Rocket Pro is broadening its refinance incentive and extending its stacked purchase credit for August, giving mortgage brokers another reason to revisit past clients while elevated rates continue to limit origination volume.
The wholesale lender’s August Power Play increases its refinance credit from 40 basis points to 60 basis points and applies it to all refinance products. The previous credit was limited to cash-out refinances.
Rocket Pro is also extending its purchase credit of up to 100 basis points. The offer combines a 60-bps credit on eligible purchase loans with an additional 40 bps when the borrower works with a real estate agent affiliated with Compass International Holdings.
The larger refinance credit is the most notable change. Rather than waiting for mortgage rates to produce a broad refinance wave, Rocket is giving brokers a pricing tool to begin reviewing past clients’ loans now — including borrowers who may have originated closer to recent rate peaks.
“In a tough market, the brokers who are succeeding are stacking every possible credit and benefit,” said Cory Scholl, executive vice president of sales at Rocket Pro. “They aren’t waiting for rates to change. They are able to help their clients now.”
The expansion beyond cash-out loans gives brokers another reason to run break-even analyses for potential rate-and-term refinances. However, the additional pricing credit will not make every refinance financially worthwhile. Mortgage professionals will still need to compare the borrower’s potential monthly savings with closing costs, the expected time in the home, and other loan-specific considerations.
“The great thing about this Power Play is that the pricing incentives give brokers a reason to start the conversation with their clients,” Scholl said. “It gives them a reason to reach out to their clients and find a solution for them.”
Power Play Becomes A Broader Broker-Retention Strategy
Rocket Pro introduced Power Play as a monthly series of broker-focused announcements, but the campaign has increasingly developed into a broader strategy spanning pricing, products, loan execution, and technology.
The lender introduced pricing tied to its Compass relationship in March before increasing its broader purchase credit in April. Rocket then extended the purchase offer and added Non-QM options in May.
June brought refinance pricing and the launch of The Big Pitch, while July paired the existing credits with a 12-business-day clear-to-close commitment on qualifying conventional purchase loans.
The August announcement continues that progression. The recurring pricing incentives give brokers a financial reason to submit loans to Rocket now, while the lender’s operational and technology initiatives are designed to build longer-term broker engagement.
The broader refinance credit also suggests Rocket wants brokers prospecting their databases before any meaningful decline in rates releases pent-up refinance demand. Combined with the continuing purchase incentive, Rocket is positioning Power Play as more than a monthly promotion: It is becoming a recurring broker-retention campaign built around pricing, execution, and technology.
The 100-bps purchase offer also reinforces Rocket’s relationship with Compass International Holdings. The full credit depends on the borrower using an affiliated real estate agent, tying Rocket Pro’s wholesale pricing strategy more closely to a wider network of real estate brands.
Brokers Get A Vote On Rocket’s Next Technology Investment
The August Power Play also opens voting in The Big Pitch, Rocket Pro’s $100,000 broker technology competition.
Rocket received more than 350 submissions after launching the contest in June. It selected three finalists whose proposals address different pressure points in the broker workflow:
- George Chevalier of Clearview Lending Solutions proposed an AI-related concept intended to combine human expertise with faster execution. It falls under Rocket’s “Cut time, not corners” category.
- Seth Hasan of West Capital Lending submitted a concept designed to help brokers compete for deals in the moment. It falls under the “Compete when it counts” category.
- Andrew Haff of Barren Hill Mortgage proposed a tool intended to help brokers recover deals that might otherwise be lost. It falls under the “Save more deals” category.
The finalists have been working with Rocket Pro’s product and technology teams to develop their proposals. Their videos and additional details are available on Rocket Pro’s voting page.
Voting is taking place in two phases: online voting followed by a live audience vote at RPX. The results will be combined, and the winner will be announced Sept. 1 at the event in Detroit.
Voting is open to Rocket partners and nonpartners with an active NMLS number in good standing in the wholesale or nondelegated correspondent space. Each eligible NMLS number may be used only once across both voting phases.
The winning idea is expected to be developed into a Rocket Pro technology product, with the winner receiving $100,000. Under the contest’s official rules, ownership of all ideas submitted to the competition transferred to Rocket, regardless of whether the entrant was selected as a finalist.
“These pricing incentives can help them today. Brokers also have a say in how they are helped in the future,” Scholl said. “With the voting open for The Big Pitch, brokers can give their opinion on which idea will make the biggest difference for their clients and for their business.”
