Rocket Mortgage, a part of Rocket Companies, announced a strategic subservicing agreement with Annaly Capital Management, Inc. on October 1, 2024. Under this new relationship, Rocket will manage all servicing and recapture activities for a portion of Annaly's mortgage servicing rights. This partnership leverages Rocket's established expertise in client satisfaction and efficient loan servicing.
As of June 30, 2024, Annaly's MSR platform held servicing for approximately 608,000 loans, totaling $192 billion in unpaid principal balance and $2.8 billion in market value. Rocket Mortgage's own servicing portfolio stood at $534.6 billion or 2.6 million serviced loans as of the same date. The integration of these portfolios is expected to begin as early as December 2024.
This agreement is significant for Rocket Companies as it expands its servicing footprint and reinforces its position in the mortgage industry. By utilizing its AI tools, which have led to over 60% first call resolutions, Rocket aims to provide exceptional service to Annaly's clients and enhance its overall operational efficiency. The partnership is expected to contribute to Rocket's long-term client relationships and recurring revenue streams.
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