The card may be used everywhere Visa is accepted.
Visa is a registered trademark of Visa Inc. Rocket Visa Signature Card is Powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Cardholder Agreement and Rewards Terms will be provided prior to application. Subject to Cardholder Rewards Terms of Use.Ĭredit Card not available for US Territory Residents. These points may be combined with an additional $2,000 in engagement points which will apply as a Lender Credit. Not available in conjunction with Third Party originated or Charles Schwab partner loans. Up to $8,000 in card points value can be redeemed towards a new Rocket Mortgage transaction, applied as a credit to the applicant’s closing statement, offsetting applicant required funds to close. Points are redeemable towards a new Rocket mortgage transaction, an existing Rocket mortgage additional principal payment, or a statement credit, at different values. $62.50 Statement Credit (1.25% cash back value)Ĭustomers earn 5 points for every $1 spent.$100 towards Rocket Mortgage Principal (2% cash back value).$250 towards Closing Costs, including Down Payment (5% Cash back value).A card User can redeem those 25,000 points for either:.A card user now has 25,000 points as their Rocket Rewards balance.A card user spends $5,000 on their Signature Card.
The news of the changes at One Reverse Mortgage was first reported by Reverse Mortgage Daily.Existing Cardholders can redeem their Rocket Rewards points towards Mortgage savings with Rocket Mortgage or a statement credit. Regardless, all of the company’s unknown number of employees are now moving to Rocket Mortgage. Quicken Loans did not respond to repeated questions about an exact number of employees that would be making the shift to Rocket Mortgage. The company’s LinkedIn page lists the company’s size as between 201-500 employees. The exact number of people employed by One Reverse Mortgage is not currently available. It was just over a year ago that One Reverse Mortgage was growing, introducing its first proprietary reverse mortgage, which it called the Home Equity Loan Optimizer.īut now, the company’s workforce is shifting to forward mortgages instead. “This move will allow us to leverage the skill and expertise of our ORM team members to quickly scale and meet the unprecedented demand Rocket Mortgage is experiencing as it grows its position as America’s largest mortgage lender.” “As the Rocket Mortgage brand continues to grow, and we see demand shifting from the reverse mortgage market, we have made the decision to pause reverse mortgage originations and transition all current One Reverse Mortgage team members to positions with Rocket Mortgage,” the company continued. “As the nation’s largest lender, we are constantly evaluating our portfolio to make sure we are delivering the most sought after financial solutions to our clients at all times,” Quicken Loans said in a statement.
The company said the decision comes as the result of both the growth of Rocket Mortgage and “shifting demand” for reverse mortgages. Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform.Īs it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.Įarlier this week, Quicken Loans moved to “pause” the operations of One Reverse Mortgage, one of the biggest reverse mortgage companies in the nation, and is shifting all of the company’s employees over to Rocket Mortgage.Īccording to a statement provided to HousingWire, One Reverse Mortgage will cease originating new reverse mortgages and all of the company’s employees will move to Rocket Mortgage.
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