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Rocket will match homebuyers with the best real estate agents and the best loanofficers across the combined companies. In 2024, Rocket saw an 8% year-over-year increase in purchase market share and aims to further accelerate growth through this acquisition.
“ It won’t do much now because their market shares are relatively small, but in a couple years they’re going to have a wall of scalps,” said one attendee. When these clients are then connected with the best agents and the best loanofficers, it creates a virtuous cycle. billion deal for Redfin.
Another $700 million is expected to be invested in mortgage lending, with a focus on rural areas, the development of community mortgage loanofficers, small-dollar mortgages and home improvement loans, among other products for LMI borrowers.
Essentially, it means that even though the behemoths outnumber local lenders in funding and marketing spend, what they lack is something homebuyers want and need: advice and a personal relationship. If local lenders are strategic with that competitive advantage, that’s where they can win in their local markets. The future experience.
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