Rocket Pro Launches Broker Support Program

Rocket Pro announced the launch of its ‘Moving Squad’ initiative on May 29, 2024, a program designed to provide support to mortgage brokers who are experiencing limitations due to United Wholesale Mortgage’s (UWM) ‘All-In’ policy. This new initiative aims to offer an alternative channel and resources for brokers seeking to originate loans outside of UWM’s exclusive framework. The ‘Moving Squad’ program is specifically targeting brokers who are feeling constrained by the terms of UWM’s ‘All-In’ policy, which requires brokers to exclusively use UWM for their wholesale mortgage needs to receive certain benefits and pricing advantages. Rocket Pro, a division of Rocket Companies, is positioning this program as a way to retain business and offer competitive options to these brokers. A key component of the ‘Moving Squad’ initiative is a financial incentive: a $10,000 referral bonus. This bonus is available to brokers who successfully refer new loan officers to the Rocket Pro platform. The offer is time-limited, extending through the end of 2026, providing a significant window for brokers to capitalize on this incentive. The introduction of the ‘Moving Squad’ initiative reflects an ongoing competitive dynamic within the mortgage origination industry, particularly between major wholesale lenders like UWM and other players seeking to capture market share. UWM’s ‘All-In’ policy, implemented in 2022, has been a significant development, aiming to consolidate broker business and streamline operations by encouraging exclusive partnerships. However, such policies can also create challenges for brokers who prefer or need to maintain flexibility in their lending partnerships to serve a wider range of borrower needs or to access the best available rates and products across different wholesale lenders. Rocket Pro’s response with the ‘Moving Squad’ initiative appears to be a strategic move to attract brokers who may be dissatisfied with or limited by the exclusivity demanded by UWM. By offering a substantial referral bonus and a dedicated support program, Rocket Pro is signaling its intent to compete directly for broker relationships and loan volume. The program’s success will likely depend on its ability to provide brokers with competitive loan products, efficient processing, and a positive origination experience that rivals or surpasses what they can achieve through UWM’s ‘All-In’ structure. The $10,000 referral bonus is a concrete financial incentive, but the long-term viability of the ‘Moving Squad’ will also hinge on the ongoing operational support and product offerings provided by Rocket Pro to its participating brokers. This development underscores the strategic maneuvers and competitive pressures shaping the landscape of mortgage lending, where broker relationships and access to diverse lending channels remain critical factors for success.