The transaction faced no opposition from antitrust regulators and received approval from Redfin shareholders on June 4.
“I’ve used Redfin every day for the last 20 years. It helped me find and fall in love with my first home, completely changing how I thought about real estate,” said Varun Krishna, Rocket Companies CEO. “The Redfin team is best-in-class in building a product experience focused on simplicity. It was a perfect fit for Rocket’s vision of what the homeownership experience should be.”
The completed transaction merges Redfin’s home search platform, which is comprised of 50 million monthly visitors, 1 million active purchase and rental listings and its network of over 2,200 agents, with Rocket’s mortgage services.
A press release from Rocket also announced Rocket Preferred Pricing, which allows homebuyers who use Rocket Mortgage for financing and either purchase a Redfin-listed home or work with a Redfin agent to receive a one-percentage-point interest rate reduction for the first year of their loan or a lender credit of up to $6,000 at closing.
Rocket Preferred Pricing is available to qualified clients buying a home with conventional, FHA or VA loans.
Rocket Mortgage and Redfin plan to launch additional products and services for homebuyers, real estate agents and mortgage brokers in the coming months, the release confirmed.
Redfin has adopted a refreshed brand identity and look and feel of “Redfin Powered by Rocket” to further unify the home-buying experience.
“The gulf between the American Dream of homeownership and reality has never been wider,” said Redfin CEO Glenn Kelman. “The reason Rocket and Redfin came together was to bridge that gap, so that the people who spend their days dreaming on Redfin.com can easily use Rocket financing to own their dream.”
Rocket executives said during its first quarter earnings that it expects the Mr. Cooper acquisition to close by the end of the year.