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 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
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…
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 Mortgage and Rocket Homes announced a new credit for buyers who use the companies to buy a home.
The program, BUY+, gives borrowers who obtain purchase financing from Rocket Mortgage and find a home through a Rocket Homes Partner Real Estate Agent a credit equal to 1.5% of their loan amount – up to $10,000 – to put toward closing costs.
Additionally, a homebuyer working with an unaffiliated real estate professional who refers them to Rocket Mortgage can receive a 0.75% credit on their loan amount. This is also true for buyers opting for a Verified Approval.
Rocket says this buyer can save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home.
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…
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…
Long-time Rocket CEO Jay Farner is retiring after 27 years and he says the move will give him more time to focus on his family.
Farner will officially retire effective June 1, 2023, according to a press release. He is also giving up his position on Rocket’s board of directors, effective immediately.
“Being part of this amazing organization has been one of the most rewarding experiences of my life. More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I could never have predicted the amazing journey that one decision would have taken me on,” Farner said.
Farner joined Rock Financial– the company that would later become Rocket Mortgage…
The 30-year fixed rate slipped slightly again last week, prompting some pent-up buyers to lock in a purchase, Freddie Mac reported Thursday.
Freddie’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage averaged 6.13%, down from 6.15% the week prior.
A year ago at this time, the 30-year FRM averaged 3.55%.
The 15-year fixed-rate mortgage fell from 5.28% to 5.17%. A year ago, it averaged 2.80%.
“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.”
Pending home sales have been…
The Mortgage Note’s Editor Kimberley Haas has been interviewing some of the leaders in the country over the past year. This podcast highlights the successes and innovations taking place in the mortgage industry. If you would like to participate in future episodes, please email us at [email protected]
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