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…
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…
