Rocket Mortgage ending Canadian operations

Signage for Rocket Mortgage by Quicken Loans is displayed on a laptop computer in an arranged photograph taken in the Brooklyn borough of New York, U.S., on Thursday, Aug. 6, 2020. Shares in Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, gained 2.6% in early trading after a shrunken initial public offering that raised $1.8 billion. Photographer: Gabby Jones/Bloomberg (Gabby Jones/Bloomberg)

Rocket Mortgage is pulling out of Canada.

In a statement to AM800 News, the company says it has begun the process of winding down its business, with operations expected to be completed by June 27.

Rocket Mortgage Canada is located in downtown Windsor on Chatham Street West near Ferry Avenue in the former fish market and The Loop building.

According to the company’s statement, all loans in process will proceed without issue, with the company committed to supporting clients through the transition.

Speaking on AM800’s The Dan MacDonald Show, ward 3 city councillor Renaldo Agostino says it’s disappointing and he’s thinking of the staff.

“Everyone who works at Rocket Mortgage, all the staff that is being phased out, they’re Canadians, they’re Windsorites, they’re people who live in our community, who live in our county and I feel for them and certainly my heart and my energy is going to go to trying to help them as much as I can,” says Agostino.

He says only the mortgage aspect of the company is leaving Canada.

“Rocket Innovation Studio which also has a big presence in the downtown core is not going anywhere,” he says. “So they are remaining in the downtown core and as far as the spaces that will be available, I think there’s certainly an opportunity to fill those spaces. We’re not even sure what those spaces will be but there’s no question about it, we’re going to fill those spaces.”

Agostino says the company’s decision has nothing to do with the tariff situation.

“There’s talk that this had something to do with Trump and the tariffs, it doesn’t,” says Agostino. “Rocket is still going to have a presence in the country just that end of their business will not be here.”

The statement from the company goes on to say, the decision aligns with its parent, Rocket Companies, focusing on growing in the American housing market – where it has served clients for nearly 40 years.

Rocket Mortgage Canada is also thanking its team members who have helped the company expand over the last five years.

The company says there will be roles for some team members at Rocket’s other Canadian businesses – Lendesk and Rocket Innovation Studio.

Rocket Mortgage Canada says the majority of its employees will receive three to six months of salary based on tenure, four months of extended health coverage and career transition services – which includes one-on-one career coaching, resume building and job search assistance.

~ By AM800’s Rob Hindi.