Rocket Team Members Explore GenAI During HackWeek

By KIMBERLEY HAAS A total of 1,250 team members at Rocket Companies dove headfirst into the topic of leveraging generative AI during their most recent HackWeek. More than 250 experiments were tackled as these team members explored how technology can streamline the homeownership journey. They ranged from finding solutions for when buyers first start browsing home listings to creating a system that presents payment assistance options to homeowners if they experience hardships. CEO Varun Krishna said in a post on LinkedIn that harnessing the capabilities of GenAI is a major goal for the company and having a week of dedicated time to focus solely on breakthrough innovations was “incredibly valuable.” “It is incredible how many great ideas can come from…

“It’s Always A Hustle” Says Rapid Home Loans CEO

By KIMBERLEY HAAS The CEO of Rapid Home Loans says to succeed in the current landscape, mortgage professionals need to know how to make the most of every opportunity. Abe Miri cofounded the company, located in Dearborn, Michigan, with Alex Abazid in March of 2022. Licensed in 24 states, they use a call center style to conduct business. For Miri, who says he has always worked in an outbound environment, that’s his bread and butter. “If somebody gives me a lead, I’ll work it to the bone. And that’s kind of the mindset you have to have,” Miri said. “It’s always a hustle. That’s what I always say, it’s a nonstop hustle.” That drive has helped push Rapid Home Loans…

One-On-One: Agave Home Loans CEO Talks About Building A Successful Team

Having a team of motivated mortgage professionals has helped Agave Home Loans grow since it was founded at the beginning of 2020. Co-owners Marshall Gottlieb and Douglas Wang conducted business that year from two bedrooms at Wang’s house during a time when the Covid pandemic disrupted the traditional work from an office model. They had a list for cold calls and if they connected with a potential client on the phone, they would have to sprint to a quiet place to talk to them. Today, Agave has 70 team members and was listed as a 2023 top performing partner for wholesale and correspondent lending by Rocket Pro TPO. Gottlieb recently sat down with Editor Kimberley Haas to talk about their…

Rocket Pro TPO Announces AI-Powered Hotline For Brokers

By KIMBERLEY HAAS A hotline that will give brokers the ability to make changes to approval letters at any time was announced by leaders at Rocket Pro TPO this week, and it is powered by artificial intelligence. Executive Vice President Mike Fawaz unveiled the new technology during an Ignite: Live! session on Monday afternoon. He demonstrated that to use the new AI system, all brokers have to do is make a call to provide the loan number, client name, and financing request. If approved, the system will update the appropriate documents. “This is a win for you. This is a win for us to be able to deliver to the broker community something that you can use that gives you…

Rocket CEO Joins Board Of Directors

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…

December To Remember Is Back For Third Year At Rocket Pro TPO

By KIMBERLEY HAAS Rocket Pro TPO is kicking off its annual December to Remember event and the executive vice president says it will mean more for mortgage professionals this year than ever before. Mike Fawaz and his team announced on Nov. 20 that they will again be spreading holiday cheer this month with wins focused on helping the broker community. He said during an interview with The Mortgage Note this week that due to the state of the market in 2023, brokers and loan officers are hustling to finish the year strong. “To me, this year December to Remember becomes a lot more special than any other year because, for one, December to Remember came to life to help mortgage…

Rocket Pro TPO Raises Conforming Limits

By KIMBERLEY HAAS Rocket Pro TPO has increased the limits for conforming loans, and in doing so, leaders there say getting ahead of the curve will benefit mortgage professionals and their clients. Officials at the Federal Housing Finance Agency won’t be announcing the 2024 conforming loan limits until November, but starting today, broker partners of Rocket Pro TPO will be able to take advantage of them, according to Executive Vice President Mike Fawaz. Fawaz spoke with The Mortgage Note on Friday. “We’re very, very excited about this one. As you know, last year Rocket Mortgage was the very first lender that was able to implement the 2023 conforming loan limits, and this year it’s no different,” Fawaz said. “I think…

Listen To The Mortgage Note’s Fall Podcast

The Mortgage Note’s team has been tracking the housing crunch as low inventory, coupled with high interest rates, creates challenges for homebuyers and mortgage professionals. Editor Kimberley Haas interviewed industry leaders to learn more about what they are seeing and what products are being offered for this podcast. If you would like to participate in future episodes, please email us at [email protected]. Listen Here: Read Articles Featuring The Guests: Learn About The Eastern Tennessee Market With Loan Officer Matt Ronne Rocket Pro TPO EVP Talks About Current Successes, Challenges Bonzo Leader Says Success Starts With Personalized Messaging More Audio: FormFree’s Chief Customer Officer Christy Moss sat down with The Mortgage Note to talk about the company’s Residual Income Knowledge Index,…

Rocket Pro TPO EVP Talks About Target Profit Control

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…

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…