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Jay Farner (born March 24, 1973) is an American businessman and investor. He is the founder and CEO of Ronin Capital Partners, a venture capital firm. Previously, Farner was the Vice Chairman and chief executive officer of Rocket Companies (formerly known as Quicken Loans), which includes Rocket Mortgage, the nation's largest retail mortgage lender. Farner was also the CEO of Rock Holdings incorporated.[1]
Jay Farner | |
|---|---|
| Born | March 24, 1973 |
| Alma mater | Michigan State University (BA) |
| Occupation(s) | Founder and CEO of Ronin Capital |
| Children | 3 |
Early life and education
editIn 1995, Jay Farner graduated with a bachelor's degree in Finance from Michigan State University. There, he restarted its business fraternity Delta Sigma Pi.[2] Farner currently resides in the Detroit area.[3]
Career
editAfter his graduation from Michigan State, Jay Farner began his career in finance as a mortgage banker at Quicken Loans Inc (then called Rock Financial) with Dan Gilbert in 1996. In early 1997, Farner first became the director of mortgage banking, then vice president of web mortgage banking in May 1998.[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] The company grew to provide direct-to-consumer home loans via the internet in all 50 states.[6] Farner then 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 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 via 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 Loans.[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]
References
edit- ^ "CEO Jay Farner". Quicken Loans. Retrieved February 8, 2021.
- ^ Nu Gamma Kappa Colony (March 2, 1995). "Petition to the International Fraternity of Delta Sigma Pi" (PDF0). Eli Broad College of Business. deltasigmapi.org (Petition). East Lansing, Michigan: Michigan State University. p. 39. Retrieved February 8, 2021.
- ^ "CEO Jay Farner". Quicken Loans. Retrieved February 8, 2021.
- ^ Duggan, Dan. "40 Under 40, Jay Farner, 38". Crains Detroit Business. Retrieved February 8, 2021.
- ^ Pender, Kathleen (February 1, 2018). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle. San Francisco, California. Retrieved February 8, 2021.
- ^ Duggan, Dan. "40 Under 40, Jay Farner, 38". Crains Detroit Business. Retrieved February 8, 2021.
- ^ "Jay Farner, Quicken Loans (US)". Mortgage Professionals of America. Retrieved February 8, 2021.
- ^ "40 UNDER 40: 2011". Crains Detroit Business. 2011. Retrieved February 8, 2021.
- ^ Horovitz, Bruce (March 25, 2014). "Quicken Loans' billion-dollar gamble pays off". USA Today. Retrieved February 8, 2021.
- ^ Byford, Amanda (July 20, 2020). "First Remote Online Mortgage Closing by pioneers – Quicken Loans and Amrock". Compare Closing. Retrieved February 8, 2021.
- ^ "Quicken Loans Launches Revolutionary End-to-End Online Product 'Rocket Mortgage' Transforming How Consumers Experience the Home Loan Process". PRNewswire. November 24, 2015. Retrieved February 8, 2021.
- ^ "This Could Be The Mortgage Industry's iPhone Moment". Tech Crunch. November 24, 2015. Retrieved February 8, 2021.
- ^ Pender, Kathleen (February 1, 2018). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle. San Francisco, California. Retrieved February 8, 2021.
- ^ Bartkowiak, Dave (February 10, 2017). "Quicken Loans promotes Jay Farner to CEO". Click on Detroit. Detroit, Michigan. Retrieved February 8, 2021.
- ^ Pender, Kathleen (February 1, 2018). "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans". San Francisco Chronicle. San Francisco, California. Retrieved February 8, 2021.
- ^ Derrick, Jayson (August 6, 2020). "Dan Gilbert, Jay Farner On Rocket Companies IPO: 'Great Starting Point'". Yahoo! Finance. Retrieved February 8, 2021.
- ^ Tompor, Susan (August 6, 2020). "Dan Gilbert's Rocket IPO soars more than 20% in trading". Detroit Free Press. Retrieved February 8, 2021.