In a sluggish market, Rocket Mortgage courts brokers with pricing incentive

With mortgage rates back into the 7% range and several consecutive weeks of reduced demand, Rocket Mortgage is making what appears to be a volume play. 

The third party origination (TPO) division of Rocket Mortgage on Monday announced the rollout of its latest product, 24 Takeoff, which allows mortgage broker partners to receive a 24 basis point credit on all eligible loans until Nov. 17. 

A company spokesperson confirmed that the credit can be used for both purchases and refinances on conventional, VA and FHA loans.

The announcement, made in a YouTube video featuring Rocket Pro TPO Executive Vice President Mike Fawaz and Divisional Vice President Nathan Kyle, also advertised the company’s upcoming “Pro Performance Sales Training” efforts, slated to occur on Nov. 15 at 2 pm EST. Kyle noted that the training is available to the entire broker community, even non-Rocket partners. 

“Partner or not, it’s your chance to learn from industry-leading professionals who are veterans themselves, offering you valuable insights into the veteran perspective,” Kyle added. 

The announcement comes shortly after United Wholesale Mortgage (UWM) extended its Refi75 incentive through Nov. 29, which gave borrowers a 75-basis-point rate cut on various refinancing options. 

Rocket’s new offering debuts roughly one a week ahead of its Nov. 12 third quarter earnings report.

By channel, Rocket reported $13 billion in closed loans in the second quarter via its direct-to-consumer channel and $11.3 billion through its TPO channel.

Rocket told investors in September that by 2027 it aims to double its current market share in purchase mortgages to 8% from the current 4%, and its refinance share to 20% from 12%.