Rocket Companies Inc. (NYSE: RKT) inches up in early trading session on Tuesday as the Rocket Pro TPO announces the national launch of “Correspondent Assist,” a new program that will provide non-delegated correspondent lenders with new and valuable operational benefits, including the option to use a suite of new tech-driven fulfillment services in addition to the existing platform that supports correspondent partners.
Non-delegated correspondent lending allows mortgage lenders to retain control over processing, closing, and financing while the lending partner, such as Rocket Mortgage, is in charge of underwriting. Rocket Pro TPO then acts as the investor, acquiring the loan from the correspondent. According to Inside Mortgage Finance, the overall correspondent channel closed an estimated $327 billion in the first half of 2022, with purchase loans accounting for almost 74% of correspondent loans to Fannie Mae, Freddie Mac, and Ginnie Mae in the second quarter.
Executive Vice President of Rocket Pro TPO, Austin Niemiec stated that Rocket has always promoted choice for their mortgage broker partners and their clients, and now they are extending more alternatives to correspondent lenders as they underwrite their loans. They are excited to deliver their industry-leading technology and partner support teams so correspondent lenders may better assist their clients, and they will continue to invest in their platform to provide partners with world-class speed and certainty.
The new Correspondent Assist program allows homebuyers to apply, submit documents, e-sign, and manage the entire mortgage process through Rocket Pro TPO’s digital client portal, which is branded with the partner lender’s branding. Rocket will create loan estimates, closing disclosures, and final closing documents, which will be distributed to the client via the portal. This new approach, which is identical to the technique mortgage brokers utilize when dealing with Rocket Pro TPO, may remove considerable expenses, expedite processes and accelerate loan acquisitions for the correspondent lender.