Home Lender Rocket Seeks AI-Fueled Rebound After Bumpy Era
- Firm has plowed over $500 million into AI in last five years
- New CEO Krishna faces challenges including rates, competition
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The past year has been a tumultuous one for Rocket Cos., one of the nation’s largest mortgage lenders: the firm reported its first annual loss as a public company, navigated a historic drop-off in mortgage originations and replaced its chief executive officer.
But for new CEO Varun Krishna, the downturn has turned into a chance to reshape how Rocket does home lending. His bet, an expensive one, is that artificial intelligence can fix a process that makes half of buyers cry and turn his company into the dominant force in a market that has long seen cutthroat competition between hundreds of firms.