Rocket Mortgage Shuts Down Part of Company: Good News for Borrowers?

Rocket Mortgage Shuts Down Part of Company: Good News for Borrowers?

Rocket Mortgage is shutting down part of its business after legal issues arose from real estate-related professionals getting paid referrals. We’ll preface this by saying Rocket is NOT shutting down; Rocket Pro Originate, a sector of their business, is. If you’re a real estate agent or broker, tax professional, or anyone else in the buying and selling funnel, this could affect YOU…but only if you were part of the program. Why is Rocket shutting down this referral program? We’re giving you the scoop!

Before, your realtor, tax professional, or insurance agent could get a Rocket-sponsored loan officer’s license and, technically, get a mortgage for you. But, on the back end, these loans were really being fulfilled by Rocket, with the professional receiving a referral fee. Why is this a problem? Well, loan officers can’t give other loan officers referrals, and at a grand scale, Rocket Pro Originate may have been trying to get around this.

But how does this affect the buyer getting a Rocket Mortgage? Could this lower or increase fees? And what if YOU, as a professional, were part of the Rocket Pro Originate program? No more guessing; let’s get into this!

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00:00 Rocket Mortgage Shuts Down?
02:41 What Actually Happened
05:27 Good News for Borrowers?
08:03 What to Look Out For
09:41 Agent Match callout
12:48 Work with Christian and David!

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