Former Rocket Mortgage exec partners with UWM, launching brokerage

A veteran Rocket Mortgage executive announced the launch of his own Michigan-based brokerage, dubbed Zoom Home Lending, Thursday.

In this new venture, Michael Saleh, former senior vice president at Rocket, is moving away from the retail channel and is opening the door to wholesale partners, including United Wholesale Mortgage, a press release said.

“This new chapter gives me the freedom and flexibility to run my business without any red tape,” said Saleh. “The wholesale channel and partners such as United Wholesale Mortgage, have embraced us warmly and the support has been overwhelmingly positive.”

By partnering with the mega wholesale lender, Saleh has likely closed the doors on his former employer’s TPO channel. UWM’s ultimatum prevents brokerages from doing business with Rocket Mortgage.

The former executive is joined by three co-founders, including Issa Al-Sheleh and Henri Houmani, two former Rocket Mortgage employees. Robert Lee Turfe, a General Motors executive, is also joining the company to lead marketing, HR and diversity and inclusion efforts at the company.

Saleh, who worked at Rocket Mortgage for close to two decades, announced his brokerage has “ambitious growth goals,” which include beefing up the headcount to 100 team members in the company’s first business year. Additionally, each loan officer will be aiming to close 15 to 20 loans per month.

Since the launch of the brokerage in June, only weeks after his LinkedIn announcement that he was leaving Rocket, the company claims to have reached one-third of its hiring goal and closed about 12 loans per LO.

“Our ultimate objective is to establish a reputable business and create a substantial impact in the industry,” said Saleh. “Our team is growing quickly, and we’ve made it a priority to ensure anyone who joins our team has a seamless onboarding process, regardless of their background. We’re excited to continue developing Zoom Home Lending to assist consumers nationwide with their home financing needs.”

Saleh’s departure from Rocket comes during a time of internal change for the megalander. In recent months there have been notable leadership transitions and a doubling down on the use of artificial intelligence.

Additionally, it comes in the midst of heightened tensions between UWM and Rocket Mortgage, following the publishing of the Hunterbrook investigation. UWM has claimed that Rocket was the culprit behind the investigation, an allegation Rocket has denied.