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App
A term used to refer to a client saying "yes" to the loan, and the banker printing the application package to the client's Rocket Mortgage account.
A/E
“Approve eligible” – the ideal findings returned from the automated underwriting systems (DU/LPA) after rocketing the loan.
All Spears Call
“Approve eligible” – the ideal findings returned from the automated underwriting systems (DU/LPA) after rocketing the loan.
PIW
Property inspection waiver, determined when rocketing the loan in AMP. This means a client does not need an appraisal.
BOBI/ SDS
“Book out, book in” “Same day service.” Printed application that the banker sends into process on the same day because the client E-signs and sends us the required documents right away.
Book/Folder
Applications that have been printed to a client’s Rocket Mortgage account, but have not yet been sent to underwriting, awaiting signatures/documents, usually still at application status.
Call your Books
Refers to contacting all of your clients that you've printed an app for but have not yet folder received. Clients usually have missing documents or signatures.
QFR
Qualifying failure reason – a stopper in our technology that a Banker needs to resolve to move the loan forward
Credit Upgrade
A team that works with clients with median FICO scores over 560 to help them with strategies to get qualified or improve their credit for better pricing and program options.
Doc Walk
A phone call where you walk your clients through E-signing their application documents on their Rocket Mortgage account.
Escalated
When a client’s lead/opportunity gets removed from a Banker’s pipeline and sent to another Banker due to a lack of proper follow-up or missing an appointment.
VAL
Verified approval letter – the client’s income and assets are fully underwritten, which allows the client to submit offers with certainty of approval.
Focus
The team that keeps us well-stocked with the supplies we need to be successful, such as coffee and printer paper
LLPA
Loan level pricing adjustment- based on risk factors
NRCC
No return call complaint
Rocket the loan
Submitting loan for review by the automated underwriting systems DU/LPA in AMP or Rocket Logic
OKR
Goal setting strategies used by RKT. Stands for Objectives and Key Results
Z Team
Rocket Mortgage's C-suite team of top executives. Named after Tammy Zionkowski, CFO for over 12 years, who passed away after a 6-year battle with breast cancer.
Shortage
Reducing costs to make the loan meet guidelines or earn business
WIIFM/WIIFC
“What’s in it for me?” “What’s in it for the client?” What is the benefit for the client of a task or of their loan