Artificial intelligence is changing how people buy homes and leaders at Rocket Companies are leaning in and embracing the latest technology.
In December, it was announced that the Rocket Homes app is now available to potential buyers while they are driving through Apple CarPlay. Homes listed for sale can be seen in the “Nearby” tab. By tapping the vehicle’s screen, drivers can get directions to a home, call an agent, or save listings to their “Favorites.”
Doug Seabolt, CEO of Rocket Homes, said at the time that the app is making house hunting more convenient for busy homebuyers on the go.
“When looking for a new home, the search never stops – even when you are driving around town. That…
Rocket Companies expanded its Board of Directors to include CEO Varun Krishna.
Krishna became the eighth member of the board effective December 21. His term is scheduled to end at the company’s annual meeting in 2026.
Regulatory filings showed that Krishna will not be paid additionally for his new role. His earning potential as CEO is up to $20 million, factoring in base salary, bonuses, stock, and options awards.
Board members who are not part of Rocket typically receive a retainer fee of $50,000, $3,000 per board meeting attended, and stock options.
“We are thrilled to welcome Varun to the Board of Directors. With more than 20 years of experience in the fintech space, Varun brings with him a wealth…
By ERIN FLYNN JAY
As artificial intelligence plays an increasingly important role in the mortgage business, industry leaders are figuring out ways to harness its power to revolutionize homebuying.
Dan Weisman, director of innovation strategy at the National Association of Realtors, said AI brings enhanced automation, efficiency, and transparency to the process. People who can effectively use it have the chance to dominate the landscape in 2024.
“With artificial intelligence rapidly entering our lives faster than most could imagine, the industry has opportunities to improve analyzing market trends, assessing credit risk, and ensuring regulatory compliance, which will lead to a more tailored lending experience,” Weisman said in a recent interview with The Mortgage Note.
For example, JPMorgan Chase is developing…
Rocket Homes has a new plan for encouraging homeownership: showing Americans homes for sale as they’re driving.
Rocket Homes, the real estate service arm of Rocket Companies, made its iOS app available in cars, trucks, and SUVs through Apple CarPlay in order to turn the “everyday commute into an exciting and natural part of the homebuying journey,” company leaders said in a press release.
Users click the “Nearby” tab of the app on CarPlay to pull up homes listed for sale in the area. Drivers can then get directions to the home, call an agent, or save the listing for later viewing on their iPhone.
“The Rocket Homes app is making house hunting more convenient for busy homebuyers on-the-go,” said…
Rocket is embracing artificial intelligence and leaders there say it will be a game changer in the lending industry.
Varun Krishna, CEO of Rocket Companies, emphasized their focus on AI in a statement accompanying the third quarter’s financial results.
“In today’s climate, innovation is essential. With the incredible amount of data in our ecosystem, paired with the transformative power of AI, Rocket is uniquely positioned to disrupt the industry. We’re just getting started and can’t wait to show you what we are building to revolutionize homeownership,” Krishna said.
Last month, continued advancements to the company’s Pathfinder tool were announced. Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 housing professionals, according to a press release.…
As the season of giving thanks begins, The Mortgage Note would like to recognize the people who contribute to their communities.
In June, leaders at the Rock Family of Companies and Rocket Community Fund announced that team members had spent one million hours volunteering with community organizations and nonprofits, participating in more than 150,000 events with more than 4,800 organizations nationwide.
The milestone was reached at an event with The Greening of Detroit at Lafayette Gardens in downtown Detroit. Rocket Companies is headquartered in the city.
“Rocket Companies invests in Detroit through its business, philanthropy and workforce, along with the tens of thousands of team members who help mentor our youth, ensure our food banks are stocked, connect our residents…
Leaders at Lendesk Technologies have announced a new product for Canadian brokers which finds mortgage options from lenders that fit the specific needs of clients.
The Lender Spotlight AI Assistant can sift through a database containing thousands of mortgage policies from lenders across Canada. According to a press release, the new technology will enable brokers to focus on building relationships with clients while offering them expert guidance.
“Lender Spotlight AI Assistant is set to propel the mortgage industry into the age of artificial intelligence, with an initial focus on simplifying the complexities of mortgage policies. The tool offers unmatched insights, enabling mortgage brokers to swiftly identify policies ideally suited to their clients’ specific needs. Instead of spending hours sifting through…
Rocket Companies has been recognized by PEOPLE in its 100 Companies That Care rankings for its contributions to Detroit homeowners.
For the past seven years, PEOPLE has partnered with Great Place To Work to honor companies that go above and beyond to positively impact their communities.
This year, Rocket Companies earned second place for its efforts to support residents of Detroit.
PEOPLE said its decision was based on the Detroit Home Repair Fund, part of the Gilbert Family Foundation. The fund facilitates critical home repairs for low-income Detroit homeowners – where Rocket is headquartered – through its nonprofit partners.
Nonprofit partners inspect the home and obtain the funding, as well as oversee contractors and post-inspections while monitoring compliance.
“Stable housing…
The country’s two largest mortgage lenders reported unexpected profits in the second quarter of 2023.
United Wholesale Mortgage and Rocket Companies both bounced back last quarter after dismal results at the beginning of the year.
UWM reported a net income of $228.8 million, making up for losses of $138.6 million in the first quarter of 2023 and $62.5 million in the fourth quarter of 2022.
It originated $31.8 billion in loans, up from $22.3 billion in Q1. The boost coincided with warm weather bolstering home sales, though this past spring buying season was tepid compared to historical norms.
“UWM continues to prove that regardless of the interest rate environment, our business model, coupled with the broker channel being the best…
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…
