Former Sagent CEO Dan Sogorka has joined Rocket Pro TPO as general manager, and says he plans to leverage the lender's technologies to benefit brokers.
The longtime mortgage leader will work with Rocket's tech and product development teams, while Mike Fawaz, Rocket Pro TPO's executive vice president, will work on Sogorka's team, he said Tuesday. Prior to his work at Sagent, Sogorka was CEO at Cloudvirga, a point-of-sale provider, and had held leadership roles at Servicelink and Black Knight.
Dan Sogorka, general manager at Rocket Pro TPO.
Courtesy of Rocket Cos.
Having stepped aside as CEO at Sagent in February, Sogorka said he was drawn to Rocket because of its tech bona fides, exemplified by its artificial intelligence tools, and the company's focus on its wholesale operations.
"How do we go for speed and certainty right now, and just cut all the rest of the nonsense out of the loop?" he told National Mortgage News Tuesday. "That's what I'm really interested in doing, putting that tool set in the hands of brokers."
Sogorka spoke of the industry's shortfall in adopting tech, and said he'll begin at Rocket by first listening to brokers describing their needs. Some of his aims, Sogorka said, include leveraging the lender's tools to aid document collection, keeping employees in the loop, and speeding up the homebuying process.
"I'm so grateful that I've been able to have these roles that really span the whole process," said Sogorka. "Once you see all of that and how it all works together and ties into capital markets, you just get a much different view of everything, holistically."
He became Sagent's CEO in March 2020, after a little over a year at CloudVirga. Sogorka was president at Servicenow's Exos Technologies between 2017 to 2019, according to his Linkedin, and before that was a president at Black Knight for 14 years.
Executives at the super-regional bank told investors that years of investments are poised to start paying off in rising profits, but the market seemed skeptical about the company's plan forward.
The penalty by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the news broke.
A letter led by Sen. Elizabeth Warren, D-Mass., urges bank regulators to crack down on banking as a service, while another led by Sen. Jack Reed, D-R.I., asks that the Consumer Financial Protection Bureau more closely monitor buy now/pay later companies.
