REA'S INVOLVEMENT IN ROCKET ECOSYSTEM

REA Loan Monitoring: Deliver an improved loan experience by serving up loan information at the right time that's best suited for our Real Estate Agents to make Rocket the obvious choice to send us more referrals 

The Problem:

REAs lack understanding and visibility of the loan process, preventing them from being able to assist in removing obstacles to ensure their client has a smooth closing experience. REAs need the ability to self-serve and know exactly where their client is on their loan journey and how they can assist. In addition, REAs are constantly on the go and receive a lot of communications (sometimes duplicates) from lenders, clients and third parties, so they can easily lose visibility to key actions they need to take, leading to missed target milestones, which results in REAs losing business and confidence in Rocket.

Goals: 

1.Agents can easily understand where their client’s loan is in process.

2.Agents understand if there are problems by receiving alerts 

3.Who their main point of contact is at any given time to help with resolution and/or action items that the REA can take to resolve.

Hypothesis:

We believe that improving the transaction and communication experience for REAs by becoming transparent with details of their client's loan process will result in REAs referring business to RKT.  We will know we are successful when we see an increase in REA referrals from 36K in 2021 to 40K in 2022 (a 10% increase YOY), increase conversion rate from 61% (conditionally approved to closing) to 66%, and an increase of NPS from 31 to 41 (per the closed loan survey results).

Audience & Sizing:

There are 733,000 active buyer REAs (at least 1 closed loan in the last 12 months) of the 1.5M Licensed REAs as of 4/30/22

Key features and Scope:

1.MVP:

a.Provide key loan milestones/statuses to quickly identify where a loan is in process 

b.Provide the ability to quickly connect and identify their loan contacts

c.Provide alerts to ensure that REAs are kept up to date and engaged to help solve any road blocks  

2.Post-MVP: 

a.Identify and provide conditions that an REA would like to see with appropriate calls to action such as uploading a document or providing additional information.

b.Provide robust and detailed history so that our REA can drill down on events and actions.

3.Additional enhancements needing researching:

a.Messaging & Chat feature

b.Notification Center 

c.Client Pipeline information hierarchy (ex: ability to sort/filter/flag/etc.)

d.=

Assumptions:

1.We can recapture REAs who have previously had a bad experience

2.We will drive usage & sign-up for RPI through delivering net new value

Risks & Riddles: 

1.Identifying and unlocking ways to be partners to REAs to (re)build trust with them

2.Current dedicated technology is for RPI only, but there will be work needed outside of RPI

3.Until most agents are using RPI, we need to provide value to non-RPI users too and entice them to sign up for more with RPI

4.Serving up contact information to REA will help solve communication issues

5.We are in the height of purchase season and need to deliver value quickly to impact the outcome this year.

Business Metrics:

1.Assuming an average purchase loan amount of $354,000, we will increase referrals by 10%, which will achieve an incremental loan volume increase of $1.1B.

a.Increase REA referrals from 36K (2021) to 40K in 2022 (10% increase in referrals YOY)

b.Increase REA NPS from 31 in 2021 (from the closed loan survey) to 41 in 2022

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