Rocket Mortgage and Annaly Capital Management, Inc. have announced a new subservicing agreement. Under this partnership, Rocket Mortgage will manage servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.
Bill Banfield, Chief Business Officer of Rocket Companies, stated, "Rocket is committed to the entire homeownership experience from budgeting and credit building, to home search, financing and servicing. We truly believe in building relationships with our clients that last a lifetime – whether through new mortgages or servicing loans." He added, "We are honored to be working with Annaly and look forward to providing their serviced clients the same exceptional experience that has made Rocket a perennial recipient of J.D. Power’s servicing award."
Rocket Mortgage has consistently ranked highest for client satisfaction in J.D. Power’s mortgage servicer study for ten years. The company managed a portfolio of $534.6 billion or 2.6 million serviced loans as of June 30, 2024.
The company's technology-driven approach includes artificial intelligence tools that result in first call resolutions exceeding 60%. Another tool, Rocket Logic – Synopsis, uses machine learning to transcribe client calls and capture details automatically. This tool is expected to save over 45,000 hours annually by reducing repetitive tasks.
Steve Campbell, President & COO of Annaly, remarked, "Annaly is pleased to enhance its mortgage servicing rights platform with our new relationship with Rocket." He continued, "We are proud to have constructed one of the most durable and high-quality portfolios of MSR in the market and this partnership will allow us to benefit from Rocket’s industry-leading servicing capabilities and retention rates."
Annaly manages nearly $75 billion in assets across various strategies including Agency MBS and Residential Credit. As of June 30, 2024, Annaly's MSR platform holds approximately 608,000 loans totaling $192 billion in unpaid principal balance.
Rocket Mortgage is set to begin servicing loans for Annaly as early as December 2024.