Detroit-headquartered Rocket Mortgage is withdrawing from the Canadian housing market.
According to combined media reports, the company initially expanded to Canada in 2020 with a headquarters in Windsor, Ontario. Rocket Mortgage plans to complete its exit from the market by June 27, declaring in a statement that its “decision aligns with our parent, Rocket Companies, focusing on growing in the American housing market – where it has served clients for nearly 40 years.”
Although some employees will be relocated to Lendesk and Rocket Innovation Studio, Rocket’s other companies in Canada, most of its workforce will be laid off and provided with three to six months of salary, four months of health coverage and career transition support.
The company added that “all loans in process will proceed without issue, and we remain committed to supporting them through this transition. While this means stepping away from our lending business in Canada, we thank our team members who have helped us expand over the last five years.”
