For the agent, that’s how they earn their living until the loan closes, they don’t make a nickel. It’s important for the buyer to get in the home and for the seller to transact. One, they want to trust that the loan is going to close. JF: In the next six months to a year, what are you going to do differently to help real estate agents in the purchase market?īW: There are a few things that are really important to agents and certainly their clients. I know we’ll bring some of that to Canada. The experience that my clients have is better and some of it is because of you.” Competition is good that way. He said, “Oftentimes I hate you, but you’ve made us better. The more we can access and increase homeownership, the greater the benefit to the people buying the homes, those selling their homes and the agents helping both of them.Ī CEO of another mortgage company paid us one of the biggest compliments I’ve ever gotten. If new buyers don’t come into the market, the whole ecosystem falls apart. This is a big deal, and it should be a big deal for real estate agents because first-time homebuyers are the ones buying the homes of move-up buyers. When we look at our penetration into historically underserved markets, it’s substantial. in your pajamas and you want to chat with someone, you can do that. The beauty of our technology is there isn’t an intimidation of talking about your finances while looking at someone across a desk from you. It was intimidating, especially when you think about underserved communities where a client may walk into a bank where the bankers don’t look like you. When I got into this business, clients had to walk into a bank office. or Canada, our “why” is helping people get home financing. What’s behind your growth?īW: When you make any decision, you have to start with your “why.” Why is Rocket good for consumers? Whether in the U.S. JF: A number of your competitors have scaled back significantly with boots on the ground, but you’ve expanded into Canada. Dan Gilbert founded the company in 1985 and has always cared about long-term strength-building the company for the long run and caring about the people who work with us along the way. We offered people a buy-out on a voluntary basis. You don’t need to be a math major to know that staffing needs are going to change. The industry went from $4.5 trillion in 20…to a run rate of about $2 trillion or maybe less. ![]() Tell us about your approach to reducing staff.īob Walters: We needed to -as everyone did. But you took a buy-out approach as opposed to laying people off. ![]() ![]() John Featherston: You, like many mortgage lenders, have had to reduce staff. RISMedia President and CEO John Featherston and I sat down with Rocket Mortgage CEO Bob Walters who delved into how Rocket Mortgage is thriving amid market headwinds and its ongoing efforts to meet consumer needs today and tomorrow. While Rocket Mortgage hasn’t gone unscathed during the recent market shift, the Detroit-based lender has maintained its focus on the long game, adapting where needed and sticking to its own north star in the industry. That certainly rings true in the mortgage lending industry, which has been on a rollercoaster ride amid surging rates and persisting economic uncertainty that has dealt crippling blows to many companies in the sector. It never hurts to have a strong north star to guide your company through turbulent times.
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