Rocket Companies CEO Varun Krishna announced today a plan to double the brokerage’s share of the purchase market and grow its share of the refinancing market from 13.2% to 20% by 2027.
The ambitious goals were laid out at the company’s investor day in which shareholders got a glimpse at how Rocket plans to use artificial intelligence (AI) to expand the company’s share of the mortgage industry.
“We are leading the charge in the AI revolution,” said Krishna, who described the company as bringing a more personalized, more accurate and more seamless experience to customers.
Krishna, who has been in office for about a year, is in the process of leaning more into technology to propel the brokerage company forward and to transform the homebuying space through implementing generative AI. Earlier this month, Rocket announced that Dan Sogorka, an expert in combining technology and the homebuying experience, had been hired to leverage the company’s significant AI technologies and platform to help brokers engage more clients and sell more homes.
Shawn Malhotra, Rocket’s chief technology officer, is another recent hire who has been in place about four and a half months. Malhotra told investors that he spent 20 years building software, most recently for the legal industry, and saw, firsthand, how a very heavily regulated industry such as the legal field, can be disrupted by a new technology.
“I think that opportunity exists right now in homeownership, and I believe Rocket is best positioned to do the disrupting,” Malhotra said.
To help develop the AI tools, the company requires mountains of information. Rocket maintains it holds 10 petabytes of data on information. One petabyte is more than 1,000 terabytes.
Malhotra explained that the company’s proprietary AI products can save the company hundreds of thousands of employee hours each year. Malhotra estimated that 700,000 employee hours alone could be saved annually by the company’s programs that automatically identify information on the 62 million documents received each year. has context menu
