Austin Niemiec is the executive vice president of Rocket Pro TPO, the wholesale lending division of Rocket Mortgage.
Niemiec has played a lead role in building Rocket Pro TPO into the second-largest wholesale lender in the country, a growth spurt that comprises a significant piece of Rocket Mortgage’s overall loan volume. Rocket Pro TPO made up nearly a third of Rocket’s loan volume through the third quarter of 2021, closing $87.8 billion in loans.
Niemiec has consistently been an outspoken advocate of protecting mortgage brokers’ freedom of choice within the wholesale industry. His most recent stand came in March 2021, when one of Rocket Pro TPO’s chief rivals issued an ultimatum within the industry, disintegrating partnerships with broker shops that also did business with Rocket Pro TPO.
Niemiec was one of the industry’s leaders in offering a 50-basis point credit to consumers – named by Rocket Pro TPO as a “Freedom Credit – when the FHFA removed its adverse market refinance fee in August 2021.
Early in 2021, Rocket Pro TPO televised a national commercial during the Super Bowl that called attention to mortgage brokers. It was the first national ad to highlight brokers.
Also in March 2021, Niemiec announced that Rocket Pro TPO had committed $100 million specifically to the development of broker technology in 2021. One of the most recent examples was the launch of its Pricing Calculator, which allows users to price out loan options and easily compare different products.
For the first time ever, Rocket Pro TPO has disclosed how much business it does in the broker space. The lender says UWM’s ultimatum was borne out of fear. HW+ Premium Content