Rocket Mortgage reduces 50 positions
Rocket Mortgage gave pink slips to “roughly fifty employees” last week, according to a spokesperson. This comes two weeks after Rocket had announced that it would be cutting 20 employees from its marketing department. Rocket Mortgage spokesperson Aaron Emerson stated that Rocket regularly reviews the priorities of the business and determines which roles are necessary to achieve them. He also noted that the recent reduction was minimal, accounting for less than 25% of the company’s roles. “These decisions are never taken lightly, but are only made harder by the over-sensationalization of eager trade media,” Emerson said. The megalender based in Detroit would not say what roles or teams were affected by the reduction. Rocket Mortgage appointed Mike Fawaz its executive vice president of Rocket Pro TPO and Austin Niemiec its chief revenue officer. Brown stated that this could be a significant change in the way a mortgage company conducts business on the purchase side. Diversification is a huge deal. According to their earnings reports, the lender lost the title of top originator in the third quarter to United Wholesale Mortgage. This lender surpassed its quarterly mortgage loan volume by $7.9 million. Rocket generated $25.6 billion in mortgage loans during the most recent quarter, compared to $34.5 billion the previous quarter and $88 million the year before. UWM reported a third quarter volume of $33.5 million.