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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.
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.
Rocket Auto, a digital automotive retail marketplace under Rocket Companies (NYSE: RKT), has launched RocketAuto.com, aimed at simplifying the car buying process. The platform boasts over 35,000 used vehicles from 300+ dealers, enhancing vehicle choice and availability. Rocket Auto facilitated 15,600 auto unit sales in Q2 2021, up 143% year-over-year, and expects to double its sales volume in 2021. The marketplace allows self-service vehicle purchasing and supports ongoing relationships with clients through technology-driven solutions.
Rocket Companies (NYSE: RKT) reported robust Q2 2021 results, with total revenue reaching $2.7 billion, more than double Q2 2019 figures. The company achieved a record $84 billion in mortgage origination volume, indicating strong momentum toward its goal of being the largest retail home lender by 2023. Adjusted EBITDA soared to $1.3 billion, reflecting a 46% margin. Furthermore, Rocket Homes and Rocket Auto showed significant growth, while the overall servicing book balance climbed to $507 billion. The company maintains strong liquidity with $7.8 billion in total liquidity.
Rocket Homes, a part of Rocket Companies (NYSE: RKT), is transforming the real estate market in America by offering a customizable home buying and selling experience. The company integrates various services, including credit reporting, home searches, and a network of real estate professionals to streamline transactions. Unique offerings such as the ForSaleByOwner.com platform and an iBuyer program facilitate easier sales. Homeowners can save on commission fees and leverage resources tailored to their needs, enhancing the home-selling process. The full suite of services aims to simplify and expedite real estate transactions.
Rocket Mortgage has announced a comprehensive initiative to assist Detroit residents in purchasing homes, offering $2,500 in lender credits for primary residence buyers. This program focuses on underbanked individuals, pairing them with credit counseling and homebuyer education resources. By collaborating with MoCaFi, Rocket Mortgage aims to improve access to banking and credit opportunities. The initiative, rooted in community support, underscores Rocket's commitment to enhancing homeownership and financial stability in Detroit.
Rocket Companies, Inc. (NYSE: RKT) will report its second quarter 2021 earnings on August 12, 2021, with a conference call scheduled for 4:30pm ET to discuss the results. A press release will precede the call detailing financial performance. Rocket Companies, headquartered in Detroit, operates various tech-driven financial services including Rocket Mortgage and Rocket Homes, and employs approximately 26,000 team members across the U.S. and Canada. The company has consistently ranked among the top workplaces, notably placing #5 on Fortune's 2021 list.
Rocket Companies (NYSE: RKT) announced its entry into the solar energy market, aiming to utilize its established technology and client service expertise to enhance home energy efficiency. With over 2 million solar installations in the U.S. to date, and projections indicating the market could quadruple by 2030, the company plans to start testing solar offerings in Q4 2021, launching publicly in early 2022. A new refinancing option will allow homeowners to consolidate solar loans with their mortgages, offering lower rates and improved financial flexibility.
Rocket Homes, part of Rocket Companies (NYSE: RKT), announced that its home search tool now includes listings from all 50 states. This platform provides exclusive market intelligence and competitive advantages for buyers in the housing market. CEO Doug Seabolt emphasized the seamless integration with Rocket Mortgage for a simplified transaction process. In Q1, website visitors surged over 300%, and connections to Partner Agents rose 50% year-over-year, showcasing Rocket Homes' growing impact in real estate.
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