Rocket Companies Reports Strong Q3 2024 Performance

Rocket Companies Inc ( (RKT) ) has released its Q3 earnings. Here is a breakdown of the information Rocket Companies Inc presented to its investors.

Rocket Companies, Inc., a Detroit-based fintech platform, is known for its mortgage, real estate, and personal finance services, leveraging technology to facilitate homeownership. In its third quarter of 2024, Rocket Companies reported total revenue of $647 million and an adjusted revenue of $1.323 billion. Despite a GAAP net loss of $481 million, the company achieved an adjusted net income of $166 million and the highest adjusted EBITDA in two years at $286 million. Key financial highlights include a 43% increase in net rate lock volume and a 28% rise in closed loan origination volume year-over-year. Rocket Mortgage’s gain on sale margin saw a slight increase to 2.78%. The company maintains a robust liquidity position with $8.3 billion in total liquidity, and its servicing portfolio generates significant recurring revenue. Strategic moves included expanding market share in purchase and refinance segments, acquiring substantial mortgage servicing rights, and achieving an investment-grade rating from Fitch Ratings. Their home equity loan volume grew notably, and innovative products like the Welcome Home Rate Break were introduced. Looking forward, Rocket Companies remains focused on leveraging its Rocket Superstack ecosystem to expand its market share and continue its growth trajectory in the mortgage industry.