Rocket, Annaly Enter Subservicing Agreement
Rocket Mortgage has joined forces with Annaly Capital Management, the world’s largest residential mortgage real estate investment trust, as its servicing and recapture partner.
Rocket will handle all servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.
“Rocket is committed to the entire homeownership experience from budgeting and credit building, to home search, financing, and servicing. We truly believe in building relationships with our clients that last a lifetime – whether through new mortgages or servicing loans,” said Bill Banfield, Chief Business Officer of Rocket Companies.
“We are honored to be working with Annaly and look forward to providing their serviced clients the same exceptional experience that has made Rocket a perennial recipient of J.D. Power’s servicing award.”
Rocket Mortgage has ranked highest for client satisfaction in J.D. Power’s mortgage servicer study for ten years, taking home first place for every category in 2024.
Rocket Mortgage maintained a portfolio of $534.6 billion (2.6 million serviced loans) as of June 30, 2024.
The company pointed to its deep investment in AI as one of the reasons for its subservicing wins. Rocket’s AI tools have resulted in first-call resolutions of more than 60% and can save more than 45,000 hours per year by eliminating the need to complete tedious tasks.
“Annaly is pleased to enhance its mortgage servicing rights platform with our new relationship with Rocket,” Steve Campbell, President & COO of Annaly, said.
“We are proud to have constructed one of the most durable and high-quality portfolios of MSR in the market and this partnership will allow us to benefit from Rocket’s industry-leading servicing capabilities and retention rates. We are excited to have access to the best-in-class experience that Rocket is known for, which continues to improve given their ongoing investments in technology.”
Detroit-based Rocket Mortgage is part of Rocket Companies.
Annaly is a leading diversified capital manager with investment strategies across mortgage finance, with a principal business objective to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies.