Rocket rolls out mortgage teams for brokers
Rocket Pro TPO will pair each of its brokers with a team of in-house mortgage experts, made up of underwriters, closing specialists and purchase title coordinators, to help brokers navigate the loan closing process.
The program, dubbed “Crews” is live as of Jan. 24. According to Rocket, brokers will personally know the crew leaders and will work with them often, which will help brokers “get loans closed fast and with certainty.”
Austin Niemiec, executive vice president of Rocket Pro TPO, said in an interview with HousingWire that the number one complaint in the wholesale industry is that brokers don’t have a relationship with the operations team. He said brokers often feel there are “too many cooks in the kitchen when it comes to loans getting closed.”
Niemiec noted that this initiative will fix that by “giving brokers a custom, boutique team feel when it comes to operations.”
There will be East Coast and West Coast crews who know and understand local guidelines and are available during each broker’s specific working hours, the company said in a press release.
The effort is Rocket Pro TPO’s latest push to bolster its broker channel.
In October 2021, Rocket Pro TPO announced that they would be connecting their broker partners with real estate agents through Rocket Homes, the company’s real estate listing platform. The company also promised to protect newly built relationships between mortgage brokers and real estate agents.
Niemiec noted that these initiatives are already paying off. Since the beginning of the 2022, over 200 brokers have joined Rocket Pro TPO, he said.
Meanwhile, nearly 3,000 new brokers joined Rocket Pro TPO from July to September 2021, according to Rocket Companies, the parent company of Rocket Pro TPO.
Rocket said in their third quarter report that the wholesale side of their business “grew its partner wallet share from 36% in March to more than 50%.”
“We are excited about how our partners are committing to working with Rocket,” said Jay Farner, CEO of Rocket Companies, during the company’s earnings call in November. “In addition, overall market share is up 2-3%, as our growth in that market continues.”
Rocket added in their report that it expects to close between $75 billion and $80 billion in mortgages in the fourth quarter. Gain-on-sale margins are projected to come in between 265 and 295 bps.
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