Rocket Mortgage, which has consistently ranked highest in customer satisfaction for mortgage servicing according to J.D. Power, will officially begin managing these loans by December 2024.
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This new deal will further expand Rocket’s already massive servicing portfolio, which stood at $534.6 billion in unpaid balances as of the second quarter of 2024. The company’s servicing portfolio includes 2.6 million loans and generates approximately $1.4 billion in annual fees.
“Rocket is committed to the entire homeownership experience from budgeting and credit-building, to home search, financing and servicing. We truly believe in building relationships with our clients that last a lifetime – whether through new mortgages or servicing loans,” Rocket chief business officer Bill Banfield said in a media release.
The tie-up comes at a time when Rocket is actively expanding its mortgage servicing platform, including the recent acquisition of $20.8 billion in mortgage servicing rights. Additionally, Rocket has rolled out a new program called “Welcome Home RateBreak,” which offers temporary interest rate reductions for homeowners during the first two years of their mortgage.