Rocket Pro is continuing its promise to deliver a monthly “Power Play” announcement on the first Tuesday of every month by introducing three new broker-focused incentives, one of which will lead to a $100,000 prize.
Part of Rocket Pro’s June Power Play, the third month of the initiative, includes the launch of “The Big Pitch,” described as “a broker-driven tech innovation contest” that invites mortgage brokers to submit ideas aimed at solving industry pain points through technology.
The contest is open to all wholesale mortgage professionals with active NMLS licenses, not just Rocket partners. Submissions will be accepted through the end of June, after which Rocket leaders will select three finalists. Online voting will begin in early July, and Rocket Pro will develop working prototypes based on the finalists’ ideas.
The prototypes will be demonstrated live during the Rocket Pro Experience conference in Detroit on Sept. 1, where the winner will be determined through a combination of online voting and votes cast by conference attendees. A $100,000 grand prize will be awarded at the event.
“When you sit down with savvy brokers and pick their brains, it’s unbelievable what you can learn and unbelievable the solutions they already have. They just need folks to go out and build it,” Austin Niemiec, chief revenue officer of Rocket Mortgage, said during a conversation with HousingWire ahead of the announcement.
Niemiec continued, “A lot of what we’ve rolled out over the last decade started as brokers coming to us and saying, ‘Solve this problem. I have an idea.’ This is really taking that to the next level.”
Rocket extends its purchase credit program
In addition to the contest, the wholesale lending division of Rocket Mortgage said it is yet again extending its 60-basis-point purchase credit and a 40-basis-point Compass credit as part of a partnership with the real estate broker.
Rocket Pro said broker partners can qualify for the full 100-basis-point credit when assisting clients who are working with agents affiliated with participating real estate brands, including @properties, Better Homes and Gardens Real Estate, CENTURY 21, Christie’s International Real Estate, Coldwell Banker, Compass, Corcoran, ERA and Sotheby’s International Realty.
Niemiec said the continuation of the Compass credit is in part due to how “significant” the credit has been in helping brokers’ businesses.
“Everyone’s talking about how tough this market is right now, and we’re focused on helping brokers win right here, right now, while also investing in helping brokers win deep into the future,” Niemiec said. “That’s what partnership is all about.”
Incentives to encourage cash-out refis
The company also announced a temporary pricing incentive to encourage cash-out refinances. Through July 6, brokers can receive a 20-basis-point loan-level price adjustment credit on conventional and government-backed cash-out refinance loans.
Niemiec added, “Rate-and-term refis have gotten a little more difficult, but who cares? There’s so much cash-out business out there to be won with how much equity is in Americans’ homes—but brokers have to go get it.”
The credit can be combined with Rocket Pro’s existing 40-basis-point refinance incentive, resulting in up to 60 basis points in savings.
“We’re coming with real solutions, real plays to help brokers win, and this is just another example of that,” Niemiec said. “What I love about this power play is its serious value this month in a tough market to help brokers win purchase and refi business…we’re committing serious resources to building real technology solutions to help brokers win deep into the future…this power play shows that.”
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