By KIMBERLEY HAAS
A total of 1,250 team members at Rocket Companies dove headfirst into the topic of leveraging generative AI during their most recent HackWeek.
More than 250 experiments were tackled as these team members explored how technology can streamline the homeownership journey. They ranged from finding solutions for when buyers first start browsing home listings to creating a system that presents payment assistance options to homeowners if they experience hardships.
CEO Varun Krishna said in a post on LinkedIn that harnessing the capabilities of GenAI is a major goal for the company and having a week of dedicated time to focus solely on breakthrough innovations was “incredibly valuable.”
“It is incredible how many great ideas can come from…
Rocket Mortgage has launched an AI-driven technology platform geared towards streamlining the homebuying process.
Rocket Logic processes insights from proprietary data and call transcripts to speed up the lending process for buyers.
Buyers upload documents to a secure portal. Rocket Logic then scans and identifies the files, extracts the necessary information, and instantly processes the documents.
The company says Rocket Logic can automatically identify about 70% of more than 1.5 million documents received monthly, saving lenders 5,000 hours of work in February 2024 alone.
Automation also reduced the number of times team members had to interact with a loan by nearly 25% YOY, decreasing turn times by 25% from August 2022 to February 2024.
“Rocket Logic is transforming the homebuying…
Jonathan Hernandez has been appointed Chief Lending Officer at State Department Federal Credit Union, the company announced in a press release.
Hernandez brings more than 15 years of financial industry experience to the position. He previously served as VP of Lending at Andrews Federal Credit Union.
“I am honored to join SDFCU and excited to contribute to the credit union’s continued success,” he said.
“I look forward to working with the talented team at SDFCU to leverage technology and a member-centric approach to redefine the lending experience and empower members to achieve their financial dreams.”
In his new role, Hernandez will oversee the entirety of SDFCU’s lending operations, from mortgage lending to collections, as well as develop and implement lending…
By JARED WHITLEY
Leaders at a mortgage broker caught up in litigation over United Wholesale Mortgage’s “All In” ultimatum say they never agreed to be in an exclusive relationship with Mat Ishbia’s company.
Lawyers for UWM filed suit against Atlantic Trust Mortgage Corporation in January, claiming they submitted at least 71 mortgages to rivals Rocket Mortgage or Fairway Independent Mortgage, causing about $355,000 in damages.
If Atlantic Trust wanted to work with other lenders, they argued, it needed to submit written notice that it was terminating its business with UWM. That is standard under Ishbia’s ultimatum, which has been controversial since it was introduced in March 2021 because it forces brokers to stop sending loans to Rocket and Fairway if…
By KIMBERLEY HAAS
The CEO of a workflow automation company says she is trying to help the mortgage industry modernize by making it easy for servicers to adopt technology they can manage from the front end.
Jane Mason is the founder of Clarifire in St. Petersburg, Florida. The company uses a Software-as-a-Service model to reduce manual processes and increase efficiencies.
Mason said in a recent interview with The Mortgage Note that there has been a seismic shift in the industry over the course of the last four years to accommodate the needs of borrowers but now that the Covid pandemic is over, market conditions point to the rising potential for mortgage delinquencies and defaults, leading to an increase in volume…
Housing finance veteran Katie Such has been promoted to head of Affordable Housing at Regions Bank as Rob Chiles is set to retire.
Chiles has been with Regions for 15 years and in the financial services industry for 35 years. Under his leadership, Regions facilitated $7.7 billion in affordable housing investments, according to a press release.
“Providing financial services that, in turn, enable new affordable housing developments truly represents one of the most powerful ways Regions can benefit clients and communities. Throughout his time with Regions, Rob has championed superior service while fulfilling our mission to make life better,” Mike Smith, head of Real Estate Banking for Regions, said.
Such has been with Regions Affordable Housing since 2016, when she…
Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO.
Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April.
Herzka helped found Meridian in 1991 and steered it to the forefront of commercial mortgage origination.
“As we look to institutionalize Meridian as a world-class company and further diversify our revenues, there is no better steward of our future than Brian. He is an outstanding and recognized leader in financial services, and I am excited to work with him to build on our firm’s foundation of unparalleled experience and market intelligence,” Herzka said in a press release.
Brooks is…
Atlanta-based Citizens Trust Bank announced a new down payment assistance program for borrowers purchasing affordable homes.
The grant offers up to $2,000 to eligible buyers looking to purchase affordable housing.
Citizens says its goal is to help more Americans reach their homebuying dream, considering that saving for a down payment in a high inflation, high home price environment is a huge hurdle.
“For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs can help to lower the barrier to entry and make the dream of owning a home a reality,” said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford.
A majority of first-time buyers are making a down…
By KIMBERLEY HAAS
The CEO of a real estate technology company that helps homeowners buy a new house before they sell theirs says an equity crowdfunding campaign they launched last month has been well received.
Sean Black, who co-founded Knock with Jamie Glenn and Karan Sakhuja in 2015, said during a recent interview with The Mortgage Note that the timing seems to be right for this venture.
Black and Glenn were on the founding team at Trulia, which went public on the NYSE and was acquired by Zillow in 2014 as part of a $3.5 billion stock-for-stock transaction. Back then, individuals couldn’t invest in these companies until they went public.
“Crowdfunding regulation has matured quite a bit in the last…
Tim Birkmeier, Rocket Mortgage president, is retiring from the company and the industry altogether.
After nearly three decades with Rocket, Birkmeier announced his leaving in a LinkedIn post.
“As I move on to the next chapter in my life, I hope to have proven to those at RKT what can be accomplished when you are willing to sacrifice for the greater good, consciously make professional improvements, and be consistent in your actions to get great results,” he wrote.
Birkmeier thanked Dan Gilbert, Bill Emerson, and Jay Farner, saying they allowed him to have a strong leadership voice in the company.
“I will always have a deep respect for our unique and good company culture that has been formed through the…
