Industry Watch: Rocket, Knock, Geneva Financial and more

Knock introduced two new features to the Knock Home Swap, the company’s interest-free equity advance loan product that covers the downpayment on a new home and up to six months of mortgage payments on a second house, allowing borrowers to sell their old house after they’ve moved into their new one. Homeowners who use Home Swap can now lower the principal and interest payments on their new home either by buying down their mortgage rate by as much as 0.75%, or by making up to a 30% downpayment on their new home, further reducing their monthly payment by as much as one-eighth of a percentage point.

Rocket Mortgage introduced a new home equity loan. The product offers access to $45,000 to $350,000 in equity. The fixed-rate loans are available in 10- or 20-year terms and the borrower must maintain at least 10% equity in their home.

Rocket Loans — the personal loan subsidiary of Rocket Companies and sister company to Rocket Mortgage — announced that it has partnered with Rocket Solar to provide financing to clients who elect to have a solar electricity system installed. Such clients will be able to receive an automated, individualized loan offer for a solar loan via Rocket Loans’ AI-powered lending platform. Rocket Solar currently operates in 42 metro areas across the country.

Geneva Financial announced the company’s 47th state licensure, effectively opening operations for the direct mortgage lender in Alaska. The licensure marks the first state addition to Geneva’s operations in 2022. The company is actively seeking resumes for mortgage loan officers, processors, underwriters and several other positions.


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