Rocket Pro TPO, the division of Detroit’s Rocket Mortgage working exclusively with independent mortgage brokers and correspondent lenders, announced the national launch of Correspondent Assist.
Through the new program, Rocket will offer non-delegated correspondent lenders new and valuable operational benefits with the option to use a suite of new tech-driven fulfillment services, in addition to the existing platform supporting correspondent partners.
“Rocket has always supported choice for our mortgage broker partners and their clients. Now, we are providing correspondent lenders with more options while we underwrite their loans,” says Austin Niemiec, executive vice president of Rocket Pro TPO.
“We are looking forward to providing our industry-leading technology and partner support teams so correspondent lenders can better help their clients. We will continue investing in our platform to provide partners world-class speed and certainty.”
Non-delegated correspondent lending enables mortgage lenders to control processing, closing, and funding while the lending partner, such as Rocket Mortgage, is responsible for the underwriting.
After closing, Rocket Pro TPO serves as the investor, purchasing the loan from the correspondent. According to Inside Mortgage Finance, the total correspondent channel closed an estimated $327 billion for the first half of 2022 and nearly 74 percent of correspondent loans that went to Fannie Mae, Freddie Mac, and Ginnie Mae in the second quarter were purchase loans.
With the new program, the homebuyer uses Rocket Pro TPO’s digital client portal — with the partner lender’s branding — to apply, submit their documents, e-sign, and manage the whole mortgage process.
Rocket will generate loan estimates, closing disclosures, and final closing documents — issuing them to the client through the portal. This new option — which is like the process mortgage brokers use when working with Rocket Pro TPO — can eliminate significant costs, streamline processes, and accelerate loan purchases for the correspondent lender.
If a lender instead selects the Correspondent Flex choice, Rocket will still manage all aspects of underwriting the loan, however the partner lender will handle the rest of the transaction from application to closing, including generating their own disclosures and closing documents. By offering two options, correspondents can process loans in the way that works best for their business while still having access to Rocket technology.
No matter how the correspondent lender chooses to work with Rocket, they will appreciate an industry-exclusive integration of Qualified Mortgage (QM) tests and the visibility of loan cures built into the technology experience.
In addition, partners are provided a dedicated team to support their business and technology to make the process simpler, including the easy-to-use loan origination portal and Pathfinder by Rocket, a mortgage guideline search engine. Rocket Pro TPO will also lock the interest rate through the clients’ signing date and will purchase the loan from the correspondent partner within three to five days after closing, helping the partner’s liquidity.
To learn more and become a partner, click here.