahead and fresh strategies to reach even more clients. We will build on the blueprint that got us to where we are, while finding new, innovative ways to reach new clients every month. In closing, I’ll quote our founder, Dan Gilbert, when we made the well-publicized decision to move our company to downtown Detroit 10 years ago: “Who’s coming with us?!” Jay D. Farner Chief Executive Officer Vice Chairman and Chief Executive Officer
Jay Farner is Chief Executive Officer and Vice Chairman of the Board for Rocket Companies. Jay has been with Rocket Mortgage – a part of Rocket Companies and the nation’s largest mortgage lender – since 1996. Jay is also the CEO for Rocket Central – the centralized hub for the Rocket Companies fintech platform. With more than 25 years of experience at Rocket, Jay has a unique perspective and understanding of the tech-driven business model, culture, history and strategic vision. Throughout his tenure, Jay has provided strong leadership for the company through many economic cycles, continued channel diversification and an IPO in 2020. His responsibility as the visionary for Rocket Companies’ growth, coupled with his industry expertise, gives him critical insight into trends and strategy to fuel future success. Jay drives the vision for the Rocket Companies ecosystem, ensuring is a consistent, seamless experience for clients across the Rocket platform. Jay serves as a board member of Detroit Labs LLC, Community Solutions, StockX, Bedrock Manufacturing, Rock Ventures LLC, Bedrock Detroit, the Metropolitan Detroit YMCA, Bizdom Fund and Rocket Giving Fund (where he serves as President). Jay earned a bachelor’s degree in finance from Michigan State University. Jay Farner (born March 24, 1973) is an American businessman and investor. He is the chief executive officer of Detroit-based mortgage-lending companies Quicken Loans, Rocket Mortgage, and Rocket Companies (NYSE: RKT).[1] Jay Farner Detroit, Michigan, U.S. Jay graduated with a bachelor’s degree in finance from Michigan State University in 1996, where he restarted its business fraternity Delta Sigma Pi.[2] He lives in the Detroit area with his wife, Wendi, and their three children.[3] After Farner graduated from Michigan State University, he started as a mortgage banker at Quicken Loans Inc., then called Rock Financial, with Dan Gilbert in 1996. In early 1997, Farner first became director of mortgage banking, then vice president of web mortgage banking in May 1998 with the expansion of the Internet.[4]
Rock Financial’s online presence drew the attention of Intuit Inc., which bought the firm in 1999 from Gilbert for $336 million before later selling it back to him in 2002 for $130 million,[5] at which point he said “it was off to the races,” as the company grew to provide direct-to-consumer home loans on the internet in all 50 states.[6] After this, Farner served as Quicken's president and chief marketing officer, spearheading the company’s outreach efforts,[7] and was named one of Crain’s Detroit Business’ 40 under 40 class in 2011.[8] In 2014, Farner led what USA Today called a “billion-dollar gamble” in a March Madness bracket challenge with Yahoo Sports, with a potential $1 billion prize offered to the winner. While only $3 million was handed out, the challenge generated billions of online engagements and millions of new leads, which PR Week called a "data generation exercise … like gold dust" and others called it the “best PR move” of the year.[9] In 2015, Farner and Quicken Loans created Rocket Mortgage, the first fully digital end-to-end consumer mortgage lending operation. Rocket Mortgage would later become the first lender to perform electronic closings.[10][11] Upon launch, TechCrunch called Rocket the mortgage industry’s “iPhone moment” and compared the process to TurboTax.[12] Quicken Loans’ Rocket Mortgage released an ad at the 2016 Super Bowl with the tagline “Push Button, Get Mortgage,” whereby clients could get a mortgage on their mobile phone. While some critics said the ease of obtaining loans reminded them of the subprime mortgage crisis, Quicken Loans is “one of the few lenders that came through the financial crisis unscathed,” according to The San Francisco Chronicle, as they were never involved in subprime lending.[13] In 2017, Farner was promoted to CEO of Quicken.[14] That quarter, Quicken Loans originated $25 billion in direct-to-consumer home loans, surpassing Wells Fargo, with $23 billion, as the largest lender in retail home loans in the US.[15] In August 2020, Quicken’s parent company, Rocket Companies Inc, was listed on the New York Stock Exchange, selling 100 million shares and raising $1.8 billion on its first trading day.[16][17] Farner has expressed commitment to Quicken Loans’ helping rebuild its home town of Detroit, and helping a city that has been depressed since the large-scale departure of manufacturing jobs. “We’re based here in Detroit, and we’re pretty focused on rebuilding Detroit and supporting American companies. It's what we do,” Farner told Brand Channel. “We believe in America. The strength of America has been created upon those that are innovative and build and support innovation. That's the engine of America. Here is a process that removes a barrier and helps people to invest in their futures and their families.”[18] Accordingly, Farner and Quicken Loans have responded to the Black Lives Matter movement, given that Detroit is “America’s blackest city.”[19] In August 2020, Farner penned an op-ed in the Michigan Chronicle where he outlined Quicken Loans’ commitment to the African Americans community of Detroit, which includes efforts in housing stability, entrepreneurship, education and mentorship, and employment. Farner wrote, “Saying “Black lives matter” simply is not enough. ... We hope this plan, in conjunction with our historical diversity and inclusion and more, will drive impactful change here in our hometown of Detroit and across the country.”[20] Board membershipsFarner sits on number boards, including Cellerant Therapeutics Inc, YMCA of Metropolitan Detroit, the Barbara Ann Karmanos Cancer Institute,[21] Community Solutions, StockX, Shinola, and the Rocket Giving Fund.[22] AwardsFarner’s companies have achieved the following recognitions:
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