Detroit-based
Rocket Mortgage will manage a portion of Annaly's serviced
clients
DETROIT, Oct. 1, 2024
/PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage
lender and a part of Rocket Companies (NYSE: RKT), and Annaly
Capital Management, Inc. (NYSE: NLY) ("Annaly"), the world's
largest residential mortgage real estate investment trust, today
announced the companies have entered into a subservicing agreement.
Under the relationship, Rocket will handle all servicing and
recapture activities for a portion of the mortgage servicing rights
("MSR") held by Annaly.
"Rocket is committed to the entire homeownership experience from
budgeting and credit building, to home search, financing and
servicing. We truly believe in building relationships with our
clients that last a lifetime – whether through new mortgages or
servicing loans," said Bill
Banfield, Chief Business Officer of Rocket Companies. "We
are honored to be working with Annaly and look forward to providing
their serviced clients the same exceptional experience that has
made Rocket a perennial recipient of J.D. Power's servicing
award."
Rocket Mortgage has ranked highest for client satisfaction in
J.D. Power's landmark mortgage servicer study for an industry-best
10 years – earning the first place in each category measured by the
study in 2024. Rocket's award-winning client experience leads many
of its clients to come back time and again. In fact, the company's
servicing clients return to Rocket for their next loan three times
more than the industry average. Rocket Mortgage maintained a
portfolio of $534.6 billion or 2.6
million serviced loans as of June 30,
2024.
One of the factors that contribute to Rocket's industry-leading
client satisfaction is the company's technology driven philosophy.
Rocket's artificial intelligence (AI) tools have resulted in first
call resolutions of more than 60%. Another Rocket-exclusive
AI-driven tool, Rocket Logic – Synopsis, leverages machine learning
and large language models to transcribe client calls, automatically
capturing details, sentiment and client patterns, helping to solve
client concerns faster. The tool is projected to save more than
45,000 hours per year by eliminating the need to complete tedious
tasks. This provides more time for team members to concentrate on
developing meaningful relationships with the homeowners behind
these serviced loans.
"Annaly is pleased to enhance its mortgage servicing rights
platform with our new relationship with Rocket," remarked
Steve Campbell, President & COO
of Annaly. "We are proud to have constructed one of the most
durable and high-quality portfolios of MSR in the market and this
partnership will allow us to benefit from Rocket's industry-leading
servicing capabilities and retention rates. We are excited to have
access to the best-in-class experience that Rocket is known for,
which continues to improve given their ongoing investments in
technology."
Annaly is a leader across housing finance with nearly
$75 billion in assets invested across
its Agency MBS, Residential Credit and MSR strategies. Annaly has
built a fully-scaled MSR platform which holds servicing for
approximately 608,000 loans, totaling $192
billion in unpaid principal balance and $2.8 billion in market value as of June 30, 2024. The company's MSR portfolio is
made up of high-quality conventional loans with a weighted average
FICO of 757 at origination.
Rocket Mortgage is expected to begin servicing loans for Annaly
as early as December 2024.
Forward Looking Statements
Some of the statements contained in this document are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are generally identified by the use of words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and, in each case, their negative or
other various or comparable terminology. These forward-looking
statements reflect the respective views of Rocket or Annaly with
respect to future events as of the date of this document and are
based on such company's management's current expectations,
estimates, forecasts, projections, assumptions, beliefs and
information. Although the management of Rocket or Annaly
respectively believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that these expectations will prove to have been correct. All such
forward-looking statements are subject to risks and uncertainties,
many of which are outside of Rocket's or Annaly's respective
control, and could cause future events or results to be materially
different from those stated or implied in this document. It is not
possible to predict or identify all such risks. These risks
include, but are not limited to, the risk factors that are
described under the section titled "Risk Factors" in the Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and other filings with the Securities and
Exchange Commission ("SEC") of Rocket and Annaly respectively.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in this document and in the SEC filings of Rocket and
Annaly. Rocket and Annaly expressly disclaim any obligation to
publicly update or review any forward-looking statements, whether
as a result of new information, future developments or otherwise,
except as required by applicable law.
About Rocket Mortgage
Detroit-based Rocket Mortgage
is the largest mortgage lender and is a part of Rocket Companies
(NYSE: RKT).
The lender enables the American Dream of homeownership and
financial freedom through its obsession with an industry-leading,
digital-driven client experience. Since its founding in 1985,
Rocket Mortgage has closed more than $1.8
trillion of mortgage volume across all 50 states.
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction
for primary mortgage origination and servicing a total of 22 times
– the most of any mortgage lender. Rocket Companies, Rocket
Mortgage's parent company, has placed in the top third of Fortune's
list of the "100 Best Companies to Work For" the list for 21
consecutive years.
About Annaly
Annaly is a leading diversified capital manager with investment
strategies across mortgage finance. Annaly's principal business
objective is to generate net income for distribution to its
stockholders and to optimize its returns through prudent management
of its diversified investment strategies. Annaly is internally
managed and has elected to be taxed as a real estate investment
trust, or REIT, for federal income tax purposes. Additional
information on the company can be found at www.annaly.com.
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SOURCE Rocket Mortgage