On Monday, mortgage lending giant Rocket Companies (owner of Rocket Mortgage, formerly known as Quicken Loans) announced it has reached an agreement to acquire mortgage servicer giant Mr. Cooper for $9.4 billion.
Rocket Companies claims that, combined, they will service more than $2.1 trillion in loan volume, including 1 in 6 mortgages in America.
"Servicing is a critical pillar of homeownership alongside home search and mortgage origination," wrote Varun Krishna, CEO of Rocket Companies, in the press release. "With the right data and AI infrastructure we will deliver the right products at the right time. That's how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper's nearly 7 million clients."
https://www.resiclubanalytics.com/p/real-estate-juggernaut-forming-rocket-agrees-to-acquire-mr-cooper-after-buying-redfin
an indian controls 1 in 6 of American mortgages.
let that sink in.