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Rocket Pro will build three broker-pitched mortgage tech prototypes
Rocket Pro plans to award $100,000, $60,000, and $40,000 to the top three broker finalists, and turn all three concepts into prototypes for the broader broker community.
Rocket Pro, a mortgage technology unit, debuted three mortgage tech prototypes that it sourced from its Big Pitch contest at RPX, and said it will build all three rather than selecting a single winner. HousingWire reports the company initially shifted its approach by asking mortgage brokers to identify problems they wanted technology to solve, instead of Rocket Pro deciding what brokers needed.
The prototypes were developed from ideas submitted by Rocket Pro partners and brokers, including some brokers that do not currently work with the company, according to HousingWire. Rocket Pro narrowed the submissions to three finalists and paired each broker with its technology and product teams to turn the concepts into functioning prototypes over several months.
At RPX, each finalist’s product was showcased via video and the broker community voted on the prototypes. HousingWire says Rocket Pro announced first place will receive $100,000, second place $60,000, and third place $40,000, and that the three technologies will ultimately be developed for the broader broker community.
Rocket Pro said the prize money is intended to recognize brokers’ ideas and time spent working with Rocket Pro’s technology teams, while positioning the program as a way for partners to help other partners. HousingWire reports Rocket Mortgage chief revenue officer Austin Niemiec said the broker community as a whole would benefit from building all three tools.