Rocket Companies has announced the appointment of Papanii Okai as Executive Vice President of Product Engineering. Okai, previously Chief Technology Officer at Venmo and a former executive at PayPal, assumes his new role effective October 7. In this position, he will collaborate with senior technology leaders to develop AI-driven products.
Shawn Malhotra, Chief Technology Officer of Rocket Companies, commented on the appointment: “We’ve all experienced technology that drives real impact in the world through Papanii’s work with Paypal and Venmo. Now, he will be using that skill to help revolutionize the homeownership journey.” Malhotra highlighted Okai's experience from being an engineer to a CTO at both startups and large international tech companies as valuable for Rocket.
Okai joins Rocket during its modernization efforts in homeownership by leveraging AI for personalized and efficient processes. The company utilizes its loan origination system, Rocket Logic, which employs AI to extract data from client documents automatically. This system is projected to save over 700,000 hours this year.
“Homeownership is one of the most impactful things that can happen in someone’s life," said Okai. "The best way we can use technology is to make the path to homeownership easier, faster and more accessible."
Okai brings nearly 11 years of leadership experience from Venmo where he led engineering teams that developed products for 90 million users. At PayPal, he held roles such as Chief Technology Officer for Branded Checkout and Vice President of Engineering for PayPal Giving.
In his new role at Rocket Companies, Okai will work closely with engineers and product managers to enhance AI-powered products ensuring innovation and efficiency throughout the home buying process.
Rocket Companies was founded in 1985 and includes brands like Rocket Mortgage and Rocket Homes. It aims to lead in AI-fueled homeownership experiences.