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Rocket Companies, Inc. (NYSE: RKT) is a Detroit-based fintech platform that encompasses a broad range of personal finance and consumer technology brands. Founded in 1985 as Rock Financial, the company has grown to become a household name, primarily recognized through its flagship service, Rocket Mortgage. Rocket Companies' portfolio includes Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk, and Edison Financial.
Rocket Mortgage is renowned for its industry-leading client experience, driven by digital solutions that are simple, fast, and trusted. The company's digital platform streamlines the mortgage process, allowing clients to apply for loans through its mobile app or website, making it the largest mortgage originator in the United States. Rocket Mortgage has consistently been recognized by Fortune magazine, being named one of the '100 Best Companies to Work For' for 17 consecutive years.
In addition to mortgage lending, Rocket Companies offers an array of services through its subsidiaries. Rocket Homes, for example, recently launched its iOS app for Apple CarPlay, integrating home search functionalities with car infotainment systems to make house hunting more convenient for users. Rocket Loans provides personal loans with a swift and easy digital application process. Rocket Auto offers vehicle financing and purchasing services, while Amrock delivers title insurance, property valuations, and settlement services.
Rocket Companies is heavily invested in technology and innovation. The introduction of Rocket Logic, an AI-driven technology platform, exemplifies this commitment. Rocket Logic enhances the mortgage process by leveraging vast data sets and machine learning to streamline loan origination. This system has significantly reduced the time and effort required for both clients and mortgage bankers, enhancing efficiency and accuracy.
The company’s financial performance remains robust, with total available cash of $3.6 billion as of December 31, 2023. Rocket Companies has demonstrated consistent revenue growth, with significant market share in both mortgage origination and servicing. The company’s Partner Network segment leverages its technological prowess to support mortgage brokers and other partners, enhancing their service offerings through the Rocket platform.
Rocket Companies is also committed to corporate responsibility, fostering a culture that integrates 'For-More-Than-Profit' principles in its operations. This commitment is reflected in their continuous efforts to innovate and improve client experiences while maintaining a strong financial footing.
For more information, visit Rocket Companies' corporate website, investor relations website, Twitter page, and LinkedIn page.
On October 4, 2021, Rocket Companies (NYSE: RKT) announced early tender results for its subsidiary Rocket Mortgage's cash tender offer for outstanding 5.250% senior notes due 2028. The offer was aimed at purchasing all notes, with $941.4 million validly tendered, representing 93.21% of the total outstanding $1 billion. The company also confirmed receipt of requisite consents for proposed amendments to the indenture governing the notes. These amendments will eliminate restrictive covenants and modify default events. The tender offer expires on October 19, 2021, unless extended.
DataVerify announced an integration with Rocket Companies' Nexsys Technologies to enhance homeowners insurance verification for mortgage lenders. The Nexsys Clear HOI tool will now automate the verification process, replacing a cumbersome manual method, which can delay loan processing. Lenders can access information from multiple top homeowners insurance providers instantly through a single data source, improving efficiency. DataVerify emphasizes that this integration aligns with its mission to modernize the lending process.
Rocket Mortgage has announced an extension of its title sponsorship for the Rocket Mortgage Classic through 2027. This PGA TOUR event, first held in Detroit in 2019, aims to bridge the digital divide in the community through its Changing the Course initiative. In 2020, charitable proceeds exceeded $2.7 million, with over $3.5 million allocated to local organizations. Rocket Mortgage has been a partner of the PGA TOUR since 2014 and continues to support local efforts to enhance digital accessibility.
Rocket Companies, based in Detroit, announced the pricing of a private offering of $2.0 billion in senior notes, comprising $1.150 billion of 2.875% senior notes due 2026 and $850 million of 4.000% senior notes due 2033. The offering is set to close on October 5, 2021. Proceeds from the offering will be used to repurchase $1.01 billion of the Issuer's existing senior notes, pay related fees, and for general corporate purposes. The notes will be offered only to qualified institutional buyers and will not be registered under the Securities Act.
Rocket Companies (NYSE: RKT) has announced that Vice Chairman and CEO Jay Farner will participate in a fireside chat with Marc Benioff, Salesforce Chair and CEO, at the Dreamforce Conference on September 22, 2021, at 2:00 p.m. Eastern Time. The event highlights Rocket's commitment to consumer technology and financial services, with a focus on empowering clients in achieving homeownership. A live webcast will be available for free at Salesforce.com/Dreamforce.
Rocket Companies (NYSE: RKT) announced a proposed offering of $1.5 billion in senior notes, due 2026 and 2033, exempt from registration under the Securities Act. Proceeds will primarily be used to repurchase outstanding $1.01 billion of 5.250% senior notes due 2028, associated fees, and for general corporate purposes. The offering is targeted at qualified institutional buyers and non-U.S. investors. This transaction may not be available in the U.S. without proper registration or exemption.
Rocket Companies (NYSE: RKT) announced a cash tender offer for all its outstanding 5.250% senior notes due 2028. This offer will include a consent solicitation for amendments to the indenture, aiming to eliminate restrictive covenants and modify default events. The tender offer and consent solicitation expire on October 19, 2021. The total aggregate principal amount of notes outstanding is $1,010,000,000. Early tender submissions by October 4, 2021, can receive a total consideration of $1,077.50 per $1,000 principal amount, including an early tender payment.
Rocket Companies announced that CEO Jay Farner will participate in a virtual fireside chat at the Barclays Global Financial Services Conference on September 15, 2021, at 12:00 p.m. Eastern Time. The discussion will cover topics relevant to the tech-driven real estate and financial services sectors. Attendees can access the live audio webcast at ir.rocketcompanies.com. Established in 1985, Rocket Companies aims to help clients achieve home ownership and financial freedom, boasting around 26,000 team members across the U.S. and Canada.
Rocket Mortgage, the largest mortgage lender in the U.S., announced expanded partnerships with 25 prestigious collegiate athletic programs, including four elite HBCUs. This initiative aims to enhance brand visibility through signage and promotions at events. During 2019, college sports reached 145 million TV viewers and over 47.5 million game attendees, bolstering Rocket's marketing strategy. The partnerships will commence in the 2021-2022 season, alongside new commercials featuring Kirk Herbstreit. Rocket Mortgage aims to support communities of color and address the racial homeownership gap through these collaborations.
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