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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.
Truebill, a personal finance app and part of Rocket Companies (NYSE: RKT), will rebrand as Rocket Money in August 2022, aligning itself with sister brands. This change aims to enhance consumer access to financial services such as home loans and budgeting tools. Currently, Rocket Money serves 3.4 million users, with 1.7 million premium subscribers. The company has saved consumers over $245 million since its inception and now analyzes $80 billion in monthly transactions. Existing Rocket Mortgage clients will receive free premium accounts for the life of their loans.
Rocket Companies (RKT) reported Q1 2022 net revenue of $2.7 billion, a 41% decrease from Q1 2021. Net income declined to $1.0 billion, down 63%, while Adjusted Net Income was $293 million compared to $1.8 billion a year earlier. Mortgage origination volume hit $54 billion, marking a record for the company, despite rising rates. The net income margin stood at 39%. The company continues investing in technology and partnerships to navigate market challenges and aims for a second-quarter closed loan volume between $35 billion and $40 billion.
Rocket Companies, Inc. (NYSE: RKT) announced its first quarter 2022 earnings release scheduled for May 10, 2022, followed by a conference call at 4:30 PM ET. The event will provide insights into the company’s performance within its financial services and technology sectors, including Rocket Mortgage and Rocket Homes. A live webcast of the conference call will be accessible on the company’s investor relations website, allowing stakeholders to engage with the latest developments.
Rocket Mortgage has announced a multi-year partnership with the Detroit Tigers, becoming the team's Exclusive Mortgage Partner. This partnership debuts with Rocket Mortgage sponsoring the Opening Day at Comerica Park on April 8, which will be the first at full capacity in two years. Unique branding will be featured, including 'Rocket' foul poles, and for each home run hit off these poles, the company will donate $5,000 to the Connect 313 Fund aimed at addressing Detroit's digital divide. A grand slam will trigger a $20,000 contribution.
Rocket Companies (NYSE: RKT) announced its Q4 and FY 2021 earnings on February 24, 2022. The company reported record mortgage origination volume of $351 billion for the year, with $2.6 billion in Q4 revenue, a decline from $4.7 billion in Q4 2020. Net income for Q4 was $865 million, significantly lower than $2.8 billion year-over-year. The Board approved a special dividend of $1.01 per share, contributing to $4.5 billion returned to shareholders since the IPO. The acquisition of Truebill for $1.275 billion was highlighted as a strategic expansion in financial services.
Rocket Mortgage, part of Rocket Companies (NYSE: RKT), celebrated Super Bowl LVI by awarding $1.6 million in cash prizes to 14 winners through its Super Bowl Squares Sweepstakes. Notable winners include Derek S. and Ron S., each receiving $500,000. The sweepstakes has distributed a total of $4.9 million since 2020, impacting 43 individuals. The event was complemented by a commercial featuring Anna Kendrick, promoting Rocket Homes and the home financing process. Rocket Mortgage is the NFL's Official Mortgage Provider, reinforcing its innovative marketing strategies and customer engagement.
Rocket Companies (NYSE: RKT) announced the release of its fourth quarter and full year 2021 earnings set for February 24, 2022. A conference call will follow at 4:30 PM ET to discuss the results, with a press release issued beforehand. This FinTech platform encompasses several businesses, including Rocket Mortgage and Rocket Homes, and has approximately 26,000 employees. The company is recognized for its commitment to helping clients achieve financial freedom and was ranked #5 on Fortune's '100 Best Companies to Work For' list in 2021.
WRKSHP, a music-based lifestyle company, launched in Detroit, aiming to disrupt the music industry with an artist-centric model. Founded by Che Pope and Dan Gilbert, WRKSHP seeks to empower emerging artists by providing transparency and profit-sharing opportunities, moving away from traditional exploitative contracts. The company has garnered support from prominent investors and plans to contribute to Detroit's creative community through local collaborations, educational workshops, and events. WRKSHP emphasizes a commitment to inclusion in an industry where representation remains a challenge.
Rocket Mortgage has opened entries for its third annual Super Bowl Squares Sweepstakes, running until February 11, 2022. This year's sweepstakes, which boasts over $1 million in prizes, includes a grand prize of $500,000 and $50,000 awarded for each scoring play during Super Bowl LVI. Since its inception, the program has distributed $3.3 million to 29 winners. The sweepstakes highlights Rocket Mortgage's ongoing partnership with the NFL and encourages participants to enter for free at RocketMortgageSquares.com.
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