More than 1,100 agents signed up for Rocket Pro Insight, a new tech platform launched last month by Rocket Mortgage in the first day it was live, Rocket Companies CEO Jay Farner revealed on a company earnings call last week, according to the company transcript.
He predicted the platform will have a client base of more than 15,000 agents by the end of the year, “providing a significant touchpoint with one of the largest influencers in the home purchase life cycle.”
Rocket Pro Insight, which is available as a website and mobile app, provides agents with a look at where each loan is in the process, the terms of the loan, if any additional documents are needed and the timing of the loan’s closing.
“Now [agents] can help guide homebuyers through the mortgage process from approval to closing using the Rocket Pro mobile app or website, rather than calling one of our mortgage bankers or asking the client, real estate agents can now use Rocket Pro Insight to check in on a loan status,” Farner said, on the call. “That leaves more time for mortgage bankers to help other homebuyers, and the agent can focus on showing and closing houses with their clients.”
“The reaction from those in the real estate community has been overwhelming,” he added.
Farner said the launch of the program was just one of the multitude of ways that Rocket Companies is using its trove of data to expand the way it’s reaching consumers, through insight and innovation. The company assisted more clients in the third quarter of 2020 than any previous quarter in company history and more than doubled its loan origination volume year over year, closing a record $89 billion in loans in the quarter.
The other real estate agent-related program Farner mentioned on the call was the company’s partnership with realtor.com, which Farner explained, “allows the tens of millions of homebuyers visiting their website to seamlessly apply for a Rocket mortgage.”
The partnership, Farner explained, represents an example of Rocket Companies into its own platform into the realtor.com experience.
“The sky is the limit on what that integration can look like, when you think of the data and information we have about home values in markets, the real estate connections, the real estate agent connections that they have, the equity information that we have about the two-million-plus folks in our servicing book,” Farner said. “And so what we’re really trying to create there is a seamless process from the very moment that you think about purchasing a home until closing the home.”