Financial Data and Key Metrics Changes - Adjusted revenue reached $1,340,000,000, exceeding the high end of guidance and achieving 9% year-over-year growth [7][32] - Net rate lock volume increased to over $28,000,000,000, a 13% increase year-over-year [32] - Adjusted EBITDA was $172,000,000, representing a 13% margin, with adjusted diluted EPS at $4 [7][32] Business Line Data and Key Metrics Changes - Home equity loan volume nearly doubled year-over-year, hitting a new record for units and volume [10][32] - Refinance volume showed strong growth quarter-over-quarter and year-over-year, particularly when the thirty-year mortgage rate dipped to 6.6% [10][32] Market Data and Key Metrics Changes - June existing home sales were 2.7% lower than May, and over 20% below pre-pandemic levels, indicating a challenging housing market [8] - Home price growth is moderating, with signs of softening prices in several major markets, suggesting a gradual shift in favor of buyers [33] Company Strategy and Development Direction - The company is focused on integrating Redfin and Mr. Cooper to enhance its homeownership platform, aiming for a simpler, faster, and more affordable experience [27][26] - The acquisition of Redfin is expected to create significant synergies, with anticipated total synergies of $200,000,000, including $140,000,000 in expenses and $60,000,000 in revenue [35][81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the home buying season extending beyond the traditional Labor Day slowdown, supported by a strong approval letter pipeline [41][56] - The company is cautiously optimistic about the summer home buying season, with expectations for continued strong activity [41][56] Other Important Information - The company has taken steps to streamline operations, including shutting down Rocket Mortgage Canada and the Rocket Visa Signature Card program, expected to yield $80,000,000 in annualized savings [40][62] - The integration planning for Mr. Cooper is progressing well, with a target close in Q4 [26][101] Q&A Session Summary Question: Outlook for 3Q and cost run rate - Management indicated that the home buying season is expected to extend, with a guidance increase of 6% year-over-year [53][54] Question: Thoughts on Redfin integration and synergy guidance - Management expressed excitement about the integration, noting early positive results and high-quality traffic from Redfin [72][81] Question: Agent count expansion at Redfin - Management highlighted the potential for expanding the agent network through collaboration with Rocket Homes and Redfin [86][92] Question: Synergies from Mr. Cooper acquisition - Management confirmed confidence in achieving synergy targets, with ongoing progress toward closing the deal [100][102] Question: Early trends in attach rates for Redfin - Management reported positive early trends in traffic and recapture rates since the acquisition [104][105]

Rocket Companies (RKT) Q2 2025 Earnings Call July 31, 2025 04:30 PM ET Speaker0Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to The Rocket Companies Inc. Second Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise.After the speakers' remarks, there will be a question and answer session. I would now like to turn the call over to Sharon Ng, Head of In ...