New customer loyalty program offers closing cost incentives
Rocket Mortgage has launched a new loyalty program that enables homebuyers to use reward points to save money on closing costs.
With Rocket Rewards, borrowers can accrue points by completing simple tasks like creating a free Rocket account, reading educational articles, watching informative videos, or using a mortgage calculator on its website. Those who complete their first rewards activity will receive a 7,500-point welcome bonus – equivalent to $75 – that can be applied to savings on closing costs.
“Phase one of Rocket Rewards empowers consumers to gain knowledge and understanding of the home buying process while simultaneously accruing points, and ultimately money, that can help reduce costs when they are ready to buy a home,” said Jenn Steeves-Kiss, chief experience officer for Rocket Central, the centralized hub for the Rocket Companies fintech platform.
“What’s most exciting to me is that we are just scratching the surface of what’s possible with a powerful rewards program inside the Rocket ecosystem – whether that is finding innovative ways to provide discounts toward personal loans, free premium Rocket Money subscriptions or even money off the installation of solar panels.”
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The Detroit-based lender said the program aims to boost its “already strong” brand loyalty, which has a net client retention rate of 93%, according to a company-sponsored survey. Rocket plans to expand the rewards program in the coming months with new ways to bank points and additional redemption opportunities.
“Rocket Companies is known for delivering exceptional client service, and the introduction of Rocket Rewards continues that trend – showing our appreciation for clients by offering at various points throughout their financial journey,” said Jay Farner, vice chairman and CEO of Rocket Companies. “We know not every client is ready to work with us at this moment, but by banking rewards that can build over time, we are delivering a value-add no other lender in our space can match.”