Rocket Mortgage

Mr. Cooper's Q2 profit surged on servicing gains, despite missing estimates, as it preps for Rocket deal and eyes MSR growth with new client wins.

The firm is incentivizing the cross-selling of its services by offering a lower interest rate for one year for borrowers who finance via Rocket Mortgage retail LOs and use a Redfin agent.

The equity-backed loan offers Rocket customers funds for down payments and closing costs on a new purchase while giving them six months to sell their existing property.

Notable changes in executive compensation at public IMBs heavily relied on stock awards received that year.

A group of lawmakers questioned why the FTC and DOJ didn't step in to prevent Rocket Companies' acquisition of Redfin. They want answers by June 17.

A stockholder previously filed a lawsuit seeking to delay the Redfin shareholder vote scheduled for June 4.

The Detroit company intends to pay at least $1.9 billion of the servicer's senior notes due through 2028, and could cover another $3 billion due through 2032.

The tentative mergers, valued at a combined $11 billion, are the next big phase in Rocket's plan to become a "one-stop-shop" mortgage originator.

Rocket Companies and Redfin argue in court filings that a lawsuit seeking to delay their merger is motivated by the plaintiff's personal gain, not concern for investors.

The numbers suggest Rocket Mortgage's acquisition of Mr. Cooper won't add enough dollar volume to outpace its closest competitor but they also show the deal has other benefits.

The plaintiff is asking for a Seattle federal court to postpone the Redfin shareholder vote, scheduled for June 4, until the company disseminates supplemental information curing the alleged omissions in the proxy filing.

Company management touted its wins, including with total volume of $21 billion, the Redfin and Mr. Cooper purchases plus a record quarter for home equity.

Starting April 22, mortgage brokers will be able to access Rocket Pro's loan pricing, interest rates and product eligibility, the company announced.

The advocacy executive said there was a lot of misinformation regarding Rocket Pro and that the "rumors versus reality is very different."

The move comes three months after Katie Sweeney, former BAC CEO, announced she would be stepping into an executive advocacy role for Rocket's Pro channel.

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.