Fintech exec Varun Krishna has been named CEO of Rocket Companies, the parent company of Rocket Mortgage.
“I am honored to join the Rocket Companies team,” Krishna said in a statement. “Rocket has a rock-solid foundation and tremendous potential, with its comprehensive ecosystem and industry-renowned technology, strong brand, and award-winning client service. I look forward to working with Bill, the Board, and Rocket’s exceptionally talented team members to drive the company’s future success and create long-term value for our stakeholders.”
Krishna succeeds Bill Emerson, who has served as interim CEO since June when Jay Farner retired. Emerson will remain on the Board and work with Krishna throughout the transition.
Krishna officially takes over on September 5.
Krishna brings over two…
Rocket Mortgage is launching a product for low-to-moderate income borrowers to help get them on the ladder of homeownership.
With ONE+, homebuyers pay a down payment of 1% of the purchase price. Households with income equal to or less than 80% of their area median income are eligible.
Rocket will then kick in the remaining 2% required for a loan. ONE+ covers the monthly mortgage insurance fee required if a buyer places less than 20% down.
The program is available for single-family home purchases, including manufactured homes, and it is expected that more than 90 million Americans can save thousands of dollars.
Bob Walters, CEO of Rocket Mortgage, said in a statement that no other lender has an option that…
By KIMBERLEY HAAS
Leaders at Rocket Mortgage have been rolling out programs to serve potential homebuyers in underserved communities.
They announced last week that the company is the first national lender to offer Freddie Mac’s BorrowSmart Access program, which has a $3,000 credit for first-time homebuyers to use toward their down payment.
To qualify for this program, the buyer must have an income equal to or less than 140% of the area median income and meet all other Freddie Mac lending guidelines. The purchase must take place in an eligible county within one of 10 metropolitan areas.
The cities include Detroit, where Rocket is headquartered, Atlanta, Chicago, El Paso, Houston, McAllen, Memphis, Miami, Philadelphia, and St. Louis.
In December, Purchase…
Leaders at Rocket Mortgage announced a conventional loan option this month for people who are interested in purchasing or refinancing a manufactured home. Manufactured homes are built at indoor homebuilding facilities in accordance with the U.S. Department of Housing and Urban Development Manufactured Home Standards. They are then delivered to the land where the owner will live. A recent report from the Manufactured Housing Institute shows manufactured homes are about a third of the cost, on average, of site-built homes. The Institute also stated that 22 million Americans currently live in manufactured homes and this building type accounts for 9 percent of new home construction. Bill Banfield, EVP of Capital Markets at Rocket Mortgage, sat down for an interview with The Mortgage Note…
By KIMBERLEY HAAS As interest rates climb towards seven percent and loan applications fall to their slowest pace since 1997, leaders at Rocket Mortgage say they have a solution and it has a name: Inflation Buster. Rocket’s new Inflation Buster program was announced on Sept. 16. It gives homebuyers a reprieve by reducing their monthly mortgage payment by one percentage point for the first year of their loan, according to a press release. Bill Banfield, EVP of Capital Markets at Rocket Mortgage, sat down for an interview with The Mortgage Note to explain how the program is the result of leaders at the company listening to the needs of their clients. “You, me, everybody is talking about inflation. You can’t…
By KIMBERLEY HAAS The senior vice president of business development at Rocket Mortgage says their partnership with Boston-based Santander Bank is an example of the kind of relationship they hope to cultivate. Tom Dempsey recently sat down for an interview with The Mortgage Note. He said partnering with Rocket Mortgage gives companies access to their technology. “We’re offering partnership models that externalize our models and systems,” Dempsey said. “The key thing is that at Rocket we’ve created a number of partnership models for banks and credit unions.” Dempsey called this a holistic approach to offering customers what they are looking for as lenders pull into and out of markets. On Aug. 5, leaders at Santander Bank and Rocket Mortgage announced…
By KIMBERLEY HAAS Leaders at Rocket Mortgage say entries are open for the world’s largest official game of Super Bowl squares. The Detroit-based company announced on Wednesday that two grand prize winners will receive $500,000 each that can go toward a dream home. $50,000 will be awarded every time the score changes. Bob Walters, CEO of Rocket Mortgage, said watching the Super Bowl has been a staple of American culture for the last 55 years. Introducing the Rocket Mortgage Super Bowl Squares in 2020 has elevated that experience for millions of viewers across the country, he said. “Past winners have had their lives transformed and we are eager to give more Americans that opportunity again this year,” Walters said in…
Rocket Mortgage announced several leadership changeups, including a new title for Jay Farner, the company announced. Farner, currently Vice Chairman and CEO of Rocket Companies, will now have the title of CEO for Rocket Central, the hub for the Rocket Companies fintech platform. The title change will not impact his role at the company, allowing him to “continue driving the growth of the entire ecosystem from mortgage and real estate to car sales and personal finance,” according to the statement. The former CEO of Rock Central, Angelo Vitale, will now focus exclusively on his role as General Counsel and Secretary at Rocket. Rocket Mortgage veteran Bob Walters will take over the role of Rocket Mortgage CEO. Prior to this promotion,…
