Rocket Sees Origination Upswing, Leaders Optimistic About Future

Leaders at Rocket Companies are optimistic about the future, saying they had a strong third quarter.

Rocket reported its Q3 2024 earnings on Tuesday, with total revenue of $647 million and adjusted revenue of $1.323 billion.

“We delivered strong third-quarter results, expanding purchase and refinance market share, and increasing adjusted revenue by 32% year-over-year. Our adjusted EBITDA was the highest in two years,” said Varun Krishna, CEO and Director of Rocket Companies. 

“These achievements highlight the strength and resilience of the Rocket Superstack—our competitive advantage that combines our ecosystem, experience, technology and brand. We’ve demonstrated that whatever the market brings, we will drive a bright future in helping more Americans achieve the dream of homeownership.”

The company reported a GAAP net loss of $481 million, or $0.19 GAAP diluted loss per share, and adjusted net income of $166 million, or $0.08 adjusted diluted earnings per share.

In Q3, Rocket Mortgage generated $28.5 billion in closed loan origination volume, a 28% increase over the same period of the prior year.

Now that the election is over and the Central Bank has opted for a quarter-point rate cut, Americans may be more inclined to move. Inventory is also growing, and home price appreciation, while still unusually hot, continues to recede.

“In my experience, it’s always important to take the long view and put things in perspective,” Krishna said. “Despite the housing market being challenging, we are seeing signs of rejuvenation.”