Rocket Pro’s July Power Play offers same-day approvals, 12-day clear to close

Rocket Pro is doubling down on speed, pricing and technology with its July “Power Play” initiative, extending broker pricing incentives while introducing same-day conditional approvals and a clear-to-close commitment period of 12 business days for conventional purchase loans.

The company’s July Power Play offerings include faster loan processing, continued pricing incentives and broker-driven technology development. Rocket Pro will offer same-business-day conditional approvals; a 12-business-day clear-to-close commitment on eligible conventional purchase loans; continued purchase and Compass pricing incentives; and the next phase of its “Big Pitch” technology competition.

July marks the fourth month of the initiative. In an interview with HousingWire ahead of the announcement, Austin Niemiec, chief revenue officer of Rocket Mortgage, said that mortgage brokers no longer need to choose between competitive pricing, operational speed and technology.

“For years, brokers have had to choose between speed, pricing or technology when choosing a lender,” Niemiec said. “We believe it’s our job to deliver all three all at once.”

As part of that delivery, Rocket Pro will commit to issuing conditional approvals on the same business day and clearing eligible conventional purchase loans to close within 12 business days.

Faster approvals and closings will provide benefits beyond operational efficiency by helping brokers strengthen relationships with borrowers and real estate agents.

“When brokers can get an approval the same day they send us documents, that’s going to wow agents and clients,” Niemiec said. “It also frees up time for our broker partners to focus on going and winning new business.”

Brokers whose qualifying loans miss these service commitments will be eligible for a $1,000 lender credit. But Niemiec said the company is confident it can stand behind the guarantees since the turnaround times largely reflect Rocket Pro’s existing performance.

“We’re just putting our money where our mouth is because we’re so confident in it,” he said. “Quality and speed are the name of the game, and we’re delivering both.”

The commitments apply to conventional purchase loans, although Niemiec said the company believes it delivers industry-leading turn times across its broader product lineup, including more complex loan types.

Extended credits through Aug. 3

On the pricing front, Rocket Pro is yet again extending its 60-basis-point purchase credit and a 40-basis-point Compass credit as part of its partnership with the real estate brokerage. Niemiec said the extension runs through Aug. 3.

Rocket Pro said broker partners can qualify for the full 100-basis-point credit when assisting clients who are working with agents affiliated with participating real estate brands, including @properties, Better Homes and Gardens Real Estate, CENTURY 21, Christie’s International Real Estate, Coldwell Banker, Compass, Corcoran, ERA and Sotheby’s International Realty.

Niemiec said broker demand and relationship-building opportunities drove the decision to continue the program beyond its original expiration.

“We keep extending it because brokers love it,” he said. “The new relationships that our Rocket Pro partners are creating with the hundreds of thousands of Compass agents out there is what’s most encouraging.”

While the pricing incentives have boosted loan production, Niemiec said they are also helping brokers establish long-term referral relationships that extend beyond the current homebuying season.

‘Big Pitch’ tech finalists announced

The July Power Play also advances Rocket Pro’s “Big Pitch” technology competition, which invited brokers nationwide to submit ideas for new technology tools.

Niemiec said the company received more than 350 submissions, including many from brokers who are not currently Rocket Pro partners. The three finalists will work directly with Rocket Pro’s product and technology teams to further develop their ideas.

The finalists include George Jules of Clearview Lending Solutions, whose proposal falls under the “cut time, not corners” category and aligns with Rocket Pro’s promise of combining human expertise with AI-driven speed. Seth Hasan of West Capital Lending submitted a “compete when it counts” concept focused on helping brokers better serve their clients. And Andrew Haff of Barren Hill Mortgage has a “save more deals” proposal to support Rocket Pro’s goal of helping more borrowers achieve homeownership.

Additional details and public voting are expected to launch in a few weeks, Niemiec confirmed, with finalists presenting their concepts live at Rocket Pro’s RPX event in September. The winning submission will receive a $100,000 grand prize.

Niemiec said the company also saw strong adoption of its temporary cash-out refinance pricing incentive introduced during June’s Power Play campaign, which aimed to help brokers remain competitive despite elevated mortgage rates.