Rocket Pro Originate, a mortgage origination platform catering to real estate agents, insurance agents, tax professionals, and other licensed financial experts, is set to cease operations this summer.
The platform for these professionals, which grew during the refi-boom, but is no longer necessary based on the volume of business that exists, will be phased out by the end of June. Affected originators, including real estate and insurance agents, among others, must submit new mortgage applications by March 29, 2024, with loans in progress required to close by June 28, 2024.
The email notification informed affected originators that while their licenses wouldn't be revoked, Rocket would discontinue sponsorship, necessitating them to seek alternative sponsorship to continue mortgage origination activities. The exact number of affected professionals was not disclosed.
The notice says: "If you do have a client in process after March 29, 2024, your license will continue to be sponsored by Rocket Mortgage until the loan closes or by June 28, 2024, whichever comes first. If you do not have a client in process with Rocket Mortgage after March 29, 2024, your license will no longer be sponsored within four weeks after this day."
The company confirmed the closure of the platform, which has no connection to Rocket Pro TPO, the third-party origination channel.
“As we continue to evaluate our business and more precisely focus on the areas of growth for Rocket Mortgage, we made the decision to wind down our relationships with insurance agents, financial advisors, tax professionals and real estate agents who have been originating mortgages on our behalf," a Rocket spokesperson said. "With a narrower focus, Rocket will concentrate on providing the technology needed to accelerate homeownership across the country and provide breakthrough tools that are essential to mortgage brokers assisting those in their community.”
Rocket Mortgage closed $17 billion in loans during the fourth quarter of 2023, contributing to a total of $78.7 billion in originations for the full year.
