The last day for sponsored professionals to submit mortgage applications is March 29, while loans must close by June 28, the lender confirmed Thursday. While Rocket will remove sponsorship of licenses, it won't revoke them.
"As we continue to evaluate our business and more precisely focus on the areas of growth for Rocket Mortgage, we made the decision to wind down our relationships with insurance agents, financial advisors, tax professionals and real estate agents who have been originating mortgages on our behalf," said Rocket in a statement.
It's unclear how many mortgage loan originators the program sponsored, or how much volume it produced. Rocket also didn't reference the program in its recent earnings or a 10-K filing with the Securities and Exchange Commission this week. The move doesn't affect any Rocket Pro TPO brokers.
The program, according to its website, allowed professionals to sign up as an MLO, with Rocket providing training. Sponsored LOs can work in 39 states, while mortgage brokers could work with Rocket Pro Originate in 11 states.
Professionals with the program are able to offer Rocket's entire suite of loan products. The company will issue final rent payments for branch managers on June 1, and will refund license renewals for 2024 by the end of June.
The announcement comes on the heels of Rocket's fourth quarter earnings report, in which it posted a $233 million net loss, but an adjusted net loss of $6 million. The megalender and servicer said its
