What Rocket’s leaders say separates a stable lender from a risky one
“We have technology teams that are over 300 or 400 people that just focus on this community,” he said. “Most lenders’ technology teams in total aren’t even 300 or 400 people.”
Why track record matters
Jay Bray (pictured top center), CEO of Rocket Mortgage, offered a different lens on the same question, drawn from decisions he made over 26 years running Mr. Cooper before joining Rocket. He said his career has repeatedly come down to choosing the right partner at the right moment.
“I can go back to the financial crisis in ’07-’08, and who was there for us because we were known as a strong servicer was Fannie and Freddie,” he said. “Without Fannie and Freddie, we’d probably be out of business.”
He pointed to a later deal as another example, when Mr. Cooper purchased $250 billion in servicing rights from Bank of America.
“It was the largest transfer at that point in time in the history of the world,” Bray said. “That was through cultivating that partnership, building it year after year after year.”
