In Emerson, Rocket has a seasoned leader who knows the mortgage playbook. Emerson has also taken Farner’s board seat. Notably, the 49-year-old also relinquished his seat on the board this month, an unusual move at a company that typically keeps its senior leadership in the Rocket orbit.īill Emerson, Farner’s predecessor as CEO at Rocket Companies, will be moving over from Gilbert’s holding company Rock Holdings to again run Rocket Companies. Farner is a Rocket lifer, having spent his entire 27 year professional career at the Detroit company. News of Farner’s resignation came as a surprise to analysts and investors, and for good reason. A Rocket spokesperson declined to comment on the topic, as the company is in a quiet period leading to the Feb. HousingWire interviewed several of the lender’s analysts to better understand the challenges and opportunities ahead for Rocket’s new CEO. “That being said, we believe Rocket remains in capable hands with a deep management team.” Farner bought 5M+ shares of stock over the past year,” analysts at Piper Sandler wrote in a report published last week. “A change at the CEO level prior to a pending earnings announcement presents some consternation, particularly within a very challenging mortgage origination market and taking into account Mr. And the new leader will have to do so as the company attempts to transition from a refi-reliant mortgage lender into a multi disciplined fintech. One caveat: Farner’s successor will be tasked with getting the company on the right track amid one of the most challenging mortgage markets in decades. Get Mortgage,” campaign, has forced Rocket Companies, the parent of Rocket Mortgage, to show the same adaptability in finding a new leader. 13 announcement of his resignation, Farner, known as the marketing whiz behind groundbreaking “Push Button. “I share the story because that’s the culture we worked on creating, which is: Try something. That didn’t work because setting up the fax machine proved more complicated than putting the documents in the UPS envelope. ![]() How do we get clients directly to reach out to us? One of the funny things I recall is I structured a deal to buy fax machines and we told every client that we’d send them a free fax machine to make it easier to send the information back to us. Dan was really focused on the marketing component. “We’re going to send our clients the applications, they’re going to sign it and they’re going to mail it back to us. Instead, Farner recounted in an interview with tech outlet Protocol, they would do mortgages by telephone. It was 1996 and Dan Gilbert, the founder and CEO, announced that the company’s mortgage bankers weren’t going to meet with applicants face to face. Jay Farner likes to tell a story about his early days at Rock Financial, which would become Quicken Loans and eventually Rocket Mortgage.
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