Rocket Companies, the Detroit-based FinTech platform company consisting of tech-driven real estate, mortgage and financial services businesses—including Rocket Mortgage, Rocket Homes, Truebill, and Rocket Auto—today announced a series of promotions and leadership changes to further the company's trajectory of success.
Jay Farner, Vice Chairman & CEO of Rocket Companies and previous CEO of Rocket Mortgage, will assume the title of CEO for Rocket Central (previously Rock Central)—the centralized hub for the Rocket Companies fintech platform. Farner will retain his role at Rocket Companies to continue driving the growth of the entire ecosystem from mortgage and real estate to car sales and personal finance. Angelo Vitale, General Counsel & Secretary of Rocket Companies, who previously held the role of CEO of Rock Central, will now solely focus on his roles as General Counsel and Secretary at Rocket Companies.
As a platform business, Rocket Companies provides services from each of its brands to clients who want help making a complex transaction easier—like getting a home loan, purchasing a car or working on their budgeting and personal finances thanks to the recent acquisition of Truebill.
In his new role at Rocket Central, Farner will drive the vision for the technology, data, product design, marketing, communications, and other services the company provides—ensuring there is a consistent, seamless experience for clients across the Rocket Companies ecosystem.
With Farner's move to Rocket Central, Bob Walters—a 25-year veteran of Rocket Mortgage—has been promoted to CEO of Rocket Mortgage. He previously served as the President and COO of both Rocket Companies and Rocket Mortgage and will retain his position at Rocket Companies. In his time as President and COO of Rocket Mortgage, Walters oversaw the Mortgage Servicing, Client Experience Operations, Capital Markets and Technology Teams. As CEO, Walters will be responsible for the vision, strategy and the day-to-day operation of Rocket Mortgage.
Rocket Mortgage also announced Tim Birkmeier, the company's Chief Revenue Officer, is broadening his responsibilities by also assuming the role of President. Birkmeier, who joined the company in 1996, is responsible for all teams and initiatives that create top-line revenue for the company—including Mortgage Banking and the company's Partnership Channel.
"Rocket Mortgage is in excellent hands with Bob and Tim, who have been instrumental drivers in the company's growth. We have worked side-by-side for decades and will continue to do so," said Farner. "Bob has a very inquisitive nature, digging deep in every process to make sure the company leverages every small advantage to live up to the ISM, or philosophy, 'The Inches We Need Are Everywhere Around Us.' Tim has worked closely with the mortgage banking team to hone our expertise in providing an exceptional experience for everyone—ensuring we make good on our promise, 'Every Client. Every Time. No Exceptions. No Excuses.' I'm looking forward to seeing how they use their passions and experience to lead the business to new heights."
Under the leadership of Walters and Birkmeier, Rocket Mortgage has seen explosive growth, including becoming the nation's largest mortgage lender, the introduction of proprietary technology including Rocket Mortgage and Rocket Logic and maintaining an industry-best client retention rate exceeding 90-plus percent. The pair have also been directly involved with the company earning 19 J.D. Power awards over the last 12 years for client satisfaction in mortgage origination and servicing.
In addition to these changes, Rocket Companies also recently announced Nicole Beattie as CEO of Amrock, following the retirement of Amrock's prior chief executive. Before joining Amrock, Beattie was an 18-year veteran of Rocket Mortgage.