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Started By
Message
Any Chance RKT Goes belly up??
Posted on 5/10/22 at 3:45 pm
Posted on 5/10/22 at 3:45 pm
Looking at their Stock Tanking has got me nervous. I refinanced my Home mortgage about a year and half ago with them. Got a great 30 year fixed for 2.25%. Would totally suck if something happens to them and then i'm looking elsewhere and get stuck with a rate at 5% or Higher. Are they Protected ? or is there a change they go under in the next few years? Knew it was to good to be true 
6
Posted on 5/10/22 at 3:47 pm to FLObserver
Wait...you are expecting your existing mortgage to get renegotiated should Rocket fold?
This post was edited on 5/10/22 at 3:47 pm
Posted on 5/10/22 at 3:58 pm to JohnnyKilroy
quote:
Wait...you are expecting your existing mortgage to get renegotiated should Rocket fold?
To be honest i know nothing about mortgages. Kind of why i'm posing the question. What happens should RKT fold? My loan is sold do i not keep my current rate? How does it work. I need to know
Posted on 5/10/22 at 4:04 pm to FLObserver
Nothing will happen to you. Your mortgage will be sold. BTW there's a 99% chance (shite maybe even 100%) that your loan has already been sold and Rocket does not own your loan currently.
Posted on 5/10/22 at 4:11 pm to JohnnyKilroy
quote:
Nothing will happen to you. Your mortgage will be sold. BTW there's a 99% chance ( shite maybe even 100%) that your loan has already been sold and Rocket does not own your loan currently.
This is correct (as far as I know).
There are two parts of the mortgage that can be sold. There is the mortgage itself, then there is the servicing rights. RKT most likely just has the servicing rights. Most likely your loan has been sold.
Posted on 5/10/22 at 4:16 pm to FLObserver
quote:
I refinanced my Home mortgage about a year and half ago with them. Got a great 30 year fixed for 2.25%
your rate is fixed for the next 28 1/2 years
Posted on 5/10/22 at 4:22 pm to FLObserver
So if RKT folds, can I have FLobservers home for free?
Posted on 5/10/22 at 6:57 pm to FLObserver
quote:
Got a great 30 year fixed for 2.25%. Would totally suck if something happens to them
Why would that impact your loan? They just have servicing rights
Posted on 5/10/22 at 6:59 pm to frogtown
quote:
Most likely your loan has been sold.
Unless there was a problem but 99.999 it's sold
Posted on 5/10/22 at 7:41 pm to FLObserver
Rocket spends half their income on advertising. Dumbasses at the helm of the “K-Mart” of mortgage lenders.
Posted on 5/10/22 at 9:31 pm to PinevilleTiger
quote:
Rocket spends half their income on advertising. Dumbasses at the helm of the “K-Mart” of mortgage lenders.
Being top mortgage is good road to burn out
Posted on 5/11/22 at 8:24 am to FLObserver
RKT has 10 billion in cash and is still turning a solid profit and they are currently valued around 15 billion so it’s really oversold. I wouldn’t look too much into it as far as the company going under. Companies with billions on hand don’t shut down.
Edit. Typo the number is actually 2.5 billion not 10 billion.
Edit. Typo the number is actually 2.5 billion not 10 billion.
This post was edited on 5/11/22 at 10:16 am
Posted on 5/11/22 at 9:34 am to redfishfan
quote:
RKT has 10 billion in cash
ummm Not quite..
Posted on 5/11/22 at 10:15 am to b-rab2
quote:
ummm Not quite..
My apologies. I screwed that up typing via my phone. RKT has 2.5 billion in cash roughly not 10. Big mistake there.
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