America’s largest mortgage lender receives Ohio Tax Credit Authority support to grow in the state
Rocket Mortgage moved another step forward in its downtown Cleveland expansion plans, as the Ohio Tax Credit Authority approved the project for tax credit assistance at its meeting today. The company is poised to bring 630 new jobs to the area, adding to its current workforce of 721.
“Rocket Mortgage is one of many companies that has found success in Ohio,” said Ohio Governor Mike DeWine. “This expansion will bring new development and hundreds of well-paying jobs to the heart of downtown Cleveland.”
Based in Detroit, Rocket Mortgage considered several cities for its expansion, and ultimately chose its Cleveland office as a place it would add more than 600 jobs. The company’s downtown location aligns with its ongoing commitment to urban revitalization. The expansion will offer careers – primarily for mortgage bankers – representing tens of millions of dollars in payroll. Rocket Mortgage is also dedicated to providing training and upskilling for employees looking to further their careers.
“Through this partnership, we are reinforcing our commitment to the state and to offering good-paying jobs to Clevelanders,” said Mike Malloy, Chief Amazement Officer for Rocket Mortgage. “In response to the pandemic, we have seen first-hand that our team members can successfully work from anywhere. That fact makes this partnership even more significant. As we continue to grow our workforce, we look forward to adding to the more than 700 team members who already call this state home.”
A cross-organizational team including the Ohio Development Services Agency, JobsOhio, the city of Cleveland, Team NEO, the Greater Cleveland Partnership and Rocket Mortgage helped bring this expansion project to fruition. Several members of this collaborative team shared insights below.
Cleveland Mayor Frank G. Jackson: “We are pleased that Rocket Mortgage is expanding their operations in Cleveland. The City of Cleveland supported their expansion with a $975,000 Job Creation Incentive Grant. As an operation with offices throughout the country, they have choices as to where they will expand. Their choice to expand here reflects well on Cleveland as a place to do business, live, work, play and raise a family.”
Lt. Governor Jon Husted: “This is very important for Ohio that Rocket Mortgage is continuing to invest and create jobs in the City of Cleveland. Coming out of the pandemic, companies are making decisions to expand, and it is great to see that they are choosing to invest in Ohio.”
JobsOhio President & CEO J.P. Nauseef: “Rocket Mortgage’s expansion will bring 630 new jobs and further amplifies a growing vibrancy in downtown Cleveland. We appreciate the collaboration with our partners to attract Rocket Mortgage’s expansion to Northeast Ohio.”
Director of the Ohio Development Services Agency: “Rocket Mortgage’s investment in Cleveland will bring new jobs, and continued growth in one of Ohio’s most vibrant cities. Their on-going commitment to the community and growing a talented workforce will move Ohio’s innovation economy forward.”
Greater Cleveland Partnership CEO Joe Roman: “The impact of bringing 630 good-paying jobs to Cleveland cannot be overstated. GCP appreciates Rocket Mortgage’s continued confidence in our community and the critical support received from our local and state partners. We look forward to building upon our longstanding relationship with the company as we work together for continued long-term growth in the region.”
Team NEO CEO Bill Koehler: “At a time when the mortgage market is booming, the Northeast Ohio Region is fortunate to have the opportunity to support the company that helped drive that demand by introducing the first completely online mortgage experience. Rocket Mortgage is a forward-thinking leader and an employer of choice. Team NEO and our economic development partners look forward to the impacts of its ongoing growth and innovation on our region.”
State Senator Sandra Williams: “The announcement of the Rocket Mortgage expansion plans for Downtown Cleveland is exciting for our community. Job growth – especially quality, high paying jobs – should always be a priority. This is an opportunity for our unemployed and underemployed citizens to access jobs, education and training right here in Downtown Cleveland. I look forward to Rocket Mortgage tapping into Cleveland’s talented workforce and the growth and innovation that is sure to follow.”
State Representative Terrence Upchurch: “This project is absolutely huge, not just for Cleveland, but for Northeastern Ohio. I’m excited to see the change that comes about with the jobs that are brought in to Cleveland because of this project.”
About Quicken Loans/Rocket Mortgage
Detroit-based Quicken Loans, the nation’s largest home mortgage lender and a part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. The company closed $213 billion dollars of mortgage volume across all 50 states in the first three quarters of 2020. In late 2015, Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and Rocket Companies employ more than 22,000 full-time team members nationwide. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers seven consecutive years, 2014 – 2020.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.
About Team NEO
Team NEO is a private, nonprofit economic development organization accelerating business growth and job creation throughout the 18 counties of the Northeast Ohio Region. As the designated JobsOhio Network Partner, we align and amplify local economic development efforts in the region’s 18-counties; we conduct research and data analysis to inform local conversations and influence solutions; we market the Northeast Ohio Region; and we work to increase access to jobs, education and training for the region’s 4.3 million people. We do this to build a more vibrant regional economy; one that is more talented, equitable, competitive, innovative, resilient and prosperous. For more information, visit teamneo.org.
About Greater Cleveland Partnership
With more than 12,000 members, the Greater Cleveland Partnership (GCP) is one of the largest metropolitan chambers of commerce in the nation. GCP is focused on driving the economic vitality of our region through building a strong and thriving climate for the broad business community, including small businesses, middle-market companies and large corporations. Learn more at www.gcpartnership.com or access our business resource portal www.gcpingear.com.