Mortgage Technology Veteran Dan Sogorka to Lead Rocket's Broker Business Into AI-Driven Revolution
Rhea-AI Summary
Rocket Companies (NYSE: RKT) has appointed Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), effective September 3, 2024. Sogorka, with extensive experience in mortgage technology, will lead Rocket's broker business into an AI-driven revolution. His role involves establishing the vision and growth strategy for the broker business, leveraging Rocket Mortgage's AI technologies to enhance tools for mortgage brokers.
Sogorka's appointment comes at a important time, with nearly one in five home loans facilitated by mortgage brokers. His background includes leadership roles at Sagent, Cloudvirga, and Black Knight, where he drove technological advancements and growth in the mortgage industry. Rocket Companies aims to empower broker partners with leading technology, streamlined processes, and competitive pricing under Sogorka's leadership.
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- Appointment of experienced mortgage technology veteran Dan Sogorka as General Manager of Rocket Pro TPO
- Plans to leverage Rocket Mortgage's AI technologies to enhance tools for mortgage brokers
- Rocket's strong position in the broker market, facilitating nearly one in five home loans
- Introduction of 'Welcome Home RateBreak', an exclusive 2-1 temporary buydown program
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Sogorka, a former Business Unit President at Black Knight and CEO of mortgage technology firms Sagent and Cloudvirga, named General Manager of Rocket Mortgage's unit serving mortgage brokers
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In this newly created role, Sogorka will be responsible for establishing the end-to-end vision and growth of Rocket's broker business. Sogorka will ensure the lender's products and processes align best with the needs of the mortgage broker community and plans to leverage Rocket Mortgage's significant AI technologies and platform to push well beyond the tools currently available to this important market segment.
"Mortgage brokers play a critical role in the homebuying process and are a vital part of helping millions of clients reach their dreams," said Heather Lovier, Chief Operating Officer of Rocket Companies. "There has not been truly significant evolution in this space for decades. Dan comes to Rocket with a proven track record of success with both large tech companies and scrappy start-ups, paired with an appetite to revolutionize the broker space by leveraging Rocket's quickly expanding data, technology and AI capabilities."
Sogorka will lead Rocket Pro TPO during a pivotal time in the home finance industry, with nearly one in five home loans facilitated by a mortgage broker. As one of the largest and most influential lenders in this space, Rocket empowers broker partners and their clients with leading technology, streamlined processes and competitive pricing. Sogorka will collaborate with Rocket's technology and product development teams to ensure the experience mortgage brokers have in Rocket's suite of comprehensive tools is unlike anything they've experienced before – bringing value to them and the clients they serve.
"I've spent decades leveraging technology to simplify the complex home financing process. Now, I'm eager to tap into that skillset to bring the broker community into the future," said Sogorka. "With mortgage brokers being such a large part of the market, my role will be to supercharge brokers to educate, engage and help their clients be successful homebuyers and owners."
Sogorka previously served as CEO and president of Sagent, a well-known fintech company that designs and builds digital mortgage servicing platforms. His leadership helped drive a period of intense growth for the company. He and his team modernized Sagent's technology by bringing its platforms to the cloud and building a single data and user experience across the servicing lifecycle. Sogorka fostered strong relationships with many large mortgage servicers, gaining an in-depth view of the home loan process from origination through servicing.
Before his time at Sagent, Sogorka was CEO of Cloudvirga – an innovative digital mortgage point-of-sale system. Cloudvirga was the first fintech exclusively focused on automating manual tasks that save brokers and loan officers hours and days in the critical early stages of the mortgage process.
Sogorka was also a business unit president at mortgage tech powerhouse Black Knight, where he spent nearly 15 years. During his time at Black Knight, Sogorka and his team touched nearly
"This is an exciting milestone for Rocket and deeply strengthens our commitment to brokers for the long term" said Varun Krishna, CEO of Rocket Companies. "After getting to know Dan and the wealth of experience he brings to Rocket, I'm confident he will accelerate our strategy and impact."
The lender most recently announced "Welcome Home RateBreak" an exclusive 2-1 temporary buydown program paid for by the company. Mortgage brokers can click here to learn more about Rocket Pro TPO and become a partner.
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 our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management 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 our 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 our 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"). 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 our SEC filings. We 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 Companies
Founded in 1985, Rocket Companies (NYSE: RKT) is a
With more than 65 million call logs each year, 10 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.
For more information, please visit our Corporate Website or Investor Relations Website.
About Rocket Mortgage
The lender enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Since its founding in 1985, Rocket Mortgage has closed more than
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender. For 21 years, Rocket Companies – Rocket Mortgage's parent company – has been included on Fortune Magazine's list of the 100 Best Companies to Work For, ranking among the top-30 companies every year.
About Rocket Pro TPO
Rocket Pro TPO is a division of Rocket Mortgage and a part of Rocket Companies, Inc. (NYSE: RKT). It works exclusively with mortgage brokers, correspondent lenders, community banks and credit unions. Rocket Pro TPO's partners provide the face-to-face service their clients desire, while tapping into the technology, expertise and award-winning process from Rocket Mortgage. The partner loan officer creates, and maintains, the relationship with the client. Rocket Mortgage approves, underwrites, processes and closes the loan in its name – or sells the loan to Rocket after the mortgage closes if it was originated as a correspondent loan. For more information, visit RocketProTPO.com
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SOURCE Rocket Companies, Inc.
FAQ
Who is the new General Manager of Rocket Pro TPO and when does he start?
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