I hit the road and spend a day with Rocket in Detroit. I want to walk the floors and see the biggest company chasing the Holy Grail for myself.<br>I went in skeptical. Redfin&#x27;s posting a 50% attach rate since the acquisition and I didn&#x27;t believe it — they were at 27% before. How? Turns out the magic is that the loan officers and the agents just like each other. Bundles work when the partners want them to.<br>But loan servicing is the real learning. I&#x27;ll be honest, I thought servicing was boring. It’s just billing. But then I heard their pitch and saw the numbers. Building the relationship with customers, post-sale, is the key.<br>And in terms of the pitch of a one-stop-shop to consumers, nobody led with price. The number one thing people want is trust. From search to sale, Rocket has your back.<br>Check out the companion site for this podcast series at ⁠holygrail.mikedp.com⁠. It&#x27;s a case file — the evidence I&#x27;ve gathered, the theories I&#x27;m testing, the questions I&#x27;m chasing, and a place to drop intel if you&#x27;re seeing patterns from the field.

Holy Grail 04: A Day with Rocket

Context with Mike DelPrete

# Full Transcript

**Podcast:** Context with Mike DelPrete

## Transcript

Hey everyone, Mike DelPrete here. I'm in Detroit on my way to spend the day with Rocket. And I'm pretty excited about this trip. You know, I think getting into the field and actually visiting the companies doing this, looking for the Holy Grail, making some of the biggest moves in the space is really the right way to do it. You can only sit in front of your computer and look at numbers so much. But in my mind, you know, I had this vision. Rocket is a huge company. I want to walk the floors.

I want to see what's actually happening inside the company. Not just talk to one person, not just read a report, but talk to a bunch of people and see it myself and see where it leads. So I'm here in Detroit. I got in last night. I'm a few minutes away from heading over there. And there's a bunch of things on my mind. You know, and as I kind of go through my notes and think about the existing Holy Grail episodes and what I've discovered,

there's a couple of things that stand out with Rocket. First and foremost, I mean, Rocket is the biggest company doing anything in this space. So there's companies doing stuff in the space. There's big companies. But unless I'm missing something, Rocket's the biggest. It's huge. And, you know, that scale is really interesting because you can kind of come up with a good idea or a good product or a good process or, you know, use AI for something.

So there's the quality of the solution on one side of the equation, but on the other side is scale. You know, if you can do this for 10 people, 100 people, 1,000 people, a million consumers. Right now, you know, Rocket combined with Mr. Cooper is servicing almost 10 million mortgages across the U.S., right? That's huge.

So Rocket has the scale and typically with the scale comes the resources to do stuff. And you start seeing potentially you start seeing different capabilities and abilities and benefits when you go from 10 to 100 to 1,000 to 1,000 to 1,000, right? What can you learn from a million data points or 100 million data points that you couldn't get out of just 10 or 30? So I'm super interested to see what that scale looks like in action.

The second thing, which I alluded to, is this servicing component. You know, so if you in the past looking backwards, the holy grail of real estate, I would posit kind of combines brokerage and mortgage, right? So there's a flywheel between brokerage and mortgage. Somebody's searching for a home, they're working with an agent. Can you attach a mortgage as well? Rocket has added this other component of the flywheel, which is servicing.

And before the Mr. Cooper acquisition, that was something I was unfamiliar with. So servicing is somebody who already has a mortgage, right? If you have a mortgage and you get a bill every month and you pay it, that's servicing. So that's an interesting second part of the flywheel, right? If you think about just a consumer and their li...

Holy Grail 04: A Day with Rocket

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Holy Grail 04: A Day with Rocket

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.