Key facts
- Rocket Pro has developed three technology prototypes based on ideas from mortgage brokers.
- The prototypes aim to solve specific problems faced by brokers in the mortgage process.
- All three developed prototypes are slated for broader implementation for the broker community.
- The initiative highlights Rocket Pro's commitment to the wholesale mortgage channel.
- The company is investing in technology and partnerships to gain market share during a downturn.
Rocket Pro, a division of Rocket Mortgage, has unveiled three technology prototypes developed from ideas submitted by mortgage brokers during its Rocket Pro Experience (RPX) event. This initiative, stemming from a "Big Pitch" contest, marks a strategic shift where the company directly solicited solutions from brokers to address their challenges.
Hundreds of submissions were received, and Rocket Pro collaborated with three finalists to transform their concepts into functional prototypes. These include Rocket Pro Signal, designed for early risk identification; Rocket Pro Quick Counter, for rapid counteroffer generation; and Rocket Pro Right Track, offering alternative solutions for loan obstacles. The broker community voted on these prototypes at the event.
Initially planning to build only one winning concept, Rocket Pro announced it would develop all three prototypes. Seth Hasan's concept secured first place with a $100,000 prize, followed by Andrew Haff ($60,000) and George Chevalier ($40,000). Rocket Mortgage's Chief Revenue Officer, Austin Niemiec, emphasized that the development of all three technologies benefits the entire broker community and underscores Rocket Pro's commitment to the wholesale channel, especially as other lenders scale back operations.
This move comes as Rocket Mortgage CEO Jay Bray outlined strategies to gain market share amid a challenging mortgage market, emphasizing financial strength, technological integration, and partnerships. The company aims to capitalize on competitors' financial fragility and rising prices by offering more competitive pricing.