As mortgage rates climb back up to the 7% range and demand decreases, Rocket Mortgage is taking action to attract more business.
The third party origination (TPO) division of Rocket Mortgage recently introduced its newest product, 24 Takeoff. This program offers mortgage broker partners a 24 basis point credit on all eligible loans until Nov. 17. The credit can be applied to purchases and refinances on conventional, VA, and FHA loans.
In a YouTube video featuring Rocket Pro TPO Executive Vice President Mike Fawaz and Divisional Vice President Nathan Kyle, the company also announced upcoming “Pro Performance Sales Training” on Nov. 15 at 2 pm EST. Kyle emphasized that this training is open to the entire broker community, not just Rocket partners.
Shortly after United Wholesale Mortgage (UWM) extended its Refi75 incentive through Nov. 29, offering borrowers a 75-basis-point rate cut on refinancing options, Rocket Mortgage introduced its new program. This new offering comes just before Rocket’s third quarter earnings report on Nov. 12.
Looking ahead, Rocket aims to double its market share in purchase mortgages to 8% and increase its refinance share to 20% by 2027. In the second quarter, Rocket reported $13 billion in closed loans through its direct-to-consumer channel and $11.3 billion through its TPO channel.
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