Rocket Mortgage

Here's what mortgage professionals should know about Rocket's rebranding, its $1.75B play for Redfin, dropped CFPB lawsuit and more.

Stakeholders predict the future of homebuying will offer two distinct paths: an all-in-one bundle from companies like Rocket Mortgage and the traditional, local homebuying experience.

Rocket said the Redfin deal is part of a purchase mortgage strategy, but originating and retaining residential mortgages in portfolio is the real endgame writes the chairman of Whalen Global Advisors.

Rocket expects the combined company to achieve more than $200 million in run-rate synergies by 2027, it said in a statement.

The company first entered the Canadian market in 2020 through an investment in an Ontario-based brokerage, which later rebranded to Rocket Mortgage Canada.

Company executives touted the immediate returns from its rebranding and Super Bowl advertising campaign, with February activity exceeding expectations.

The lender says its first-of-its-kind program can give consumers up to $5,000 in credits based on their prior 12-month rent payment history.

As a market leader, Rocket Companies rebranding comes in the foreground of several court battles and fluctuating earnings performance.

Looking to recreate the buzz from its 2016 ad, Rocket leads spectators at the Superdome into a live version of 'Take Me Home Country Roads' during the big game.

Rocket Companies has unveiled a refreshed logo and announced plans to rename some of its businesses, hinting at more updates set to be revealed on February 9.

The Department of Justice argues that mortgage lenders, including Rocket Mortgage, should be held accountable for the work of third-party appraisers.

Rocket argues it was unfairly tied to discrimination accusations, arguing the government aimed for "headline-grabbing claims" to bolster its case.

Rocket Mortgage is also allowing customers to use automated valuation models in lieu of appraisal for loans up to $400,000.

A steep mortgage servicing rights valuation change hurt earnings which included greater adjusted net income and total origination volume.

The incentive, meant to ramp up activity in Rocket's broker channel, is valid from Nov. 5 to Nov. 17.

The real estate investment trust and correspondent lender also anticipates improved subservicing costs due to a larger trend in the mortgage market.

The arrangement complements the publicly traded nonbank lender's acceleration of other activity in the servicing space and builds on other business with the REIT.

The lender claims it's been the first player in the industry to raise the threshold for three years in a row.

The company will fund the discount across the first two years through a special escrow account.

10-Q filings with the SEC reveal additional information regarding the financial wherewithal of public mortgage lenders in the second quarter.