Generated Q3'24 total revenue of $647 million and adjusted revenue of $1.323 billion. Adjusted revenue exceeded the high end of our guidance range Reported Q3'24 GAAP net loss of $481 million, or $0.19 GAAP diluted loss per share and adjusted net income of $166 million, or $0.08 adjusted diluted earnings per share Delivered Q3'24 adjusted EBITDA of $286 million, the highest in two yearsDETROIT, Nov. 12, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detro ...

DETROIT, Oct. 29, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, today announced that the Company will issue its third quarter 2024 earnings on November 12, 2024. Leadership will host a conference call to discuss results at 4:30 p.m. ET on that date and a press release detailing the Company's results will be issued prior to the call. A live webca ...

Detroit-based Rocket Mortgage will manage a portion of Annaly's serviced clients DETROIT, Oct. 1, 2024 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), and Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly"), the world's largest residential mortgage real estate investment trust, today announced the companies have entered into a subservicing agreement. Under the relationship, Rocket will handle all servicing and recapture activities for a po ...

Industry tailwind often creates an opportunity for growth and valuation expansion for companies prepared to take advantage of the situation. Such a tailwind is brewing for Rocket Companies (NYSE: RKT ) in the form of I am a young private investor seeking to find advice and knowledge through my journey in Seeking Alpha. I primarily focus on growth companies and the disruptive future they may bring. Through the rise of technological capabilities, I believe that the world will undergo a massive transition in t ...

Markets will always have a reason to keep the market going, and always come up with reasons as to why a stock might be falling, whether these reasons are valid or not. Today, investors need to cut out the noise as volatility starts to hit the S&P 500 and other baskets of stocks, especially the ones that carry the most potential tail risk for a new rally based on fundamental reasons as well as technical. Rocket Companies Today RKT Rocket Companies $18.46 -0.40 (-2.12%) 52-Week Range $7.17 ▼ $21.28 P/E Ratio ...

DETROIT, Sept. 10, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, will host its first Investor Day today at 9:00 a.m. ET in Detroit and via a live webcast. During the event, the executive leadership team will present the Company's AI-fueled homeownership strategy and financial priorities to deliver shareholder value over the long-term. "I am look ...

Sogorka, a former Business Unit President at Black Knight and CEO of mortgage technology firms Sagent and Cloudvirga, named General Manager of Rocket Mortgage's unit serving mortgage brokers Click here to download high resolution headshot DETROIT, Sept. 3, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT) today announced it has named Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), the mortgage broker business of Rocket Mortgage, effective September 3. Dan Sogorka, a former Busine ...

DETROIT, Aug. 26, 2024 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, today announced that the Company will host its first Investor Day on Tuesday, September 10, 2024 starting at 9:00 a.m. ET in Detroit, Michigan. The event will feature presentations and engagement opportunities with Rocket Companies' leadership, immersive demo experiences and a tour ...

New temporary buydown option eases the transition into homeownership with Rocket Mortgage covering the cost of a lower interest rate for two years DETROIT, Aug. 26, 2024 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced "Welcome Home RateBreak," a lender-paid 2-1 temporary buydown program. Buyers can enjoy significant savings with a mortgage rate reduced by two percentage points in the first year, then one percentage point in t ...

Financial Performance - Net income for the same period was $177.9 million, reflecting a 28% increase compared to $139.2 million in the prior year[144]. - Adjusted EBITDA for the three months ended June 30, 2024, was $224.8 million, a significant increase from $18.2 million in the same period in 2023[144]. - The net income for the six months ended June 30, 2024, was $468.6 million, a turnaround from a net loss of $272.3 million in the same period in 2023[145]. - Adjusted EBITDA for the six months ended June 30, 2024, was $399.1 million, compared to an Adjusted EBITDA loss of $60.8 million in the same period in 2023[145]. - The company reported total revenue of $1,300.7 million for the three months ended June 30, 2024, compared to $1,236.2 million in the same period in 2023[154]. - Adjusted revenue for the three months ended June 30, 2024, was $1,228.2 million, up from $1,001.7 million in the same period in 2023[154]. - The company’s adjusted net income for the three months ended June 30, 2024, was $121.0 million, compared to a loss of $33.0 million in the same period in 2023[155]. - Net income attributable to Rocket Companies for the three months ended June 30, 2024, was $1,295 million, compared to a loss of $7,438 million for the same period in 2023[157]. - Adjusted net income for the six months ended June 30, 2024, was $204,575 million, a significant improvement from a loss of $143,624 million in the same period of 2023[160]. Loan Origination and Servicing - The company originated $24.7 billion in residential mortgage loans for the three months ended June 30, 2024, a 10% increase from $22.3 billion in the same period in 2023[144]. - For the six months ended June 30, 2024, the company originated $44.9 billion in residential mortgage loans, a 14% increase from $39.3 billion in the same period in 2023[145]. - Closed loan origination volume for the three months ended June 30, 2024, reached $24,661,690 million, up from $22,330,333 million in 2023, representing an increase of approximately 10.4%[164]. - The total serviced UPB (unpaid principal balance) for loans, including subserviced, was $534,557,627 million as of June 30, 2024, compared to $503,693,198 million in 2023, indicating growth of about 6.1%[164]. - The number of MSRs (mortgage servicing rights) loans serviced increased to 2,459.5 thousand as of June 30, 2024, from 2,312.6 thousand in 2023, representing a growth of about 6.4%[164]. - The total serviced UPB as of June 2024 was $534.6 billion, an increase from $503.7 billion in June 2023[196]. - The total serviced delinquency count (60+) as a percentage of total loans was 1.26% in June 2024, compared to 1.10% in June 2023[196]. Revenue and Income Sources - Gain on sale of loans, net for Q2 2024 was $758,556, up 27.7% from $594,469 in Q2 2023[185]. - Loan servicing fee income for Q2 2024 was $354,677, slightly up from $343,591 in Q2 2023[185]. - Interest income, net increased to $31,122 in Q2 2024 from $21,245 in Q2 2023, representing a 46.5% increase[185]. - Other income for Q2 2024 was $269,308, up from $234,545 in Q2 2023[185]. - Interest income, net for the six months ended June 30, 2024, was $68.7 million, an increase of $15.8 million, or 30%, compared to $52.9 million for the same period in 2023[201]. - Direct to Consumer Adjusted revenue for the three months ended June 30, 2024, was $908.8 million, an increase of $120.1 million, or 15%, compared to $788.7 million for the same period in 2023[213]. - Partner Network Adjusted revenue for Q2 2024 was $187.8 million, an increase of $65.3 million, or 53%, compared to $122.5 million in Q2 2023, primarily driven by Gain on sale[216]. Expenses and Financial Health - Total expenses for Q2 2024 were $1,108,680, a marginal increase from $1,097,857 in Q2 2023[185]. - Total expenses for the three months ended June 30, 2024, were $1.1 billion, flat compared to the same period in 2023, with general and administrative expenses increasing by $32.5 million, or 16%[206]. - Marketing and advertising expenses for the six months ended June 30, 2024, were $417.2 million, an increase of $16.8 million, or 4%, compared to $400.4 million for the same period in 2023[207]. - Salaries, commissions, and team member benefits for Q2 2024 were $553,420, down from $579,139 in Q2 2023[185]. Liquidity and Capital Structure - Total liquidity as of June 30, 2024, was $8.6 billion, including $1.3 billion in cash and cash equivalents[224]. - Equity increased to $8.8 billion as of June 30, 2024, up by $449.1 million, or 5%, compared to $8.4 billion as of June 30, 2023[227]. - Cash and cash equivalents increased by $419.5 million, or 46%, to $1.3 billion as of June 30, 2024, compared to $917.8 million a year earlier[226]. - The company had 17 different funding and financing facilities with an aggregate available amount of $22.6 billion as of June 30, 2024[221]. - The company was in compliance with all financial covenants as of June 30, 2024[225].