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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.
The University of Windsor (UWindsor) has partnered with Rocket Innovation Studio to enhance the tech skills of students in the Master of Applied Computing (MAC) program. This collaboration includes a series of workshops focused on FinTech, starting June 18, 2021. The workshops aim to connect students with industry demands and provide practical experience. Rocket Innovation Studio, part of Rocket Companies (NYSE: RKT), plays a pivotal role in supporting the regional tech community and addressing the skills shortage in computing and data science, with over 94% of MAC students securing paid internships.
Rocket Companies (NYSE: RKT) will have Vice Chairman and CEO Jay Farner participate in a fireside chat at the Bank of America Securities 2021 Global Technology Conference on June 10, 2021, at 10:45 a.m. Eastern Time. This event highlights Rocket Companies' commitment to showcasing its innovations in real estate, mortgage, and financial services. A live audio webcast will be available on the company’s investor relations site, with a replay accessible for one year post-event.
Rocket Mortgage, the largest mortgage lender in the U.S., announced a partnership with golf star Lexi Thompson on June 1, 2021. As part of the deal, Thompson will display Rocket Mortgage's logo on her sleeve during tournaments. The partnership aims to highlight the contributions of women in golf and promote community initiatives. Rocket Mortgage, which closed $320 billion in mortgage volume in 2020, emphasizes a digital client experience and has been recognized for customer satisfaction for 11 years. The company also supports diversity in sports with prior sponsorships.
Rocket Companies (NYSE: RKT), based in Detroit, will have Vice Chairman and CEO Jay Farner participate in a fireside chat at J.P. Morgan's 2021 Technology, Media & Communications Virtual Conference on May 24, 2021, at 1:15 p.m. ET. A live audio webcast of the event will be accessible online, with a replay available within 24 hours and lasting for one year. Rocket Companies encompasses various finance and tech brands, including Rocket Mortgage and Rocket Homes, and has received accolades for its workplace culture.
On May 12, 2021, Quicken Loans, America's largest mortgage lender, announced its name change to Rocket Mortgage, effective July 31. The rebranding aims to unify the Rocket brand and highlight its commitment to technology throughout the mortgage process. CEO Jay Farner emphasized Rocket Mortgage's leadership since its launch in 2015. In 2020, Rocket Mortgage closed $320 billion in mortgage volume and has a workforce of 24,000 employees. The digital experience remains unchanged for clients during the transition.
Rocket Companies, Inc. (RKT) reported impressive Q1 2021 results, with total revenue increasing to $4.6 billion from $1.4 billion in Q1 2020 and net income rising to $2.8 billion. Closed loan origination volume reached $103.5 billion, marking 100% growth year-over-year, while Rocket Auto and Amrock saw substantial sales increases of 65% and 110%, respectively. The company's technology platform improved efficiency, with enhanced client retention and a surge in unique website visitors. Strong financial metrics indicate a robust outlook for Q2 2021, expecting closed loan volume between $82.5 billion and $87.5 billion.
Rocket Companies (NYSE: RKT) announced that it will release its Q1 2021 earnings on May 5, 2021, followed by a conference call at 4:30 p.m. ET. The earnings press release will precede this call.
The company, known for brands like Rocket Mortgage and Rocket Homes, is focused on simplifying financial services through technology. Rocket Companies has approximately 24,000 employees and ranks among the 100 Best Companies to Work For according to Fortune.
Paretta Autosport has announced that Rocket Pro TPO will be the primary sponsor of the No. 16 Chevrolet, driven by Simona De Silvestro, in the upcoming Indianapolis 500. This marks a historical moment as it is the first female-owned INDYCAR team to compete in this prestigious event.
Rocket Pro TPO aims to highlight women's roles in the mortgage and racing industries through the 'Rocket Accelerator' multimedia campaign, which focuses on increasing mentorship and employment opportunities for women.
Intuit's Mint app has extended its partnership with Rocket Mortgage, enabling users to secure home loan approvals entirely within the Mint app. This integration allows for a streamlined experience, reducing the approval time to as little as eight minutes. Users can leverage their Mint account information to expedite applications, thus simplifying the mortgage process. The partnership aims to empower buyers in a competitive housing market by providing quick and easy access to mortgage financing.
Rocket Mortgage announces a significant expansion of its partnership with Michigan State University Athletics for the 2021-2022 season. The five-year deal grants Rocket Mortgage prominent branding across multiple Spartan teams, including a presenting sponsorship of the men's basketball team, now known as 'MSU Spartans Presented by Rocket Mortgage.' The partnership includes extensive visibility at Spartan Stadium and Breslin Center, along with integrations in radio programming for various sports. This collaboration underscores Rocket's commitment to community and sports.
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