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‹ Capital Markets / Secondary Marketing

Rocket's Fannie book vs its Freddie book — same servicer, different composition?

Prompt

“Rocket Mortgage services pools on both Fannie and Freddie. Does the collateral look the same across the two GSEs, or does Rocket route different loans to different houses? Show WA FICO, LTV, DTI, and rate for Rocket's book on each GSE side-by-side with the corresponding GSE book average.”

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Response

Rocket Mortgage LLC current MBS book, WA composition on each GSE side, compared to the corresponding GSE book overall:

CohortPoolsUPBWA FICOWA LTVWA DTIWA rate
Rocket · Fannie41,564$34.8B80874.645.35.702%
Fannie book overall——80076.239.05.185%
Rocket · Freddie31,784$30.9B72476.337.45.771%
Freddie book overall——73575.336.35.244%

What’s in the read:

  • Rocket’s Fannie-serviced book runs 6.3 pp above Fannie’s book DTI (45.3 vs 39.0). That’s a routing signal: Rocket is either originating higher-DTI loans and sending them to Fannie preferentially, or acquiring MSR from correspondents whose Fannie-delivered loans skewed high-DTI. On the Freddie side Rocket is close to the book (37.4 vs 36.3, +1.1 pp) — not the same pattern.
  • Rate premium is roughly symmetric across both GSEs: Rocket’s book runs ~52 bps above the book average on Fannie (+51.7 bps) and ~53 bps on Freddie (+52.7 bps). Consistent with Rocket’s higher-DTI / broker-heavy / retail-recycled mix landing in the same rate premium regardless of house.
  • The FICO comparison ACROSS the two GSEs is not meaningful. Fannie’s pool-details disclosure reports WA book-wide FICO of 800; Freddie’s is 735 — a 65-point delta that would imply an unrealistic quality gap between the two GSE books. This is almost certainly a WA-methodology difference (loan-count-weighted vs UPB-weighted, or classic FICO vs the “middle-lower-then-lowest” Freddie Indicator Score, or partial-populated snapshots) rather than actual credit divergence. Compare Rocket vs book WITHIN each GSE, but do not compare Rocket-Fannie’s FICO to Rocket-Freddie’s FICO.
  • Within each GSE, Rocket’s FICO position is near-average on Fannie (+8 above book) and materially below-average on Freddie (−11 below book). Combined with the DTI split, this is a strong signal that Rocket applies different routing logic to the two GSEs — possibly optimizing for grid-cell LLPA differences that used to exist pre-May-2023 alignment, or matching each GSE’s stronger AUS niche.

Reference: mortgage.fnm_mbs_pool_details filtered on UPPER(servicer) LIKE '%ROCKET%' at snapshot 2026-06-19; mortgage.fre_mbs_pool_details filtered on UPPER(servicer_name) LIKE '%ROCKET%' at snapshot 2026-07-01. Snapshot dates differ by ~2 weeks; the composition is stable at this cadence.

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