Rocket Companies Introduces Rocket Rewards: New Engagement Program Helps Consumers Save Toward Their Financial Future

Rhea-AI Summary

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.

Positive

• Launch of Rocket Rewards program to enhance client engagement.
• Clients can earn rewards to offset closing costs, starting with a 7,500-point bonus.
• Existing high client retention rate of 93% supports potential program success.

Negative

• None.

Loyalty program offers homebuyers savings on closing costs when using America's largest lender.

DETROIT, Nov. 1, 2022 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT), a Detroit-based FinTech platform company consisting of tech-driven financial businesses – including Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money – today unveiled Rocket Rewards, an innovative loyalty program empowering consumers to accrue points that can be redeemed toward various financial transactions across the Rocket Platform. With the launch of the first phase of the program, homebuyers can use reward points to save money on their closing costs when financing their home purchase through Rocket Mortgage.

Clients at any phase of the homebuying journey – even those months away from beginning the search for a home – can start gaining rewards by completing simple tasks. For example, those who create a free Rocket account and visit the rewards page or those with an existing account who complete their first rewards activity will currently receive a 7,500-point welcome bonus, the equivalent of $75, that can be applied to savings on closing costs.

Clients can receive additional reward points by completing a number of activities, including reading educational articles, watching informative videos available on the Rocket Mortgage learning center or using a mortgage calculator. Rocket Companies plans to expand the Rocket Rewards program in the coming months with new ways to bank points and additional redemption opportunities.

"Phase one of Rocket Rewards empowers consumers to gain knowledge and understanding of the homebuying process while simultaneously accruing points, and ultimately money, that can help reduce costs when they are ready to buy a home," said Jenn Steeves-Kiss, Chief Experience Officer for Rocket Central, the centralized hub for the Rocket Companies FinTech platform. "What's most exciting to me is that we are just scratching the surface of what's possible with a powerful rewards program inside the Rocket ecosystem – whether that is finding innovative ways to provide discounts toward personal loans, free premium Rocket Money subscriptions or even money off the installation of solar panels."

This is the latest client-focused program from the company, giving Americans the opportunity to achieve their financial goals while continuing to drive value and brand loyalty for Rocket Companies. Recently, the organization announced Inflation Buster, a program that reduces a home buyer's mortgage payment for the first year of their loan – providing some flexibility for the expenses that come with homeownership – the costs of which have risen due to inflation.

"Rocket Companies is known for delivering exceptional client service and the introduction of Rocket Rewards continues that trend – showing our appreciation for clients by offering incentives at various points throughout their financial journey," said Jay Farner, Vice Chairman and CEO of Rocket Companies. "We know not every client is ready to get a mortgage with us at this moment but, by banking rewards that can build over time, we are delivering a value-add no other lender in our space can match."

Rocket Rewards further delivers on Rocket Companies' mission of simplifying life's most complex moments so Americans can live their individual dream. The loyalty program helps prepare consumers for when they are ready to buy a home and will soon assist those who are looking to power their home with solar panels or achieve financial flexibility with a personal loan. Those who opt into the program can manage rewards, see their point balances, find activities to complete to get rewards and view their full rewards history all in one location.

The 2022 Loyalty Barometer Report by Merkle showed an impressive 79% of consumers are more likely to do business with an entity because of its loyalty program. The results for Rocket were even more impressive. According to a company sponsored survey, 88% of clients said they would value a Rocket-affiliated rewards program in a way that would encourage a long-term relationship with the brand.

Rocket Rewards is poised to help bolster Rocket Mortgage's already strong brand loyalty, which has a net client retention rate of 93%, over the 12 months ended June 30, 2022 – a rate unmatched among mortgage companies and on par with some of the best performing subscription business models in the world.

For more information on Rocket Rewards, or to create an account and start banking points, visit www.MyRocket.com/Rewards.

About Rocket Companies

Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as Truebill), Rocket Solar, Rocket Mortgage Canada (formerly known as Edison Financial), Lendesk, Core Digital Media, Rocket Central and Rock Connections.

Rocket Companies' mission is to be the best at creating certainty in life's most complex moments so that its clients can live their dreams. The Company helps clients achieve the dream of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years. For more information, please visit our Corporate Website or Investor Relations Website.

About Rocket Mortgage

Detroit-based Rocket Mortgage, the nation's largest home mortgage lender and part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Rocket Mortgage closed $351 billion dollars of mortgage volume across all 50 states in 2021.

Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix.

Rocket Companies, Rocket Mortgage's parent company, ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.

For more information and company news visit RocketMortgage.com/PressRoom.

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SOURCE Rocket Companies, Inc.

FAQ

What is the Rocket Rewards program by Rocket Companies?

Rocket Rewards is a loyalty program that allows homebuyers to earn points redeemable for savings on closing costs when using Rocket Mortgage.

When was the Rocket Rewards program launched?

The Rocket Rewards program was launched on November 1, 2022.

How can clients earn points in the Rocket Rewards program?

Clients can earn points by creating an account, completing educational tasks, and engaging with the Rocket platform.

What is the initial bonus for new Rocket Rewards members?

New members receive a 7,500-point welcome bonus, equivalent to $75.

What is Rocket Companies' client retention rate?

Rocket Companies boasts a client retention rate of 93%.