Rocket Companies completed its acquisition of Redfin on Tuesday, bringing together the nation’s largest mortgage lender with the tech-enabled Seattle real estate brokerage.
The $1.75 billion deal was first announced in March.
The companies unveiled one of the first perks of the new partnership — a program called Rocket Preferred Pricing, which incentivizes homebuyers who use a Redfin agent to also finance through Rocket Mortgage. Buyers can choose between a 1% lower interest rate for the first year or up to $6,000 in lender credits from Rocket Mortgage.
The pricing model is also available to buyers who purchase a Redfin-listed home and finance through Rocket Mortgage.
Redfin said in a news release that together with Rocket it’s “building a one-stop-shop for homeownership,” with AI-powered services and plans to offer additional products for homebuyers, homeowners, real estate agents and mortgage brokers in the months ahead.
Redfin’s branding has been updated on its website to add “Powered by Rocket.”
Redfin, led by CEO Glenn Kelman, launched in 2004 and went public in 2017 in a deal that valued the company at $1.73 billion.
Detroit-based Rocket Companies went public in 2020. In addition to mortgage lending products, Rocket also sells auto loans and other fintech offerings. Earlier this year, Rocket acquired mortgage lender Mr. Cooper Group in a $9.4 billion stock deal.
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