Lendesk Launches Lender Spotlight AI Assistant

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 Takes Second In “100 Companies That Care” Rankings

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…

UWM, Rocket Best Profit Expectations For Q2

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…

New Rocket CEO Named

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 Companies Announces Expansion In Canada

Leaders at Rocket Companies have announced an expansion of Rocket Mortgage Canada. The digital mortgage broker has become a mortgage lender. Using a tech-driven experience, clients can close faster than if they use the traditional paper-heavy process. Programs include a 5% down option. Rocket Mortgage Canada, founded in 2020, is currently offering mortgage products in Ontario, where the company is headquartered. Company leaders plan to expand to additional provinces. “The Rocket Mortgage brand is synonymous with innovation. For too long Canadian homebuyers have endured an inefficient and old way of financing a home that we are eager to transform,” said Hash Aboulhosn, President of Rocket Mortgage Canada. “As a lender, we are now able to impact every part of the…

Rocket Pro TPO EVP Talks About Current Successes, Challenges

The executive vice president of Rocket Pro TPO says a lack of housing inventory has been hurting mortgage professionals, but he is confident broker partners and loan officers have the tools to help homebuyers achieve their goals. Mike Fawaz recently sat down with Editor Kimberley Haas to talk about this year’s successes and challenges. Haas: Mike, so it’s great to have you here today as always. What have been some of the successes in this past year working with the Rocket Pro TPO team? Fawaz: First of all, thanks for having me and I’m excited to have this conversation with you. When I think about the successes of Rocket Pro TPO this year with the broker channel, it’s been a…

As Rocket’s Jay Farner Retires His Impact Is Remembered

By KIMBERLEY HAAS After a 27-year career, Rocket Companies CEO Jay Farner is retiring this week and he will be remembered as a keen businessman who helped make mortgages more accessible to average Americans as technology pushed transactions out of traditional offices and onto mobile devices. Leaders at the company announced Farner’s retirement on February 13, saying that he had stepped down from his position on the Rocket Board of Directors and would begin transitioning his roles and responsibilities as CEO to longtime Rocket executive Bill Emerson. Emerson will assume the role of chief executive officer on an interim basis on June 1, according to the press release. Farner, who is 50 years old, said in a statement that he…

Rocket VP Of Public Policy: Goal Is To Reduce Barriers To Homeownership

By KIMBERLEY HAAS The new vice president of public policy at Rocket Central says his goal is to increase opportunities for people who have historically had difficulties achieving home ownership because of a host of barriers. Karan Kaul, a housing finance veteran who worked as a principal research associate in the Housing Finance Policy Center at the Urban Institute prior to joining Rocket, said that means focusing on first-time homebuyers, people of color, and low- to moderate-income borrowers. In a recent interview with The Mortgage Note, Kaul said a well-documented hurdle to homeownership is a lack of an adequate down payment, especially with the increase in home prices over the last decade. “So what can we do to make sure…

Rocket Mortgage EVP: Addressing Affordability Is A Top Priority

By KIMBERLEY HAAS As the housing market moderates after a whirlwind pandemic ride, affordability continues to be a chief concern for consumers and mortgage providers are responding with a variety of programs to encourage potential buyers to get off the sidelines. Leaders at Rocket Mortgage say that a major hurdle on the path to homeownership for their clients is saving for closing costs and earlier this month they announced a national program where buyers can receive help through BUY+, a collaboration with Rocket Homes. Buyers can receive a credit of 1.5% of their loan amount – up to $10,000 off their closing costs – by working with a Rocket Homes Partner Agent. Those working with an unaffiliated real estate professional…

Rocket Launches Credit Card With Homebuyer Rewards

Leaders at Rocket Companies have debuted a credit card with cashback rewards designed for homebuyers. The Rocket Visa Signature Card is the first credit card with rewards created for this purpose, Rocket leaders said in a press release. “Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country,” said Haroon Mokhtarzada, co-founder and CEO of Rocket Money. “We are proud to offer Americans simple and achievable ways to invest in their financial freedom, whether it’s budgeting with Rocket Money, or redeeming credit card points toward their mortgage down payment or…