HousingWireHousingWire
Rocket Companies made a major move this week by integrating Rocket Pro TPO with ARIVE, a leading software platform used by mortgage brokers.
The integration, announced on Wednesday, connects Rocket to a network of approximately 28,000 active users, including 21,000 loan officers who source mortgage offers from multiple wholesale lenders — including Rocket’s chief rival, United Wholesale Mortgage (UWM) — all within a single system.
“Our broker partners work with us in a variety of fashions. We have integrations into several loan origination systems out there in the market, and then we have a very robust portal where brokers come and interact with our system directly,” Dan Sogorka, general manager of Rocket Pro TPO, said in an interview. “This will be our chance to integrate with the ARIVE network. It’s another path for them to come to us”
ARIVE offers a platform that includes a loan origination system, a consumer point-of-sale interface, a pricing engine and a marketplace of wholesale lenders. While retail loan officers typically operate within one system provided by their employer, brokers typically deal with multiple lender portals. ARIVE’s value lies in being the single system brokers can use daily.
Brokers pay a monthly subscription fee for access, while lenders pay transaction or license fees to be part of the network, Sogorka said.
“About less than 10% of our broker partners are currently using ARIVE for its LOS capabilities,” Sogorka said. “So, they would use the LOS and then upload that information to our portal. Now, they can use the LOS, and they can price us out in ARIVE, and then they can send that information directly through ARIVE.”
Sogorka, who joined Rocket seven months ago and recently brought on former AIME and ARIVE executive Katie Sweeney, said the move is part of Rocket’s broader “commitment to the broker community.” As for the timing, he pointed to ARIVE’s rapid growth in broker adoption as a key reason to join now. “It was important for us to be where a lot of brokers are,” he added.
Asked whether Rocket’s arrival might prompt competitors to leave the platform, Sogorka said that people “can make their own decision – we are all adults, right?” However, the move can be seen as the “community kind of turning a page and moving forward – that’s all really positive,” he added.
Fast-growing ARIVE is owned by Wizni, Inc., a private software development firm founded by Harish Tejwani, who says he acquired the platform in late 2020 along with a “team of key employees and advisors.” Tejwani says on ARIVE’s website that UWM, AIME, UMortgage or its CEO Anthony Casa have no ownership interest in Wizni or ARIVE.
Regarding the Rocket deal, Tejwani said, “We are pretty excited about adding more options – meaning our broker customers have more options, more consumer benefits. It is a big milestone, not just for us, but for our community. Rocket is the second-largest wholesale lender in the country, with a huge brand reputation and big operational scale. Brokers have been asking this for some time, and I’m very thrilled we are able to finally deliver it.”
Tejwani said he does not expect other lenders to leave with the arrival of Rocket Pro since these companies also coexist with other platforms in the market. ARIVE has 4,300 mortgage brokerage firms on the platform and works with 21 lenders – Rocket is number 22.
