The company created by Dan Gilbert went public last year, and it reported a cushy $6.6 billion in profits through the first nine months of 2020.īut a company like Rocket – both ambitious and these days heavily reliant on the refi revenue stream – is looking for ways to get more purchase business, and one of them is real estate. Rocket has since ridden the wave of famously low interest-rates, which juiced the mortgage refinancing market. They surpassed Wells Fargo through persistent marketing (ginning up interest in the Rocket app), robust customer service and benefited from industry-wide retreat from the depository banks.
Rocket rocketed to being the highest volume mortgage lender in the country by late 2017. That raises a question of perhaps little interest to National Basketball Association fans but a great deal of interest to National Association of Realtors members – where is the real estate agent in this picture? The ads are mostly set not in a loan office, but a home showing. “Find the right mortgage with a local broker and Rocket technology,” intoned the narrator on the commercials, which premiered during the Super Bowl. During breaks in nearly every televised basketball game, it’s there: Tracy Morgan imploring pensive homebuyers “pretty sure” is not enough, and that they can only be certain about their giant life choice with Rocket Mortgage.
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