Rocket Companies, Inc. - RKT STOCK NEWS

Rocket Companies (NYSE: RKT) announces the appointment of Jonathan Mariner to its Board of Directors and as chairperson of the Audit Committee. Mariner, with extensive experience as CFO for Major League Baseball teams and a background in finance, aims to enhance the company's strategic direction. His appointment comes during a period of success, with Rocket Mortgage achieving a record $89 billion in closed loan volume for Q3 2020, contributing to a net income of $6.6 billion year-to-date.

Rocket Companies (RKT) reported record financial results for Q3 2020. Closed loan origination volume reached $89 billion, representing a 122% year-over-year increase. Total revenue surged by 186% to $4.6 billion, while net income rose 506% to $3 billion. The company's strong performance can be attributed to its technology-driven platform, enabling assistance to a record number of clients during the pandemic. Rocket's margins improved, with a gain on sale margin of 4.52%. The company has a robust liquidity position of $6.9 billion and is preparing for continued growth in Q4.

Rocket Mortgage, a subsidiary of Rocket Companies (NYSE: RKT), has been ranked #1 in the nation for client satisfaction in primary mortgage origination by J.D. Power for the 11th consecutive year. This accolade is based on client feedback, with 92% of clients stating that team members effectively explained the application process. 80% of clients indicated they would 'definitely' consider Rocket Mortgage for future purchases, outperforming the industry average. The company celebrated its 35th anniversary this year and has facilitated over $1 trillion in home loans.

Rocket Companies, Inc. (NYSE: RKT) announced its third quarter 2020 earnings release date as November 10, 2020, with a conference call scheduled for 4:30 PM ET. The earnings report will be published prior to the call. The company, based in Detroit, focuses on tech-driven real estate and financial services, including Rocket Mortgage, Rocket Homes, and Rocket Auto. Rocket Companies aims to enhance client experiences with their comprehensive digital solutions, serving over 20,000 team members across the U.S.

Rocket Companies (NYSE: RKT) has launched Rocket Pro Insight, a new technology platform designed for real estate agents to receive real-time updates on clients' mortgage statuses. This tool enhances transparency in the loan process, enabling agents to track loan progress, access terms, and upload necessary documents. The platform is easy to join, requiring only client approval. Additionally, Rocket Mortgage has partnered with Realtor.com to streamline connections between agents and homebuyers. Rocket Mortgage remains dedicated to improving the mortgage experience through innovative FinTech solutions.

Nexsys Technologies, a subsidiary of Rocket Companies (RKT), is partnering with Farmers Insurance to digitize homeowners insurance verification through the Clear HOI platform. This collaboration enhances the mortgage process by allowing lenders to securely access insurance evidence directly, significantly reducing verification time. Since the March launch, Farmers has processed over 20,000 insurance declarations, streamlining the experience for nearly 90% of loans handled via Nexsys. The initiative highlights the push for efficiency in the mortgage industry, utilizing technology to improve customer experience.

Quicken Loans Mortgage Services (QLMS) is rebranding as Rocket Pro TPO, aimed at leveraging the renowned Rocket Mortgage brand. This transformation will enhance technology and services for brokers, community banks, and credit unions, offering them access to exclusive tools like a new white-labeled origination hub and the PathFinder platform. The initiative includes co-branding opportunities and a share of $5 billion in marketing efforts. In Q2 2020, Rocket Mortgage's Partner Channel saw a revenue increase of over 500%, demonstrating significant growth.

Rocket Companies announced the pricing of a private offering of $2.0 billion in senior notes, increasing the previously announced amount from $1.25 billion. This includes $750 million of 3.625% senior notes due 2029 and $1.25 billion of 3.875% senior notes due 2031. Proceeds will be used to redeem existing 5.75% senior notes due 2025 and for general corporate purposes. The offering is set to close on September 14, 2020, and is limited to qualified institutional buyers under Rule 144A. These notes will not be registered under the Securities Act.

Rocket Companies (NYSE:RKT) announced a proposed offering of $1.25 billion in senior notes due 2029 and 2031. The proceeds will be utilized to redeem the existing $1.25 billion of 5.75% Senior Notes due 2025, along with covering related fees. The offering will cater to qualified institutional buyers and non-U.S. investors, exempt from registration under the Securities Act. Rocket Companies focuses on tech-driven financial services and aims to enhance its financial position through this issuance.