{"id":422309,"date":"2023-12-29T10:12:42","date_gmt":"2023-12-29T15:12:42","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=422309"},"modified":"2023-12-29T11:03:15","modified_gmt":"2023-12-29T16:03:15","slug":"rockets-varun-krishna-appointed-to-newly-created-board-position","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/rockets-varun-krishna-appointed-to-newly-created-board-position\/","title":{"rendered":"Rocket&#8217;s Varun Krishna appointed to newly created board position"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.housingwire.com\/directories\/rocket-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Rocket Companies<\/strong><\/a> expanded its board of directors from seven to eight, giving its chief executive officer <a href=\"https:\/\/www.housingwire.com\/articles\/rocket-hires-fintech-exec-varun-krishna-as-new-ceo\/\" target=\"_blank\" rel=\"noreferrer noopener\">Varun Krishna<\/a> a newly-created seat.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.housingwire.com\/articles\/rocket-hires-fintech-exec-varun-krishna-as-new-ceo\/\" target=\"_blank\" rel=\"noreferrer noopener\">Krishna<\/a> was voted to serve as a Class III director, effective December 21, 2023, according to an 8-K <a href=\"https:\/\/d18rn0p25nwr6d.cloudfront.net\/CIK-0001805284\/e065f080-1472-49a2-9390-1855575ef3c9.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">filing<\/a> with the <strong>Securities and Exchange Commission<\/strong> (SEC) on Thursday.\u00a0<\/p>\n\n\n\n<p>Krishna will serve \u201cfor a term expiring at the company&#8217;s 2026 annual meeting of stockholders and until his successor is elected and qualified, subject to his earlier death, resignation, retirement, disqualification or removal.\u201d<\/p>\n\n\n\n<p>Rocket&#8217;s board expansion comes following the Detroit-headquartered lender reporting a profit in the third quarter of 2023.\u00a0<\/p>\n\n\n\n<p>The lender reported GAAP net income of <a href=\"https:\/\/www.housingwire.com\/articles\/with-new-ceo-rocket-increases-margins-remains-profitable-in-q3\/\" target=\"_blank\" rel=\"noreferrer noopener\">$115 million<\/a> in Q3, lower than the $139 million in Q2 2023 but better than the $96 million in the same period of 2022.&nbsp;<\/p>\n\n\n\n<p>Profitability was led by increased purchase market share and margins for both its direct-to-consumer channel and its <a href=\"https:\/\/www.housingwire.com\/articles\/rocket-pro-tpo-raises-conforming-loan-limits-to-750000-ahead-of-fhfa-decision\/\" target=\"_blank\" rel=\"noreferrer noopener\">TPO channel <\/a>in Q3 from the previous quarter.&nbsp;<\/p>\n\n\n\n<p>The company \u2014 under the helm of Krishna, a veteran in the financial technology world \u2014 is focused on technology more than ever before.&nbsp;<\/p>\n\n\n\n<p>As part of its mission on becoming a <a href=\"https:\/\/www.housingwire.com\/articles\/higher-rates-exposed-rockets-vulnerability-can-it-prove-itself-as-a-fintech\/\">fintech company<\/a>, Rocket recently unveiled enhancements to its Pathfinder tool \u2013 a proprietary AI and machine learning-powered engine that helps over 40,000 mortgage professionals obtain answers to complex underwriting and processing questions easily.&nbsp;<\/p>\n\n\n\n<p>Digitizing documents and automating tasks \u201cat such enormous scale have profound benefits for our business,\u201d Krishna told analysts in its Q3 earnings call.&nbsp;<\/p>\n\n\n\n<p>\u201cAI will be at the center of how clients buy, sell and finance homes,\u201d Krishna said.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rocket Companies expanded its board of directors from seven to eight, giving its chief executive officer Varun Krishna a newly-created seat.<\/p>\n","protected":false},"author":39492,"featured_media":388276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[268315,1692],"tags":[9857],"coauthors":[267988],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.7) - 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