Rocket Pro TPO EVP Talks About New Programs, Putting The Client First

Photo byCourtesy Photo

By Kimberley Haas for The Mortgage Note

The executive vice president of Rocket Pro TPO has some advice for the broker community as temperatures cool and autumn begins: Ignore the noise.

“We live in a world where there’s so much noise out there. I mean, there’s stuff on social media. If you turn on the TV, you hear stuff about the market. Everyone is somehow predicting what the rates are going to do, where the market is going to go, and my message to the broker community is I would ignore the noise. I would focus on the client,” Mike Fawaz said in an interview with The Mortgage Note.

Fawaz recognizes that the market has been tough for brokers but said if they focus on the needs and motivations of their clients, the numbers and money will follow.

“I would put the client first. I would ignore where the market is at, ignore that noise, and focus on the human beings that we are helping, because ultimately, yes, this is our job, this is how we earn a living, but we have a great calling. We are helping humans set up their futures, set up their lives, set up their families, help their kids, and our ultimate goal is to treat them as humans,” Fawaz said.

This month, Rocket Pro TPO announced a new partnership to help brokers better serve their clients in traditionally underserved communities.

Company leaders announced the Certified Community Lender Certification Program in partnership with the National Association of Minority Mortgage Bankers of America on Aug. 22. Rocket Pro TPO will cover the fees for brokers to participate in an eight-course, on-demand training focused on serving the $2.9 trillion multicultural market.

Over the next year, Rocket Pro TPO aims to certify 3,000 brokers nationwide, ensuring they’re equipped with the knowledge and tools to better serve single women, people of color, Millennials, and the LGBTQ community.

This program is open to all brokers, and they do not need to be partnered with Rocket, Fawaz said.

“I do think that speaks volumes for our vision for the community as a whole.”

Fawaz said local brokers understand the needs of their communities and this certification will help them develop additional expertise that can be passed on to underserved populations.

“I’m very passionate when it comes to underserved communities. I’m an immigrant that moved to this country twenty-something years ago and it’s part of my DNA. It’s also part of Rocket’s DNA to continue to deliver to underserved communities.”

Rocket is also offering a temporary buydown program to help borrowers battle mortgage rates.

On Aug. 26, leaders at Rocket Mortgage introduced Welcome Home RateBreak, a lender-paid 2-1 temporary buydown program that is available to borrowers applying for a loan directly through the company and those who are working with a mortgage broker partnered with Rocket Pro TPO.

Fawaz said broker partners are already sharing information about the program with borrowers and realtors.

“What it really means to the broker community is just an option in a market that has been tough, an option where they can feel confident to have a conversation with a buyer and a realtor and let them know that with this program, they’re going to secure for the first year a 2% lower rate, and the second year a 1% lower rate,” Fawaz said.

For example, a borrower with a $250,000 loan at a 6.99% rate (APR 7.399%) would typically pay $1,661 per month. With Welcome Home RateBreak, their first-year rate would be 4.99%, reducing the payment to $1,340.

In the second year, the rate would be 5.99%, with payments of $1,497. After that, the payments return to the 6.99% rate for the remainder of the loan, according to a press release.

Borrowers purchasing a single-family home that have income equal to or less than 80% of their area median income are eligible. They do not need to be first-time homebuyers.

The lower rate is made possible through an escrow account established and funded by Rocket Mortgage. Company leaders estimate that more than 90 million people can benefit from this program.