Rocket Companies reports that it has closed its merger with Redfin, an all-stock transaction that will create a one-stop shop where home buyers can search for homes, get approved for mortgages and close on properties with greater speed and efficiency.
In addition, the deal, which was announced in March, will enable both firms to combine their data and technology to deliver a more personalized home buying experience.
The company says the merger paves the way for home buyers to “save thousands of dollars when working with both Redfin and Rocket Mortgage.”
“I’ve used Redfin every day for the last 20 years,” says Varun Krishna, CEO for Rocket Companies, in a release. “It helped me find and fall in love with my first home, completely changing how I thought about real estate. The Redfin team is best-in-class in building a product experience focused on simplicity. It was a perfect fit for Rocket’s vision of what the homeownership experience should be.”
In their first initiative together, the companies have introduced Rocket Preferred Pricing, which gives home buyers who use both platforms a one percentage point reduction in their interest rate for the first year of their loan or receive a lender credit at closing, up to $6,000.
Rocket Preferred Pricing is available to qualified clients buying a home with conventional, FHA or VA loans. Rocket Mortgage and Redfin plan to launch additional products and services for homebuyers, real estate agents and mortgage brokers in the coming months.
In addition, Redfin has adopted a refreshed brand identity and look and feel of “Redfin Powered by Rocket.”
“The gulf between the American Dream of homeownership and reality has never been wider,” says Glenn Kelman, CEO for Redfin. “The reason Rocket and Redfin came together was to bridge that gap, so that the people who spend their days dreaming on Redfin.com can easily use Rocket financing to own their dream.”
Less than three weeks after announcing its intention to acquire digital brokerage platform Redfin in an all-stock transaction, Rocket announced in late March that it also plans to acquire national mortgage servicer Mr. Cooper Group Inc., also in an all-stock transaction, creating a residential housing finance behemoth.
Photo: Rock Staar