Rocket Mortgage to wind down Canadian operations to focus on the American market
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Rocket Mortgage, the U.S.-based lending company, is leaving Canada as the company focuses on growing in the United States.
But, the company's other Windsor-based business will continue to operate and maintain its downtown Windsor footprint.
The company said in a statement it has started to wind down operations and expect the process to be complete June 27.
"We want to assure our clients that all loans in process will proceed without issue, and we remain committed to supporting them through this transition," the company said.
"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."
Ward 3 Coun. and Downtown BIA board member Renaldo Agostino said while Rocket Mortgage Canada is ceasing its operations, the Rocket Innovation Studio in downtown Windsor isn't going anywhere.
"My thoughts are with the employees from the Rocket Mortgage side of things that are being displaced and [I] certainly want to see those people get jobs right away," he said.
"But mostly it's just getting rid of the myth where people think that Rocket is leaving downtown, and it's certainly not."
Agostino said businesses closing is not "the end of the world" but the biggest impact will be losing relationships with a lot of members who he says have done a lot for downtown, from community clean ups to volunteering for events.
"When one door closes, another door opens … There's just some jobs being lost and my focus is trying to help those people that have lost their jobs to find new employment," he said.
"We have a lot of companies that are working very hard to bring new businesses into Windsor and it's the downtown core…Our job is to give businesses the environment to make money. And if they're in an environment where they make money, they're going to stay."
Rocket declined to comment on how many employees will be affected by the closure.
While there will be roles for some team members at its other Canadian businesses, the Vancouver-based Lendesk and Rocket Innovation Studio, the company said the majority of Rocket Mortgage Canada team members will receive severance packages including health coverage and career transition services.
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