DETROIT – One of the United States’ largest mortgage lenders is significantly rolling back its presence in Canada.
The Detroit-based Rocket Mortgage had initially expanded to Canada with a headquarters in Windsor, Ontario, in 2020.
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In a statement released Thursday, March 6, Rocket Mortgage announced it had begun winding down its operations in Canada. Completion is expected by June 27. The decision was reportedly made so Rocket Mortgage could focus on growth in the United States.
According to the company, some employees will be moved to other Rocket companies in Canada, but the majority will be laid off and given three to six months of salary, four months of health coverage and career transition services.
For customers, Rocket Mortgage Canada said “all loans in process will proceed without issue, and we remain committed to supporting them through this transition.”
