“When it’s good, they encourage you to come in to make even more sales…When it’s bad, they encourage you to come in because you’re not making money for the company.” Amanda Womack, a former Rocket Mortgage employee, told the Wall Street Journal
- Employee Stress. “Several employees said they took medical leave due to the stress. Family members became concerned about their well-being. The sound of a phone ringing came to trigger dread, a couple employees said.”
- Changing Business Model. “Refinancing accounted for some 82% of the total dollar volume of Rocket’s loans last year…” However with mortgage rates now above 7%, “just 133,000 U.S. homeowners can save money by refinancing at today’s rates, down from a peak of over 19 million in late 2020..”
- Pivot Easier Said Then Done. “Rocket has tried to muscle into the market for mortgages used to purchase a home, which have held up better than refis.” However, this is easier said than done. “D’Ann Melnick, a real-estate agent in the Washington, D.C., area, said she steers her clients away from Rocket because they often end up lost in the company’s system without a single point of contact.”