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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.
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.
Rocket Companies (NYSE: RKT) announced key leadership changes to enhance its fintech platform. Jay Farner, CEO of Rocket Companies, will now also lead Rocket Central, focusing on technology and client experience. Bob Walters has been appointed CEO of Rocket Mortgage, previously holding the roles of President and COO, while Tim Birkmeier expands his duties to include President. These appointments aim to leverage expertise for company growth, with Rocket Mortgage maintaining its status as the largest mortgage lender in the U.S., boasting a 90%+ client retention rate.
Rocket Companies (NYSE: RKT) has announced its acquisition of Truebill, a leading personal finance app, for $1.275 billion in cash. Truebill, with 2.5 million members and a user base that has doubled in the last year, helps consumers manage subscriptions, improve credit scores, and track spending. This acquisition is expected to enhance Rocket's financial services platform, providing new organic growth opportunities. Truebill is projected to generate $100 million in annual recurring revenue, complementing Rocket’s existing operations.
Rocket Companies (NYSE: RKT) has announced plans to showcase local art on Detroit's Broderick Tower, preserving the space for artistic expression instead of advertising. This initiative, led by CMO Casey Hurbis, involves artist Phillip Simpson, who will create a mural symbolizing Detroit's identity. The mural, printed on vinyl, will not cover the existing whale painting dedicated in 1997. Rocket Companies has a history of supporting local artists and is encouraging others in Detroit to utilize their buildings for art. The mural unveiling is set for November 16, 2021.
Amrock, a leading provider of title insurance and related services, announced the retirement of CEO Brian Hughes, effective November 19, 2021. Nicole Beattie, currently Executive VP at Rocket Mortgage, will succeed him. Beattie brings nearly 18 years of experience with Rocket Companies, managing a significant mortgage servicing portfolio during the pandemic. Hughes has been with Amrock for over 21 years and led innovative changes, including digital mortgage closings. Amrock's strong industry position is supported by technology-driven solutions and high client retention rates.
Rocket Mortgage has partnered with the World Pro Ski Tour (WPST) as the presenting sponsor for the 2021-22 season. This collaboration promotes gender equality in sports by showcasing male and female professional skiers competing for equal prize money. The tour will feature top athletes, including Olympians, racing in a single elimination format. Rocket Mortgage aims to expand brand awareness within the skiing community and emphasizes its commitment to supporting opportunities for all competitors. The event will be broadcasted in over 100 million homes.
Rocket Companies (NYSE: RKT), a Detroit-based holding company known for tech-driven real estate and financial services, announced its participation in three major conferences. The Citi 2021 FinTech Conference will be virtually held from November 15-18, 2021. The Credit Suisse Annual Technology Conference will take place in person from November 29 to December 2, 2021, with CEO Jay Farner presenting on December 1. Additionally, the Goldman Sachs Financial Services Conference is set for December 7-9, 2021, featuring another presentation by Farner on December 8. Webcast replays will be available on their Investor Relations website.
Rocket Companies (NYSE: RKT) reported strong Q3 2021 results, achieving a net income of $1.4 billion and total revenue of $3.1 billion. The company exceeded guidance in closed loan volume at $88 billion, with a gain-on-sale margin of 3.05%. Key highlights include a 70% increase in purchase volume year-over-year and a partnership with Salesforce for 'Mortgage as a Service.' The servicing book grew to $521 billion, and the company maintained strong liquidity with $8.6 billion available. Looking ahead, Rocket expects a closed loan volume between $75 billion and $80 billion for Q4.
Rocket Mortgage, the largest mortgage lender in the U.S. and part of Rocket Companies (NYSE: RKT), announced a partnership with Salesforce on October 29, 2021. This collaboration aims to integrate Rocket Mortgage's origination technology into Salesforce Financial Services Cloud, simplifying the mortgage process for banks and credit unions nationwide. This innovative 'mortgage-as-a-service' solution will allow financial institutions to offer home loans without needing extensive underwriting teams. The company aims to expand its market share while enhancing customer experiences through technology.
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