Patented platform simplifies and automates the end-to-end homebuying experience by leveraging generative AI, automation and machine learning DETROIT, April 9, 2024 /PRNewswire/ -- Rocket Mortgage, America's largest retail mortgage lender and a part of Rocket Companies (NYSE: RKT), today unveiled Rocket Logic – the company's patented artificial intelligence (AI) driven technology platform designed to make homeownership simpler and quicker. This platform makes the mortgage process more efficient by combining ...

Investors interested in Technology Services stocks are likely familiar with Smiths Group PLC (SMGZY) and Rocket Companies (RKT) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies w ...

Core Insights - Rocket Mortgage is a leading online mortgage lender known for its digital application process and unique loan offerings, including a 1% down payment option [1][4]. Group 1: Product Offerings - Rocket Mortgage provides a 1% down mortgage called ONE+, which includes a grant of 2% of the home's purchase price towards the down payment, capped at $2,000, with a maximum benefit of $7,000 for loans up to $350,000 [4]. - The company offers grants of up to $7,500 for eligible first-time home buyers in 21 U.S. metro areas [4]. - A 2-1 temporary rate buydown program is available, reducing the mortgage rate by two percentage points in the first year and one percentage point in the second year, reverting to the original rate in the third year [4]. - Rocket Mortgage ranks highly in customer satisfaction for both mortgage origination and servicing, according to J.D. Power [4]. Group 2: Recent Acquisitions - In March, Rocket Mortgage announced a $1.75 billion stock acquisition of Redfin, a digital home search provider, and a $9.4 billion acquisition of loan servicer Mr. Cooper, expected to close in Q4 2025 [4]. Group 3: Affordability and Ratings - Rocket Mortgage has received a 5 out of 5 stars for affordability due to its wide range of loan products [7][34]. - The company has a low rating of 1 out of 5 stars for rate transparency and total loan costs, with a higher-than-median total loan cost of $7,676.00 [19][34]. Group 4: Customer Interaction and Technology - The online application process is designed to be quick, allowing users to get loan options in as little as 7 minutes, although it requires customization through a chat or call [20]. - Rocket Mortgage's online features score 5 out of 5 stars, indicating a strong digital presence and user experience [24]. Group 5: Community Engagement - The Rocket Community Fund partners with around 90 communities to address homelessness, claiming to have housed over 139,000 people since 2015 [29].

Investors interested in Technology Services stocks are likely familiar with Smiths Group PLC (SMGZY) and Rocket Companies (RKT) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-39432 Rocket Companies, Inc. (Exact name of registrant as specified in its charter) (State or other ...

Rocket Companies, Inc. (NYSE:RKT) Q4 2023 Earnings Conference Call February 22, 2024 4:30 PM ET Company Participants Sharon Ng - VP of IR Varun Krishna - CEO & Director Brian Brown - CFO & Treasurer Conference Call Participants Kevin Barker - Piper Sandler Jeff Adelson - Morgan Stanley Christian DeGrasse - Goldman Sachs Kyle Joseph - Jefferies Don Fandetti - Wells Fargo Ryan McKeveny - Zelman & Associates Doug Harter - UBS Operator Good afternoon. My name is Rob, and I will be your conference operator ...

Rocket Companies (RKT) reported $693.81 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 44.3%. EPS of $0.00 for the same period compares to -$0.10 a year ago.The reported revenue represents a surprise of -5.64% over the Zacks Consensus Estimate of $735.27 million. With the consensus EPS estimate being -$0.05, the EPS surprise was +100.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Financial Performance - Generated Q4 2023 net revenue of $694 million and adjusted revenue of $885 million, with adjusted revenue exceeding the high end of guidance range[5] - Reported full year 2023 net revenue of $3.8 billion, with a GAAP net loss of $390 million, or a loss of $0.15 per diluted share[9] - Adjusted EBITDA for Q4 2023 was $55 million, marking the third consecutive quarter of profitability[5] - Total revenue for Q4 2023 was $694 million, a 44.4% increase from $481 million in Q4 2022[28] - The adjusted revenue for the year ended December 31, 2023, was $3,770 million, compared to $4,628 million in 2022, representing a 18.5% decrease[28] - Adjusted Net Loss for the year ended December 31, 2023, was $143 million, a decrease from a loss of $137 million in 2022[32] - Net loss attributable to Rocket Companies for Q4 2023 was $11 million, compared to a loss of $18 million in Q4 2022[32] - Adjusted EBITDA for Q4 2023 was $55 million, compared to a loss of $204 million in Q4 2022[36] Loan Origination and Market Share - Closed loan origination volume for Q4 2023 was $17.3 billion, with a gain on sale margin of 2.68%, a 51 basis points increase year-over-year[6] - Purchase market share grew by 14% and refinance market share grew by 10% from 2022 to 2023[9] Liquidity and Cash Position - Total liquidity as of December 31, 2023, was approximately $9.0 billion, including $1.1 billion in cash and $2.5 billion in corporate cash for loan originations[9] - Total available cash was $3.6 billion as of December 31, 2023, supporting the company's liquidity position[19] - Cash and cash equivalents increased to $1,108 million as of December 31, 2023, up from $722 million in 2022, representing a 53.5% increase[20] Assets and Liabilities - Total assets decreased to $19,232 million as of December 31, 2023, down from $20,082 million in 2022, reflecting a 4.2% decline[27] - The total liabilities decreased to $10,930 million as of December 31, 2023, from $11,607 million in 2022, a reduction of 5.8%[27] - Total equity as of December 31, 2023, was $8,302 million, a slight decrease from $8,476 million in 2022, down by 2.1%[20] Client Retention and Product Innovation - Rocket Mortgage net client retention rate was 97% for the 12 months ended December 31, 2023, indicating strong client loyalty[9] - In 2023, the company introduced innovative products such as home equity loans, ONE+, and BUY+, attracting new clients[11] Forward-Looking Statements - For Q1 2024, the company expects adjusted revenue between $925 million and $1,075 million[13] - Forward-looking statements indicate that future results may differ materially due to various risks and uncertainties[46] Company Overview - Rocket Companies is a fintech platform founded in 1985, including brands like Rocket Mortgage and Rocket Homes[47] - Rocket Mortgage has been ranked 1 in client satisfaction for primary mortgage origination and servicing by J.D. Power a total of 21 times[48] - The company focuses on helping clients achieve home ownership and financial freedom through digital solutions[48]

The upcoming report from Rocket Companies (RKT) is expected to reveal quarterly loss of $0.05 per share, indicating an increase of 50% compared to the year-ago period. Analysts forecast revenues of $735.27 million, representing an increase of 52.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings ann ...

Mildenhall is an internationally recognized marketing leader with decades of experience growing brands for public companies including Coca Cola and Airbnb.DETROIT, Jan. 4, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT), the Detroit-based fintech platform company including mortgage, real estate and other financial services businesses, today announced that it has named Jonathan Mildenhall as its first ever group Chief Marketing Officer (CMO), effective January 8, 2024.In this new role, Mildenhall will be r ...