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Rocket Companies, Inc. - RKT STOCK NEWS

Welcome to our dedicated page for Rocket Companies news (Ticker: RKT), a resource for investors and traders seeking the latest updates and insights on Rocket Companies stock.

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.

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Amrock, part of Rocket Companies (NYSE: RKT), has introduced a new mobile technology allowing users to close mortgage transactions entirely via smartphone. This innovation enhances the mortgage process, enabling clients to finalize loans from anywhere globally—revolutionizing the traditionally cumbersome closing phase. Leveraging the Rocket Platform, consumers can now seamlessly transition from applying for a mortgage with Rocket Mortgage to closing with Amrock. This mobile capability supports refinancing and is set to expand to all mortgage transactions by the end of 2022.

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Q2 Holdings (NYSE: QTWO) and Rocket Mortgage (NYSE: RKT) announced a partnership that allows Q2's financial institution clients to integrate Rocket Mortgage's digital home loan application experience into their online banking platforms. This collaboration, first adopted by Nashville-based Fourth Capital, aims to simplify the home loan process for consumers. The Q2 Partner Marketplace Program facilitates this integration without up-front costs for financial institutions, enhancing their service offerings while enabling Rocket Mortgage to reach more customers in a user-friendly manner.

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Rocket Mortgage has been designated as the exclusive preferred mortgage provider for Santander Bank's nearly 2 million clients. This partnership enables Santander customers to access home loan discounts and dedicated resources for enhanced homeownership experiences. Both companies emphasize delivering exceptional service and innovative technology. Rocket Mortgage closed $351 billion in mortgage volume in 2021 and has established a significant presence in online mortgage solutions. Santander Bank, with $102 billion in assets, operates primarily in the Northeastern U.S.

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Rocket Companies reported Q2 net revenue of $1.4 billion and net income of $60 million, marking a decline from the previous year. The company achieved a strong gain on sale margin of 2.92% and reduced expenses by $300 million, focusing on cost management. Key initiatives include rebranding Truebill to Rocket Money and signing new agreements with Santander and Q2. Despite these positive developments, closed loan origination volumes fell to $34.5 billion from $83.8 billion year-over-year, reflecting market challenges.

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Rocket Loans has partnered with Rocket Solar to provide financing for solar energy systems, enabling homeowners to save money while promoting environmental sustainability. Clients can now access automated, individualized loan offers in under 30 seconds using Rocket Loans' AI-driven platform. The partnership aligns with a rapidly growing solar industry, which saw a 30% increase in installations in 2021. Rocket Solar operates in 42 metro areas, potentially reaching 25% of the U.S. population. Average savings for clients utilizing solar energy can be around $1,300 in the first year.

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Rocket Mortgage has launched a new home equity loan aimed at helping Americans manage rising debt and inflation. This loan allows homeowners to tap into between $45,000 and $350,000 of their home equity through fixed-rate loans over 10 or 20 years, maintaining at least 10% equity. As of Q1 2022, U.S. household debt reached $15.84 trillion, with credit card balances up by $71 billion compared to 2021. Rocket Mortgage, the largest mortgage lender in the U.S., highlights this product as an essential solution for consumers seeking affordable payment options amidst challenging economic conditions.

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Rocket Mortgage has launched the Rate Drop Advantage, a program designed to instill confidence in homebuyers by covering significant closing costs if they refinance within three years after purchasing a home, should interest rates decline. This initiative, alongside the existing RateShield program, allows buyers to lock in rates for 90 days. Homebuyers can save an average of $2,000 in fees, such as those for appraisals and underwriting. Rocket Mortgage emphasizes its commitment to innovation and client satisfaction as it continues to adapt to the needs of consumers in a volatile rate environment.

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Rocket Companies (NYSE: RKT), a Detroit-based FinTech platform, will release its Q2 2022 earnings on August 4, 2022. Management will discuss the results during a conference call at 4:30 p.m. ET that day. The press release detailing the results will be issued prior to the call. The company, known for brands like Rocket Mortgage and Rocket Homes, aims to provide client experiences that simplify complex financial moments. Rocket has consistently ranked high in Fortune's '100 Best Companies to Work For.'

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FAQ

What is the current stock price of Rocket Companies (RKT)?

The current stock price of Rocket Companies (RKT) is $13.43 as of November 18, 2024.

What is the market cap of Rocket Companies (RKT)?

The market cap of Rocket Companies (RKT) is approximately 1.9B.

What is Rocket Companies, Inc.?

Rocket Companies, Inc. (NYSE: RKT) is a Detroit-based fintech platform company that includes personal finance and consumer technology brands such as Rocket Mortgage, Rocket Homes, Rocket Loans, and more.

What services does Rocket Mortgage offer?

Rocket Mortgage provides a digital mortgage application process that allows clients to apply for home loans quickly and easily through a mobile app or website.

How does Rocket Companies use technology?

Rocket Companies leverages advanced technologies like AI and machine learning through platforms like Rocket Logic to streamline processes and enhance client experiences.

What recent innovations have Rocket Companies introduced?

Rocket Companies recently introduced the Rocket Homes app for Apple CarPlay and Rocket Logic – a patented AI-driven platform to make homeownership simpler and quicker.

What is Rocket Logic?

Rocket Logic is an AI-driven technology platform by Rocket Companies that uses deep learning and data analysis to streamline the mortgage process, making it more efficient and accurate.

Where is Rocket Companies based?

Rocket Companies is based in Detroit, Michigan.

How can investors get more information about Rocket Companies?

Investors can visit Rocket Companies' investor relations website at https://ir.rocketcompanies.com for more information.

What awards has Rocket Mortgage received?

Rocket Mortgage has been named #1 in client satisfaction by J.D. Power for both primary mortgage origination and servicing 21 times. It is also consistently listed among Fortune's '100 Best Companies to Work For.'

What financial condition is Rocket Companies in?

As of December 31, 2023, Rocket Companies has a total available cash of $3.6 billion and continues to show strong financial performance and market share growth.

How does Rocket Companies support its partner network?

Rocket Companies supports its partner network through the Rocket Professional platform, offering superior client service, technology, and efficient mortgage processes to mortgage brokers and other partners.

Rocket Companies, Inc.

NYSE:RKT

RKT Rankings

RKT Stock Data

1.89B
145.84M
7.01%
73.59%
13.38%
Mortgage Finance
Mortgage Bankers & Loan Correspondents
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United States of America
DETROIT