Transamerica and Primerica

Had a conversation with CLA about these two:

Rocket Mortgage bought REDFIN yesterday, and they Rocket is now working with Primerica on referrals. Transamerica has their own lending group.

Transamerica is somewhat similar to Primerica (purchased by Citigroup).

They focus on lower-end clients typically, and those clients tend to have a lot of credit card and other debts, as does Primerica.

We did a lot of business with them, and they used to have a 120% HELOC that could be used for debt consolidation, which they used to free up cash flow, so it was cool that they had been trained on this, so they understood what we could do for them with liability management.

I find they were both good groups to call on, they see a lot of people since they tended to do more insurance than actual financial investing…

When a company like Rocket partners, it isn’t all bad. They’ll spend a lot of money to promote ‘lending’ to those advisors, and the benefits of that are that those advisors are referring to a 30 year old call center employee at Rocket that can’t punch their way out of a wet paper bag when it comes to providing any advice:

1) let Rocket spend money to create awareness with advisors

2) show them what you can do for them, and the small referral fee isn’t worth it to the advisor so they’ll refer to you instead