He described the ensuing panorama below which it hopes to extend market share: “The mortgage trade is fragmented. The direct-to-consumer channel, Rocket’s bread and butter from the start, represents the overwhelming majority of the mortgage market. Our firm has a protracted monitor report of disrupting mortgage refinance on this house and rising market share, and we consider we’re well-positioned to do the identical within the house buy market, with merchandise and the ecosystem and the consumer engagement applications that we’ve put in place. We consider we will develop our buy share by delivering a fascinating and differentiated consumer expertise with the extra applications we’ve launched during the last 12 months, notably to the millennial and first-time house consumers who drive the trade.”
Farner set to retire June 1
Farner additionally took time to deal with his imminent retirement, a disclosure the corporate first made on Feb. 14. Invoice Emerson, vice chairman of Rock Holdings – the bulk shareholder of Rocket, will function interim CEO till a successor is appointed.
“As you understand, on June 1, I shall be retiring from my position as CEO,” Farner mentioned. “The final 27 years of Rocket and specifically the final six as CEO, have been among the many most rewarding experiences of my life. We’ve achieved a lot collectively as a workforce, and I’ve made many lifelong pals.
“With all the superb work achieved in 2022 and into 2023, I consider now could be the suitable time to step apart, so I can spend extra time with my household whereas the corporate continues on its journey executing on these transformational methods.”
Emerson – who served as CEO of Rocket Mortgage for 15 years from 2002 to 2017 – supplied a number of phrases: “I’m excited to roll up my sleeves and dig in with Jay and the remainder of the corporate’s phenomenal management workforce to construct on our sturdy basis and proceed executing at a excessive stage whereas the board conducts a seek for a everlasting successor,” he mentioned. “On a private observe, Jay has been an awesome colleague and pal, and I wish to take a second to thank him for his large influence on this group. His imaginative and prescient for Rocket future has created a pathway for fulfillment and positioned Rocket very properly.”