Launching Rocket Mortgage in Canada to Shake Up the Approval Process
Erin Nicole Davis
The largest mortgage company in the United States is moving to Canada.
And it’s a telltale sign of the times when it comes to the future of the nation’s mortgage industry, with technology at the forefront.
Today Digital Mortgage Broker Edison Financial announced that it would officially become Rocket Mortgage Canada on August 8, 2022 and operate under the well-known brand across the country.
South of the border, the tech-focused mortgage lender is known for simplifying the home loan process with just a few clicks.
More than a name change, Edison Financial says the move reflects the company’s mission to revolutionize the Canadian mortgage industry with a focus on leveraging technology to simplify the home loan process, just like Rocket Companies’ sister company, Rocket Mortgage, has done it successfully in the US
“When we launched over two years ago, our mission was to use technology to improve the mortgage experience in Canada, making life easier for buyers and homeowners alike,” said Hash Aboulhosn, President of Rocket Mortgage. in Canada in a press release. “Today’s announcement is the first step in providing Canadians with a significantly improved mortgage process through technology, innovation and customer service. I’m excited for what’s to come as we continue to have a positive impact on how Canadians view getting a home loan.
Fast-growing Windsor-based Edison Financial began serving clients in March 2020 and has already reached $1 billion (CAD) in annualized quote volume, making it the first mortgage brokerage in Canada to reach this milestone so quickly. It was launched in Ontario before expanding its home loan offerings to all provinces. With the company’s rapid growth, its team has grown from just four members at the start of 2020 to over 140 today.
“In America, Rocket Mortgage is synonymous with cutting-edge proprietary technology that creates an unparalleled customer experience. We’ve spent the past 37 years defining and redefining how mortgages should be done in the United States – and now we have the opportunity, through this name change, to share everything we’ve learned with our neighbors to the north,” said Bob Walters, CEO. from Rocket Mortgage in the United States “Our process takes the complexity out of getting a home loan, making it a quick and enjoyable experience. This is something that has been missing in the Canadian market, and we look forward to helping our sister company show Canadians how easy it can be to get a mortgage.
So how exactly is this going to change “business as usual”?
According to a report by a mortgage rate analyst and commentator Robert McLister, the rebranding will bring a just-launched online portal where customers can complete an application, upload documents, instantly contact their mortgage team (and receive a response within minutes during business hours) and track their mortgage until closing; turnaround time of less than 24 hours for most approvals from the time the customer submits their request; and 30-day closings, subject to loan type.
Today, Edison Financial is a mortgage brokerage with access to thousands of loan products from over 50 lenders. The company works closely with banks and lenders to match customers with the best product for their financial needs. In addition to changing its name, Rocket Mortgage also announced plans to become a direct lender in Canada later this year. After becoming a lender in Canada, Rocket Mortgage will continue to offer options from other lending partners alongside its own products – connecting homebuyers with the best solution for their personal situation.
Customers who are currently in the mortgage process will not be affected by the name change, Edison Financial says.
Erin Nicole Davis
Erin Nicole Davis is a Toronto born and raised writer with a passion for the city, its urban affairs and its culture.
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