Relatively successful businesses know the regulations in their industries and develop processes to work within them. So, they play a status quo-style of the game to some success. But game-changing businesses know the rules so well they actually play the game differently. They play boldly to win big and to scale.

Rocket Companies is now a number of business entities, including Rocket Mortgage. At the beginning, however, two brothers, Dan and Gary Gilbert, co-founded Rock Financial to be a mortgage brokerage business. Early on there was only a small number of employees and now there are 26,000 across a variety of companies. Bob Walters, CEO of Rocket Mortgage and President and Chief Operating Officer of Rocket Companies, rose through the ranks, and on this episode of Business X factors, he shares the mentality he learned along the way that allowed Rocket Companies to make new rules for the game.

Main takeaways:

Remote Possibilities: According to Walters, two big bets on remote opportunities have led to Rocket Companies’ success. The first was when Rock Financial created a mortgage product that could be mailed called “Mortgage In A Box.” Later on, the second was a push, led by Dan Gilbert, to move on from a brick-and-mortar model to lean into the internet to connect to customers. This effort ultimately led to the fully online mortgage experience offered by Rocket Mortgage. Walters describes that some saw the chance of having success by implementing an online strategy as remote. The lesson here is to trust one’s instinct. Especially today, there are many opportunities to innovate with both distance and digital in mind.
Smart Simplicity: Walters discusses how some people seem to enjoy talking in complex terms, but that mentality can be self-serving. He makes the case that a higher level is to take something that is complicated and then work diligently to make it simple for other people to understand.
Making New Rules: To work within a regulated industry, it’s necessary to fully appreciate the rules. But it’s also possible to know the rules so well that a company can decide to play the game differently. Walters shares how Rocket Companies has continuously adjusted the game to cater to customers while scaling. Moreover, he suggests that they have redefined the very notion of profitability to include making a substantial, constructive impact on communities and people that can use a boost.

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Making New Rules to Scale with Bob Walte...