Dan Sogorka Appointed to Lead Rocket's Broker Business into AI-Driven Revolution

Mortgage Technology Veteran Dan Sogorka to Lead Rocket's Broker Business Into AI-Driven Revolution - Rocket Companies (NYSE:RKT)

*Terms and conditions apply. Visit Nada's website for more details. 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 Click here to download high resolution headshot DETROIT, Sept. 3, 2024 /PRNewswire/ -- Rocket Companies RKT today announced it has named Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), the mortgage broker business of Rocket Mortgage, effective September 3. 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 70% of all mortgage loans processed in the U.S. and managed global data and teams, all while delivering multiple "industry first" transaction platforms. Throughout this period, Sogorka built and maintained relationships with some of the most prominent leaders in the mortgage industry. "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. 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 RKT is a Detroit-based fintech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock Title and Settlement Services, Rocket Money and Rocket Loans. 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 Detroit-based Rocket Mortgage is the largest mortgage lender and is a part of Rocket Companies RKT. 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 $1.8 trillion of mortgage volume across all 50 states. 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. 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 View original content to download multimedia:https://www.prnewswire.com/news-releases/mortgage-technology-veteran-dan-sogorka-to-lead-rockets-broker-business-into-ai-driven-revolution-302234772.html SOURCE Rocket Companies, Inc. Market News and Data brought to you by Benzinga APIs

Dan Sogorka appointed GM of Rocket Mortgage broker unit By Investing.com

DETROIT - Rocket Companies (NYSE: RKT) announced today the appointment of Dan Sogorka as General Manager of Rocket Pro TPO, the mortgage broker division of Rocket Mortgage. Sogorka, with a background as a business unit president at Black Knight (BMV:BKIN) and CEO of mortgage technology companies Sagent and Cloudvirga, will oversee the growth and strategic vision of Rocket's broker business starting today. In his new role, Sogorka aims to align Rocket Mortgage's offerings with the needs of mortgage brokers, capitalizing on the company's advanced AI technologies to enhance the tools available to brokers. Heather Lovier, Rocket Companies' COO, highlighted the critical role of mortgage brokers in the homebuying process and expressed confidence in Sogorka's ability to innovate in the broker space. Sogorka's appointment comes at a significant time for the home finance industry, as mortgage brokers facilitate nearly 20% of home loans. He will work closely with Rocket's technology and product development teams to deliver an unparalleled suite of tools to mortgage brokers, enhancing their ability to serve clients. Throughout his career, Sogorka has leveraged technology to streamline home financing, including modernizing Sagent's platforms and pioneering Cloudvirga's digital mortgage point-of-sale system. At Black Knight, he contributed to the processing of the majority of U.S. mortgage loans and launched several industry-first transaction platforms. Rocket Companies CEO Varun Krishna expressed enthusiasm about Sogorka joining the team, anticipating an acceleration of the company's strategy and impact on the broker market. Rocket Companies, a Detroit-based fintech platform, is known for its focus on client satisfaction and innovation in homeownership, with brands such as Rocket Mortgage, Rocket Homes, and Rocket Loans under its umbrella. It has been recognized by J.D. Power for client satisfaction and by Fortune Magazine as one of the best companies to work for. This announcement is based on a press release statement from Rocket Companies, Inc. In other recent news, Rocket Companies reported a 23% increase in adjusted revenue, reaching $1.228 billion in the second quarter of 2024. This growth has been attributed to the company's strategic acquisitions, technology focus, and the implementation of artificial intelligence (AI) to enhance customer service and drive market share growth. Additionally, Rocket Companies added 67,000 new clients and approximately $21 billion in unpaid principal balance. The company's outlook remains positive, anticipating the mortgage market to remain consistent in the third quarter. The estimated adjusted revenue for Q3 is between $1.150 billion and $1.300 billion. Despite a 10% drop in July purchase applications, executives are confident in the long-term earnings potential of Rocket Companies, backed by a strong balance sheet and liquidity. Analysts highlight the company's fourth consecutive quarter of year-over-year revenue growth, viewing the servicing portfolio as a strategic asset for future origination and client attraction. However, they also note a potential slowdown in September, which could lead to a flat or slightly lower third quarter. Despite these challenges, Rocket Companies remains committed to its AI and technology investments, as demonstrated by its operational strategy and the upcoming Investor Day on September 10th, set to showcase the company's innovations. Rocket Companies (NYSE: RKT) has been a topic of much discussion among investors, and recent data from InvestingPro provides a deeper look into the company's financial health and stock performance. With a market cap of $38.97 billion, Rocket Companies is a significant player in the fintech and mortgage lending space. As of the last twelve months leading up to Q2 2024, the company has seen a revenue growth of 25.21%, indicating a strong upward trajectory in its earning capabilities. InvestingPro Tips highlight that Rocket Companies is expected to see net income growth this year, a positive sign for potential investors. This aligns with the company's strategic initiatives, such as the appointment of Dan Sogorka, which could further enhance profitability. However, it's worth noting that 8 analysts have revised their earnings expectations downwards for the upcoming period, suggesting that investors should keep an eye on future earnings reports and company guidance. Moreover, the company's stock has experienced strong returns, with a 38.87% increase over the last three months and an impressive 86.79% over the past year. This performance demonstrates investor confidence and the market's positive reaction to the company's strategic moves and overall growth. For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available that delve into various aspects of Rocket Companies' financial health and stock performance. These tips can be found at https://www.investing.com/pro/RKT, providing investors with valuable insights to inform their investment decisions.