Provided to WindsoritedotcaRocket Mortgage Canada confirmed that its U.S.-based parent company, Rocket Companies, is shifting its focus to growth in the U.S. housing sector, which has been in operation for nearly 40 years.
“While this means leaving our loan business in Canada, we thank our team members for helping us expand over the past five years,” the statement said. “Their hard work and enthusiasm have helped thousands of Canadians realize their dream of home ownership and we are grateful for all their contributions.”
The statement also confirmed that while most Rocket Mortgage Canada staff were fired, some employees will hold certain positions in Rocket’s other Canadian businesses, Lendesk and Rocket Innovation Studio.
The company also confirmed that affected employees will receive three to six months of severance payments, as well as four months of health insurance and career transition services, including one-on-one coaching, resume support and job search assistance.
The company assured clients that all loans currently underway will be completed as planned.
A brief run in Canada
Canada Rocket Mortgage was first launched in 2020 with Edison Financial and has opened its headquarters in downtown Windsor, Ontario.
The company quickly gained traction, reaching $1 billion in annualized submissions by 2022. Initially operated only in Ontario, Edison Financial later expanded nationwide, offering collateral products in each province and providing clients with loan options from over 50 lenders. Its entry into the market is seen as a major move, which has put one of the largest digital mortgage lenders in the United States competing with Canadian banks and broker channels.
As Canadian Mortgage Trends Rocket Mortgage entered the market at the time with the goal of distinguishing itself through an all-digital experience, a direct-to-consumer loan model and accessing its proprietary technology. The company also takes advantage of Windsor’s lower business costs and talent pool to build its Canadian operations.
A bold lack of vision
When rebranding Rocket Mortgage Canada in 2022, company president Hash Aboulhosn outlines his ambitious vision for the future, highlighting a transformative approach to mortgage loans.
“What I want to say is that we do have this mission to improve the life of the mortgage industry,” he told him. Canadian Mortgage Trends. “We are not ambitious in this regard. So we are not just a reasonable goal, it seems practical, our goal is to be a truly transformative goal here.”
Aboulhosn also highlights the benefits of putting a major American mortgage financing company in its corners, especially in culture and innovation. “The US and Canadian mortgage markets are certainly different, but we’ve learned about the two businesses on both sides of the border, and we’ve already accessed the brain trust that exists there – we realize that these two markets are more similar in some ways than they might have appeared in the first place,” he said. “And we’ve found this strategy and technology, and while it’s different, it usually rhymes.”
However, its business model faces challenges in Canada, where mortgage allocations are dominated by relationships between large banks and broker lenders, and are deeply firm and firm. Unlike the U.S., which became the country’s largest mortgage lender, the Canadian market has proven to be more difficult to penetrate, especially with rising interest rates and changing mortgage regulations.
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Last modified: March 5, 2025
