DETROIT, Feb. 11, 2021 /PRNewswire/ -- Rocket
Mortgage and Black-founded HomeFree-USA today announced an expansion of their
ongoing partnership, which will continue financial education and
career preparation through HomeFree-USA's flagship education initiative, The
Center for Financial Advancement® (CFA), at six historically
Black colleges and universities (HBCUs).
Through this partnership Rocket Mortgage is developing a
pipeline to bring diverse new talent to Rocket Mortgage and its
Rocket Companies (NYSE: RKT) affiliates.
First partnering in 2018 on CFA, the organizations work side by
side to provide tools and opportunities to prospective homebuyers
to bridge the Black homeownership gap, collaborate on numerous
financial information programs, and offer educational initiatives
to HBCUs. The partnership expands beyond those goals for 2021 by
investing in career preparation that will allow HBCU students to
access fields where they are traditionally underrepresented.
"Diversity, equity and inclusion are core tenets of our culture
– existing beyond the lens of homeownership by informing everything
we do and every space our organization touches," said Trina Scott, Chief Diversity Officer for Rocket
Companies. "This expanded partnership will provide Black and other
students of color with financial education programming and
training, as well as allow them to access meaningful opportunities
to join our organization in whatever role best suits their talents
and skillsets."
HomeFree-USA launched CFA on
the heels of a 2016 study that says although more African
Americans than ever are going to college, Black students are still
overrepresented in majors that result in the lowest paying jobs. As
a solution, CFA was founded to introduce HBCU students to the
mortgage and real estate finance industry as a career opportunity
and elevate their money management skills, while teaching them
about homeownership, credit and building wealth.
Sponsoring partners engage the students, faculty, parents and
the local community at-large on such topics as credit, student
loans, savings, homeownership and opportunities in the mortgage
finance profession. CFA educates and prepares young adults
financially, professionally and personally for a sound future.
The initiative was piloted in 2017 at Fisk
University and continues at North
Carolina A&T State University, Fort
Valley State University, Bowie State
University, North Carolina Central
University and Morgan State
University.
Fisk University, North Carolina Central University, Morgan State University and North Carolina A&T State University have all
been scored by U.S. News & World Report as top-20 HBCUs
in the United States.
"Partnering with companies like Rocket Mortgage allows us to
continue this important work of diversifying talent in corporate
America while providing much needed financial literacy to our
students at historically Black colleges and universities," said
Marcia Griffin, President and CEO of
HomeFree-USA and an alumna of two
HBCUs. "Very few mortgage and real estate finance corporations and
financial institutions have internship programs that aggressively
recruit directly from HBCUs. This must change. Students at
historically black colleges and universities are among the best
America has to offer."
Rocket Mortgage and HomeFree-USA will leverage the CFA Scholars program to
bring diverse talent to Rocket Companies. Equipped with vital
career, leadership, financial and life-skills training, students
will be able to attend events at Rocket Mortgage's campus in
Detroit specifically for CFA
Scholars, meet with talent recruiters on their campus, participate
in conferences and summits with Rocket Companies executives, and
more.
In addition to efforts to increase the hiring of Detroit residents, this expanded partnership
allows Rocket Companies' to attract diverse talent to Detroit as it continues to holistically
address its ongoing DEI efforts. Rocket Companies will hire 10% of
its future interns from HBCUs, with the goal of bringing as many of
the interns on as full-time team members as possible.
"We are appreciative of the invaluable opportunities the Center
for Financial Advancement® has delivered to our campus community,
providing our students with resources and key insights to enhance
their academic and career pursuits," David
K. Wilson, President of Morgan
State.
In 2020, Rocket Companies and the greater Rock Family of
Companies announced its "6 Point Plan," a blueprint to address
diversity, equity and inclusion at the organization. Since then,
the organization has leveraged its For More Than Profit philosophy
and culture to impact the outcome on race, equity and inclusion in
six specific areas, including talent recruitment.
The two organizations are already planning to bring the CFA
initiative to additional campuses for the 2021 – 2022 academic
year. Financial terms of the of the partnership were not
disclosed.
About Quicken Loans/Rocket Mortgage
Detroit-based Quicken Loans, the nation's
largest home mortgage lender and a part of Rocket Companies (NYSE:
RKT), enables the American Dream of homeownership and financial
freedom through its obsession with an industry-leading,
digital-driven client experience. $213
billion dollars of mortgage volume across all 50 states in
the first three quarters of 2020. In late 2015, Quicken Loans
introduced Rocket Mortgage, the first fully digital mortgage
experience. Currently, 98% of all home loans originated by Quicken
Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and
Rocket Companies employ more than 22,000 full-time team members
nationwide. The company generates loan production from web centers
located in Detroit, Cleveland and Phoenix and operates a centralized loan
processing facility in Detroit.
Quicken Loans ranked highest in the country for customer
satisfaction for primary mortgage origination by J.D. Power for 11
consecutive years, 2010 – 2020, and also ranked highest in the
country for customer satisfaction among all mortgage servicers
seven consecutive years, 2014 – 2020.
Quicken Loans was once again named to FORTUNE magazine's "100
Best Companies to Work For" list in 2020 and has been included in
the magazine's top 1/3rd of companies named to the list for the
past 17 consecutive years. In addition, Essence Magazine named
Quicken Loans "#1 Place to Work in the Country for African
Americans."
For more information and company news visit
QuickenLoans.com/press-room.
About HomeFree-USA / The
Center for Financial
Advancement®
HomeFree-USA is Black-founded nonprofit started by
Marcia and Jim Griffin in 1994 with
a vision to close the homeownership gap by giving African-Americans
the guidance they need to achieve and sustain homeownership. As a
HUD-intermediary, HomeFree-USA
serves the diverse interests of 4.5 million consumers through its
nationwide network of 50 plus affiliated, community-based,
nonprofits that specialize in guiding people to first-time
homeownership, homeownership sustainability, and increased
financial capacity.
HomeFree-USA launched the
Center for Financial Advancement® (CFA) as a solution to the
industry's call for more diversity.
HomeFree-USA partners with, trains, and provides students from
Historically Black Colleges and Universities (HBCUs) opportunities
for externships, internships and full-time jobs in partnering
mortgage and real estate finance companies. Participating CFA
Scholars are exposed to credit, money management, leadership
development, and homeownership, creating the next generation
of leaders and homeowners. For more information, visit
homefreeusa.org/cfa.
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SOURCE Rocket Mortgage