Rocket Companies, Inc. - RKT STOCK NEWS

Rocket Mortgage has launched a new credit program called Purchase Plus, aimed at enhancing homeownership access in underserved communities. This initiative provides first-time homebuyers with up to $7,500 in lender credits to alleviate mortgage costs. Targeted cities include Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. The program aims to reduce the barriers of saving for down payments and eliminates exclusions based on area median income, facilitating broader participation in homeownership.

Rocket Mortgage has been recognized as the #1 lender in the U.S. for client satisfaction in primary mortgage origination by J.D. Power for the 12th time. This achievement, based on independent client feedback, highlights Rocket Mortgage's commitment to innovation and client service. The company has received a total of 20 accolades from J.D. Power, leading the mortgage industry. Recent initiatives, such as the Inflation Buster program and Rocket Rewards, aim to optimize the home loan experience and support clients amid rising consumer debt, showcasing Rocket Mortgage's focus on customer-centric solutions.

Rocket Companies reported Q3 2022 net revenue of $1.3 billion and a net income of $96 million, marking a significant decline from the previous year. Closed loan origination volume was $25.6 billion, with a gain on sale margin of 2.69%. The company achieved 24 million Rocket Accounts and launched Rocket Rewards, a new loyalty program aiming to enhance customer engagement. Additionally, Rocket approved a $1 billion share repurchase program, reinforcing confidence in its operational strength amidst changing market conditions.

Rocket Mortgage has launched a new conventional loan option aimed at helping Americans purchase or refinance manufactured homes. This initiative is expected to enhance homeownership opportunities, particularly in light of the average manufactured home price being a third of traditional site-built homes. In the last year, $12 billion in manufactured home sales occurred, targeting creditworthy clients. The financing options require as little as 5% down for primary residences. With a commitment to technological advancement, Rocket continues to innovate its offerings, fostering a digital mortgage experience for clients.

Rocket Companies (NYSE: RKT) launched the Rocket Rewards program, enabling homebuyers to earn points redeemable against closing costs through activities like creating an account or engaging with educational content. Clients begin with a 7,500-point bonus ($75 value) and can accrue additional points over time. The program aims to enhance client retention and facilitate future financial transactions, including personal loans and solar panel installations. With a 93% client retention rate, Rocket seeks to deepen brand loyalty and consumer engagement.

Rocket Companies (NYSE: RKT) announced it will issue its third quarter earnings on November 3, 2022. The leadership will host a conference call at 4:30 p.m. ET to discuss the results, following a press release detailing the financial performance. The company, based in Detroit, operates in the fintech sector and includes brands like Rocket Mortgage and Rocket Homes. Rocket Companies aims to provide clients with certainty in complex financial moments, helping them achieve homeownership and financial freedom.

Rocket Pro TPO has launched the Correspondent Assist program, enhancing operational benefits for non-delegated correspondent lenders. This new service will streamline processes by providing tech-driven fulfillment options, allowing lenders to manage processing while Rocket handles underwriting. The total correspondent channel closed approximately $327 billion in the first half of 2022, with 74% of loans directed to government-sponsored entities. Rocket aims to support lenders with industry-leading technology and quick liquidity, with loan purchases completed within 3 to 5 days after closing.

Rocket Companies (NYSE: RKT) announced leadership changes effective October 3, 2022. Julie Booth, CFO and Treasurer, will retire on November 15, 2022, transitioning to a strategic advisor role. Brian Brown, the current Chief Accounting Officer, has been appointed the new CFO and Treasurer, bringing extensive experience from his tenure since 2014. Angelo Vitale will also step down as General Counsel, moving to an 'Of Counsel' role. Tina V. John, previous Deputy General Counsel, has been named the new General Counsel, expected to bolster the company's legal framework.

Rocket Mortgage has introduced the "Inflation Buster" program, aimed at easing the financial burden on homebuyers by reducing their mortgage interest rate by one percentage point for the first year. This initiative allows homeowners to save an estimated $2,972.40 in the first year on a $400,000 mortgage. Funded by Rocket Mortgage through a special escrow account, this program is available for various loan types including conventional, FHA, and VA loans. The offer extends to clients of mortgage brokers, enhancing affordability in the current economic climate.