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Quicken Loans rose to become the country’s largest mortgage lender in recent years following the debut of Rocket Mortgage, its digital mortgage application process. Rocket Mortgage proved especially popular among millennials, Walters said, who now form the largest generation of home buyers in the market.
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Rocket’s stock rose 20% through Thursday afternoon to close above $21, within its initial target range. Rocket president and chief operating officer Bob Walters chalked up the lower-than-expected IPO price to the company being “a bit of an enigma for the public markets.” “In the secondary markets we’re seeing that trade up, so that gives us a bit of validation at least early on,” Walters told MarketWatch.
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