PYMNTS MonitorEdge May 2024

Rocket Companies Hires Shawn Malhotra to Drive ‘AI-Fueled Homeownership’

Rocket Companies has hired Thomson Reuters veteran Shawn Malhotra as its first chief technology officer (CTO).

In this newly created role, Malhotra will oversee the development and implementation of artificial intelligence (AI), data science, product engineering, technology operations, information security and other areas across the firm’s ecosystem, Rocket Companies said in a Monday (May 6) press release.

Rocket Companies’ brands include Rocket MortgageRocket HomesAmrockRocket MoneyRocket LoansRocket Mortgage CanadaLendesk and Core Digital Media, according to the release.

“Shawn’s primary objective will be to increase the rate of innovation and execution in the organization, amplifying Rocket’s AI initiatives,” Varun Krishna, CEO of Rocket Companies, said in the release. “His fresh perspective and track record of leveraging AI to simplify and automate processes makes me confident that, together, we will quickly realize our vision of AI-fueled homeownership.”

Malhotra held a variety of roles at Thomson Reuters, most recently serving as head of engineering and product development for the entire company, per the release. Under his oversight, Thomson Reuters established a platform to accelerate the development of generative AI solutions and introduced an AI assistant that spans all the company’s products.

Before that, Malhotra was with Intel, where he led that company’s Toronto Technology Centre and served as director of software development, the release said. Malhotra began his career with Qualcomm as a software engineer.

“I am looking forward to being part of this pivotal time in Rocket Companies’ history and am eager to explore how AI can simplify the path to homeownership,” Malhotra said in the release. “I truly believe in the transformative potential of AI technology.”

This move comes at a time when there is a growing acceptance and adoption of advanced technologies in the real estate industry. For example, Rocket Mortgage found that 3 out of 5 home shoppers said they would be willing to purchase a home after only a visual tour.

In another recent development in this space, Pagaya said in February that it secured a credit facility worth $280 million to support its future growth and extend its corporate debt maturity to 2029.

Pagaya provides AI-driven product solutions in the financial ecosystem, including consumer credit and residential real estate solutions.