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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 (NYSE: RKT) announced it will release its first-quarter 2023 earnings on May 4, 2023. The company, a Detroit-based fintech platform specializing in mortgage, real estate, and financial services, will hold a conference call at 4:30 p.m. ET to discuss its results. A press release detailing the earnings will be issued before the call. Rocket Companies comprises brands like Rocket Mortgage, Rocket Homes, and Rocket Loans. The organization focuses on delivering exceptional client experiences, helping individuals achieve home ownership and financial freedom.
Ranked #11 on Fortune's list of the 100 Best Companies to Work For in 2023, Rocket Companies has consistently featured in the top third for the last 20 years. Investors can access a live webcast of the call and its replay on the Investor Relations section of their website.
RESAAS Services Inc. (TSXV: RSS, OTCQB: RSASF) announced a preliminary partnership with Rocket Mortgage Canada on April 18, 2023. The partnership aims to enhance the real estate experience by providing agents with a simplified mortgage process. Real estate agents utilizing RESAAS's platform will be able to offer clients access to pre-qualification for mortgage products and competitive rates. This collaboration supports RESAAS's goal to improve referral fees for agents, stemming from exclusive data indicating higher fees for pre-approved clients. The one-year agreement, effective March 1, 2023, will involve revenue sharing from new mortgages, renewals, and refinances. Rocket Mortgage Canada aims to modernize the mortgage process, connecting with RESAAS's technology-focused solutions to enhance client interactions.
Rocket Mortgage announced a new program, BUY+, in partnership with Rocket Homes, aimed at helping homebuyers save on closing costs. Through this initiative, clients can receive a credit of 1.5% of their loan amount when using a Rocket Homes Partner Agent, with a maximum of $10,000. For instance, a homebuyer purchasing a $350,000 home could save nearly $5,000. Additionally, home sellers can benefit from the SELL+ initiative, offering a rebate of 1% of the sale price. The programs enhance the integrated services offered by Rocket Companies, promoting homeownership in the current market.
Rocket Companies (NYSE: RKT) launched the Rocket Visa Signature Card, designed to facilitate homebuying through everyday spending. Cardholders can earn 5% back toward down payments or 2% toward their mortgage principal balance. Up to $8,000 can be earned, aiding with closing costs. Additionally, new cardholders spending $3,000 in the first 90 days will receive a $200 statement credit. The annual fee is waived for clients serviced by Rocket Mortgage. This card integrates with Rocket Money, enhancing the homebuying experience and aims to strengthen brand loyalty with a client retention rate of 93% as of December 31, 2022.
Rocket Mortgage, the nation's largest mortgage lender, has launched the BorrowSmart Access program, offering a $3,000 credit for first-time homebuyers in underrepresented communities. This initiative aims to alleviate down payment barriers, focusing on ten metro areas, including Atlanta and Chicago. Eligible buyers must earn 140% or less of the area's median income and meet Freddie Mac's guidelines. This program follows the December launch of Purchase Plus, which provides up to $7,500 for closing costs. With a mortgage volume of $1.5 trillion since its inception, Rocket Mortgage continues its commitment to making homeownership accessible.
Rocket Companies reported a full year 2022 net revenue of $5.8 billion and a net income of $700 million. As of December 31, 2022, the company had 25.4 million Rocket Accounts and 1 million clients in its Rocket Rewards program. In Q4 2022, total revenue was $481 million with a net loss of $493 million, resulting in a diluted loss per share of $0.14. Despite a 40% reduction in total expenses year-over-year, the company anticipates Q1 2023 adjusted revenue between $700 million and $850 million.
Lendesk Technologies has announced a groundbreaking partnership with Intellifi and Strive to enhance the digital mortgage experience for Canadian professionals. This collaboration allows mortgage brokers to submit client documents directly through Lendesk's Finmo platform, significantly streamlining the traditionally cumbersome process. By automating document submissions, this initiative promises a quicker turnaround and increased security, addressing past vulnerabilities associated with manual processes. The partnership is a notable advancement in the Canadian mortgage landscape, with Strive being the first lender to adopt this innovative system.
Rocket Companies, Inc. (NYSE: RKT) announced it will release its fourth quarter and full year 2022 earnings on February 28, 2023, followed by a conference call at 4:30 p.m. ET. The company, based in Detroit, operates a tech-driven mortgage and financial services platform that includes well-known brands like Rocket Mortgage and Rocket Loans. A press release detailing the earnings will be published prior to the call. Investors can access a live webcast of the event on the company's Investor Relations website, with a replay available afterward.
Rocket Companies (NYSE: RKT) has announced that CEO Jay Farner will retire on June 1, 2023, after 27 years with the firm. Bill Emerson, a longtime executive, has been appointed as the interim CEO. The Board will initiate a search for a permanent CEO while Emerson transitions into his new role. Farner will also step down from the Board of Directors effective February 9, 2023. Under Farner's leadership, Rocket Companies experienced significant growth and profitability, especially following its August 2020 IPO. The company has reaffirmed its fourth quarter 2022 adjusted revenue guidance, indicating consistent financial performance amid the leadership change.
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