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Rocket Companies, Inc. reports developments across a Detroit-based homeownership platform that includes mortgage, real estate, title and personal finance businesses. Recurring updates cover Rocket Mortgage loan origination and servicing activity, quarterly financial results, funding and margin trends, and integration work following completed acquisitions within its homeownership ecosystem.
Company news also includes Redfin housing-market reports, real estate search features such as Sunscore, and product activity tied to homebuyers, homeowners and agents. Additional themes include Rocket Money, Rocket Loans and Rocket Close, along with technology, data and AI initiatives used across search, origination, servicing and client engagement.
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Rocket Companies (NYSE: RKT) announced it will release its first-quarter 2023 earnings on May 4, 2023. The company, a Detroit-based fintech platform specializing in mortgage, real estate, and financial services, will hold a conference call at 4:30 p.m. ET to discuss its results. A press release detailing the earnings will be issued before the call. Rocket Companies comprises brands like Rocket Mortgage, Rocket Homes, and Rocket Loans. The organization focuses on delivering exceptional client experiences, helping individuals achieve home ownership and financial freedom.
Ranked #11 on Fortune's list of the 100 Best Companies to Work For in 2023, Rocket Companies has consistently featured in the top third for the last 20 years. Investors can access a live webcast of the call and its replay on the Investor Relations section of their website.
RESAAS Services Inc. (TSXV: RSS, OTCQB: RSASF) announced a preliminary partnership with Rocket Mortgage Canada on April 18, 2023. The partnership aims to enhance the real estate experience by providing agents with a simplified mortgage process. Real estate agents utilizing RESAAS's platform will be able to offer clients access to pre-qualification for mortgage products and competitive rates. This collaboration supports RESAAS's goal to improve referral fees for agents, stemming from exclusive data indicating higher fees for pre-approved clients. The one-year agreement, effective March 1, 2023, will involve revenue sharing from new mortgages, renewals, and refinances. Rocket Mortgage Canada aims to modernize the mortgage process, connecting with RESAAS's technology-focused solutions to enhance client interactions.
Rocket Mortgage announced a new program, BUY+, in partnership with Rocket Homes, aimed at helping homebuyers save on closing costs. Through this initiative, clients can receive a credit of 1.5% of their loan amount when using a Rocket Homes Partner Agent, with a maximum of $10,000. For instance, a homebuyer purchasing a $350,000 home could save nearly $5,000. Additionally, home sellers can benefit from the SELL+ initiative, offering a rebate of 1% of the sale price. The programs enhance the integrated services offered by Rocket Companies, promoting homeownership in the current market.
Rocket Companies (NYSE: RKT) launched the Rocket Visa Signature Card, designed to facilitate homebuying through everyday spending. Cardholders can earn 5% back toward down payments or 2% toward their mortgage principal balance. Up to $8,000 can be earned, aiding with closing costs. Additionally, new cardholders spending $3,000 in the first 90 days will receive a $200 statement credit. The annual fee is waived for clients serviced by Rocket Mortgage. This card integrates with Rocket Money, enhancing the homebuying experience and aims to strengthen brand loyalty with a client retention rate of 93% as of December 31, 2022.
Rocket Mortgage, the nation's largest mortgage lender, has launched the BorrowSmart Access program, offering a $3,000 credit for first-time homebuyers in underrepresented communities. This initiative aims to alleviate down payment barriers, focusing on ten metro areas, including Atlanta and Chicago. Eligible buyers must earn 140% or less of the area's median income and meet Freddie Mac's guidelines. This program follows the December launch of Purchase Plus, which provides up to $7,500 for closing costs. With a mortgage volume of $1.5 trillion since its inception, Rocket Mortgage continues its commitment to making homeownership accessible.
Rocket Companies reported a full year 2022 net revenue of $5.8 billion and a net income of $700 million. As of December 31, 2022, the company had 25.4 million Rocket Accounts and 1 million clients in its Rocket Rewards program. In Q4 2022, total revenue was $481 million with a net loss of $493 million, resulting in a diluted loss per share of $0.14. Despite a 40% reduction in total expenses year-over-year, the company anticipates Q1 2023 adjusted revenue between $700 million and $850 million.