Search
Exact matches only
Search in title
Search in content
Search in comments
Search in excerpt
Filter by Custom Post Type
Content from
{ "homeurl": "https://rismedia.com/", "resultstype": "vertical", "resultsposition": "hover", "itemscount": 4, "imagewidth": 70, "imageheight": 70, "resultitemheight": "auto", "showauthor": 0, "showdate": 1, "showdescription": 1, "charcount": 3, "noresultstext": "No results!", "didyoumeantext": "Did you mean:", "defaultImage": "https://rismedia.com/wp-content/plugins/ajax-search-pro/img/default.jpg", "highlight": 0, "highlightwholewords": 1, "openToBlank": 1, "scrollToResults": 0, "resultareaclickable": 1, "autocomplete": { "enabled": 1, "googleOnly": 1, "lang": "en", "mobile": 1 }, "triggerontype": 1, "triggeronclick": 1, "triggeronreturn": 1, "triggerOnFacetChange": 1, "trigger": { "delay": 300, "autocomplete_delay": 310 }, "overridewpdefault": 0, "override_method": "post", "redirectonclick": 0, "redirectClickTo": "results_page", "redirect_on_enter": 0, "redirectEnterTo": "results_page", "redirect_url": "?s={phrase}", "settingsimagepos": "left", "settingsVisible": 0, "hresulthidedesc": "0", "prescontainerheight": "400px", "pshowsubtitle": "0", "pshowdesc": "1", "closeOnDocClick": 1, "iifNoImage": "description", "iiRows": 2, "iiGutter": 5, "iitemsWidth": 200, "iitemsHeight": 200, "iishowOverlay": 1, "iiblurOverlay": 1, "iihideContent": 1, "loaderLocation": "auto", "analytics": 0, "analyticsString": "", "show_more": { "url": "?s={phrase}", "action": "ajax" }, "mobile": { "trigger_on_type": 1, "trigger_on_click": 1, "hide_keyboard": 0 }, "compact": { "enabled": 1, "width": "300px", "closeOnMagnifier": 1, "closeOnDocument": 0, "position": "fixed", "overlay": 0 }, "animations": { "pc": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "fadeInDown" }, "mob": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "voidanim" } }, "autop": { "state": "disabled", "phrase": "", "count": 100 } }
Share This Post Now!

Rocket Companies, Inc., a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses—including Rocket Mortgage, Rocket Homes and Rocket Auto—announced results for the second quarter ended June 30, 2020.

Jay Farner, CEO of Rocket Companies, stated, “Rocket Companies had a very strong second quarter, thanks to our team members’ hard work and dedication to our clients, as well as the incredibly scalable mortgage origination platform that allowed us to meet unprecedented demand. As a result, we were able to help more clients this quarter than any other in our 35-year history—all while more than 98 percent of our team members worked safely from their homes. Clearly, the strategy of investing in long-term growth paid off this quarter and, as we continue to strengthen and evolve the platform, will remain a significant advantage for our business well into the future.

“While I’m proud of our performance, I am even more encouraged by the significant opportunity that remains in front of us as we continue to execute on our plan of achieving 25 percent market share by 2030. It is clear that our simple, client-focused, digital approach is continuously and fundamentally disrupting the way our industries do business.”

During the second quarter, Rocket Companies:

– Generated record closed loan origination volume of $72.3 billion and net rate lock volume $92.0 billion, which represented year-over-year improvements of 126 percent and 170 percent, respectively.

– Increased gain on sale margin compared to historical levels as favorable market conditions boosted demand for mortgages and led to capacity constraints in the industry.

– Leveraged technology investments to manage surge in demand while maintaining industry-leading turn times.

– Grew total revenue, net, by 268 percent and adjusted revenue by 152 percent as compared to the first quarter of 2020; during this time expenses increased by 24 percent, primarily driven by higher variable compensation and an increase in team members in production roles to support growth.

– Increased other revenues as title insurance services, property valuation and settlement services at Amrock grew as a result of the increase in origination volume noted above.

– In partnership with the Rocket Mortgage Classic PGA TOUR event, announced the “Changing the Course” initiative, a multi-year campaign to bring every Detroit resident access to the internet, technology and digital literacy training they deserve within five years.

– Earned 7th consecutive J.D. Power award for customer satisfaction in mortgage servicing in July.

– On Aug.10, 2020, Rocket Companies completed its initial public offering (“IPO”). As such, it did not have any shares outstanding or calculations of earnings per share for any periods prior to this date. As of Aug. 10, 2020, the company had 100,372,565 of Class A shares outstanding and 1,883,279,483 of Class D shares outstanding. An additional 16,720,517 shares of Class A shares were reserved for restricted stock units.

Current Environment

– Rocket Companies continues to see strong consumer demand for home loans into the third quarter of 2020.

– As of Aug.31, 2020, approximately 96,000 clients, or 4.7 percent of their total servicing portfolio, were on a forbearance plan related to COVID-19.

Third Quarter Outlook

Rocket Companies expects the following ranges compared to the year-earlier period:

– Net rate lock volume of between $93 billion and $98 billion, which would represent an increase of 98 percent to 108 percent compared to $47.0 billion in the third quarter of 2019.

– Closed loan volume of between $82 billion and $85 billion, or an increase of 105 percent to 112 percent compared to $40.3 billion in the third quarter of 2019.

– Gain on sale margins of 4.05 percent to 4.30 percent, which would be an improvement of 23 percent to 31 percent compared to 3.29 percent in the third quarter of 2019. 

For more information, please visit www.quickenloans.com.

192.168.100.54