Rocket Companies, Inc. (RKT)

Rocket Companies is a Detroit-based fintech company operating a portfolio of connected technology-driven mortgage, real estate, and financial services businesses under the widely recognized "Rocket" brand, serving 25.4 million Rocket Accounts through a unified digital platform. Its flagship business, Rocket Mortgage, is one of the nation's largest mortgage originators and servicers, having provided nearly $1.6 trillion in home loans since inception, operating through a Direct-To-Consumer segment (online and mortgage banker interactions with clients) and a Partner Network segment comprising Wholesale (Rocket Pro TPO broker partnerships) and Premier Enterprise Partner channels (financial institution and consumer-brand partnerships); the company also services the loans it originates, maintaining a 95% net client retention rate as of December 2022. Complementary businesses include Amrock, a leading provider of title insurance, property valuation, and settlement services; Rocket Money (formerly Truebill), a personal finance app offering subscription cancellation, budgeting, and credit score improvement services; Rocket Homes, a home search platform and real estate agent referral network; Rocket Loans, a personal loan business focused on prime borrowers that also finances solar panel purchases; Lendesk, a Canadian software company providing point-of-sale and loan origination systems; Rocket Mortgage Canada, a Windsor-based digital mortgage broker; Rocket Central, a shared services organization providing technology, data, and marketing support across the portfolio; and Core Digital Media, an online marketing and lead-generation platform for the mortgage and personal finance sectors.

The company generates revenue primarily through gain on sale of loans (including origination fees, mortgage servicing rights, and hedging gains), mortgage servicing fees from its loan portfolio, and title, subscription, referral, and lead-generation fees from its other businesses, operating a capital-light model by selling originated loans to government-sponsored enterprises (GSEs) and other secondary market investors. Its customers include individual consumers seeking mortgages, refinancing, personal loans, real estate services, and personal finance tools, as well as mortgage broker partners and financial institution/enterprise partners across the United States and Canada. The company competes against large financial institutions, independent mortgage banks, and other fintech companies based on marketing and distribution, speed and certainty of loan closing, client service, brand reputation, product variety, and pricing, and operates within a heavily regulated environment subject to oversight from entities such as the CFPB, FHFA, Ginnie Mae, FTC, HUD, FHA, and various state and Canadian regulatory bodies, holding mortgage origination, servicing, and broker licenses across all 50 U.S. states, the District of Columbia, and Canada.

As of December 31, 2022, the company employed approximately 18,500 team members based in the United States and Canada.