Rocket, a Detroit-based fintech, is set to acquire Redfin for $1.75 billion, enhancing its mortgage servicing to a total of $2.1 trillion, now serving nearly 10 million clients. This acquisition positions Rocket to hold one in every six mortgages in America. CEO Varun Krishna indicates that servicing is crucial for successful homeownership, asserting that leveraging data and AI will ensure better product delivery and customer satisfaction. The deal is anticipated to finalize in late 2025 with Jay Bray, the current CEO of Mr. Cooper, stepping in as president and CEO of Rocket Mortgage.
The Detroit-based fintech Rocket is acquiring Redfin for $1.75 billion, giving it a substantial servicing book of $2.1 trillion and nearly 10 million clients.
Varun Krishna, Rocket CEO, emphasizes that "servicing is a critical pillar of homeownership...with the right data and AI infrastructure, we will deliver the right products at the right time."
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