Rocket Pro TPO expands tools for correspondent lenders

Rocket Pro TPO announced Monday that it is launching a suite of tech-driven fulfillment services for its correspondent partners, which should “streamline processes” and “accelerate loan purchases.” 

If a correspondent lender opts for this suite, dubbed “Correspondent Assist,” their borrowers will have access to Rocket’s digital client portal to apply for a loan, submit documents and e-sign. 

Rocket also said that it will generate loan estimates, closing disclosures and final closing documents through its portal, helping to “eliminate significant costs.” The program mirrors one that mortgage brokers use when working with Rocket Pro TPO. 

Following the closing of a loan, Rocket Pro TPO serves as the investor, purchasing the loan from its correspondent partner and then selling it to Fannie Mae, Freddie Mac or Ginnie Mae.

Emily Elconin/Bloomberg

The rollout of the program comes one month after the Detroit-based lender signaled plans to “lean in and invest” more heavily into the wholesale space.

“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,” said Austin Niemiec, executive vice president of Rocket Pro TPO, in a statement. 

The other option available for correspondent lenders is “Correspondent Flex,” a program in which Rocket underwrites the loans, but the partner lenders handle the rest of the transaction from application to closing, including generating their own disclosures and closing documents.

Rocket said that both options allow for correspondent lenders to access its loan origination portal and mortgage guideline search engine called Pathfinder. 

The Detroit-based lender added that it will 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.

Rocket was the first to raise its conforming threshold to $715,000 from the current $647,200, noting that it wants its partners to have ” a competitive advantage.”

Rocket Pro TPO recently introduced a closed-end home equity loan, and has hinted that more product offerings will be made available to its partners later in October.