By KIMBERLEY HAAS
Leaders at Rocket Pro TPO have announced a new loan level pricing adjustment tool and the executive vice president says it is the result of listening to feedback from their partners.
Mike Fawaz sat down with The Mortgage Note on Monday to talk about Target Profit Control, which eliminates misquoting or loan adjustment oversights by applying systematic profit levels.
Fawaz said that before Target Profit Control, correspondent brokers were tracking files manually.
“Now, you have the ability to set your target profit per loan officer and you no longer have to really go into every single file manually. It’s now set on a loan officer basis,” Fawaz said. “It is an innovative technology. It’s something that is exclusive to Rocket Pro TPO and it’s something that puts brokers in a position to really go out there and win with loan officers and really be efficient.”
The program eliminates the need to monitor points and discounts to ensure margins are maintained, blocks unnecessary qualified mortgage failures by including adjustments at pricing, and eliminates the cost of paying an outside vendor to help keep loan-level profit in line, according to information provided by the company’s public relations team.
Fawaz said the program was created internally and based on feedback.
“Everything we have done has been based on partners’ feedback. We believe that partners and brokers are out there having conversations on a day-to-day basis and their feedback is so valuable. Feedback is a gift to us,” Fawaz said.
In October, it was announced that Rocket Pro TPO had launched Correspondent Assist. That provided non-delegated correspondent lenders the option to use a suite of tech-driven fulfillment services in addition to the existing platform supporting correspondent partners.
“Ever since then, we have been really dialed into listening to our broker partners,” Fawaz said.
Fawaz, who travels weekly and sometimes bi-weekly to meet with partners, said listening to their needs is his company’s secret weapon.
“That’s our secret, is truly, really, listening to brokers, figuring out what they need, and how we continue to deliver to them,” Fawaz said.
Fawaz said that moving forward, company leaders plan to continue building products that help the independent mortgage broker and correspondent lender community. ONE+, a product for low-to-moderate income borrowers where buyers put down 1% of the purchase price, has been a home run since being rolled out in May, he said.
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