Rocket Mortgage launched a new AI-driven technology for analyzing calls.
Rocket Logic – Synopsis can listen to, transcribe, and search client calls, then analyze the sentiment, recording the patterns and preferences of the caller, according to a press release.
This innovation allows Rocket to create “bespoke experiences” for both current and potential borrowers.
“Rocket Logic unlocked the transformative power of AI to begin streamlining and modernizing the homebuying process. Now, with Rocket Logic – Synopsis, we have harnessed generative AI to create a tool that both anticipates and solves clients’ needs, effectively changing the future of homeownership,” said Varun Krishna, CEO of Rocket Companies and Rocket Mortgage.
The tool is active for calls to Rocket’s client experience teams, including loans…
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…
Tim Birkmeier, Rocket Mortgage president, is retiring from the company and the industry altogether.
After nearly three decades with Rocket, Birkmeier announced his leaving in a LinkedIn post.
“As I move on to the next chapter in my life, I hope to have proven to those at RKT what can be accomplished when you are willing to sacrifice for the greater good, consciously make professional improvements, and be consistent in your actions to get great results,” he wrote.
Birkmeier thanked Dan Gilbert, Bill Emerson, and Jay Farner, saying they allowed him to have a strong leadership voice in the company.
“I will always have a deep respect for our unique and good company culture that has been formed through the…
By KIMBERLEY HAAS
The CEO of Rocket Companies says they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.
Varun Krishna spoke during an earnings call Thursday after leaders at Rocket reported that their total net revenue for 2023 was $3.8 billion. In comparison, total net revenue was reported at $5.8 billion for 2022.
Krishna started his comments by saying they delivered strong fourth-quarter and full-year results despite market challenges as the industry faced persistent strains in affordability and inventory.
He pointed out that their purchase market share grew by 14% and their refinance market share grew by 10%.
Krishna said by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With…
By KIMBERLEY HAAS
This Valentine’s Day, if you are ready to get off the sidelines and into the housing market, you are likely not alone in your quest to find a place you love.
Potential buyers are coming out of the woodwork and touring homes, according to Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services from Redfin agents. And although that hasn’t translated into home sales yet, they expect this increase in tours to convert into an improvement in pending sales over the next few months.
Dana Anderson, a data journalist at Redfin, explained that more buyers are touring homes now because mortgage rates are holding steady at below 7% and some of these people…
Rocket Companies has appointed an AI-oriented independent director to its Board of Directors, according to a press release.
The new addition, Alex Rampell, is a general partner at Andreessen Horowitz who focuses on fintech investments.
Described as a “serial entrepreneur,” he co-founded companies like Affirm, a leader in “buy-now-pay-later,” and TrialPay, a transactional advertising and payments company that was acquired by Visa in 2015.
Rampell now promotes the responsible use of AI, which he says will bring about a new era of transformation and disruption in the financial services space.
“When I heard [CEO Varun Krishna] speak about the AI tools Rocket is creating, and the massive amount of data at their fingertips, I was simply blown away,” said Rampell.…
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 Companies named former Airbnb exec Jonathan Mildenhall as Chief Marketing Officer, the company announced in a press release.
In this new position, Mildenhall will craft a marketing voice that unifies all businesses under Rocket Companies, keeping their branding in line. All marketing and communications teams will report directly to him.
“The role Rocket plays in helping people achieve the American Dream through home ownership and financial freedom is massive and cannot be overstated,” he said. “I am honored to be given the opportunity to work with this talented team.”
Mildenhall brings more than three decades of experience to the position. He is a co-founder of leading branding and marketing consultancy, TwentyFirstCenturyBrand. The company has worked with game-changing companies such…
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…
