In 2016, the company launched Rocket Mortgage, the first completely online mortgage lender service. It allows prospective home buyers to be approved for a mortgage in minutes using nothing but their smartphone.

The idea is to hook buyers into Quicken Loans products before they even decide to take out a loan.

"As challenging times presented themselves, we doubled down," Farner said. "We made investments in technology and did more advertising. We focused on building something that was different within the industry. That made us scalable. Most mortgage companies grow to a level then it's the processes that stop them, the paperwork, the data. That's where we excel."

Greg McBride, chief financial analyst for New York financial services company Bankrate LLC, said Quicken Loans' expertise in technology puts it ahead of competitors and in a place to mop up more market share as technology constrains smaller mortgage companies into obscurity.

"The mortgage world is definitely becoming more and more digital every day," McBride said. "Quicken is in a better spot, as a lot of banks have been laggards in technology investments."

Quicken Loans believes it can engage the consumer before it needs a loan with Rocket Mortgage and maintain engagement with Quicken Loans' traditional mortgage services. Banks spent dollars on advertising for their banking services, but never broached "wasting" that spend on its mortgage business. Consumers simply didn't care where they got a loan, just that it was the best price — or so they believed.

"Nobody thought it was worthwhile," Cecala said. "Quicken has proven that it does pay off. They've done so many things that have bumped up against the conventional wisdom of the mortgage market." This requires millions and millions in advertising spend — Rocket Mortgage launched with an ad during Super Bowl L with a 60-second spot in the first half of the game. Quicken Loans subsequently aired another Rocket Mortgage ad during Super Bowl LII in 2018 featuring Detroit-born comedian and actor Keegan-Michael Key.

The result is that Quicken Loans' technology-driven platform closes a loan approximately every 12 seconds, five days a week across the U.S., and Farner believes its growth is only limited by its ability to maintain customer service, not by competition.

"You would need close to 1,500 physical branches to compete with our centralized operation and close the same amount of volume," Farner said. "Obviously, your costs would be multiples of ours, not to mention the considerable management challenges of thousands of people spread across that many locations. This platform continues to get more efficient, faster and provides a better experience for our clients each and every day as we add technological and process-driven improvements. The company has built a moat around itself because of this significant and unique strategic advantage."

But the experts disagree on whether Quicken Loans can truly penetrate the mortgage consumer to generate continuous brand loyalty.

"We see varied behaviors," McBride said. "Some are hunting for the best deal but others are looking for a brand they are familiar with. (The consumer) is at a crossroads of a competitive rate and a brand they are comfortable. People are recognizing they don't want to get ripped off, but also not chasing the lowest rate if it sacrifices service."

Cecala said building brand loyalty in the mortgage space is difficult because people typically don't take out mortgages that often.

"Consumers need a home loan only a few times in their lifetime," Cecala said. "Attracting as many as you can makes sense, but finding a loyal customer separated by years of experience is pretty difficult."