Rocket blasts off in the private-label market

Rocket blasts off in the private-label market
Rocket Companies CEO Jay Farner

Industry powerhouse Rocket Mortgage started out dabbling in the private-label secondary market slowly, with a single offering in 2019, followed by another in 2020, but it has come out with its engines roaring in 2021.

The nation’s largest mortgage lender has launched a total seven private-label jumbo-loan securitizations between 2019 and early November of this year backed by loan pools valued at $4.2 billion at the time of closings — with five of those offerings undertaken in 2021.

The two securitizations in 2019 and 2020 involved a total of 952 loans valued in aggregate at $715 million. The five deals so far this year, however, dwarf the prior years’ securitization volume — with 3,642 loans pooled in 2021 as collateral for offerings valued in total at $3.54 billion.

All seven private-label offerings have been issued by Woodward Capital Management LLC, a subsidiary of Rocket Mortgage’s parent company, Detroit-based Rocket Companies. The conduit, or shelf, used for the transactions is called RCKT Mortgage Trust.

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post Rocket blasts off in the private-label market appeared first on HousingWire.