Rocket’s Investments In AI Paying Off As Company Reports Growth
By KIMBERLEY HAAS
The CEO of Rocket Companies emphasized the power of technology and talked about how they are revolutionizing the process of homebuying during an earnings call on Thursday.
The company reported that in 2024, net revenue for Rocket Companies came in at $5.1 billion. Adjusted revenue was $4.9 billion.
That represents 34% and 30% growth, respectively, year-over-year.
Varun Krishna described 2024 as a foundational year for the next chapter of Rocket. Technology is the bedrock of their investment strategy and is at the heart of their organization, he said.
“It’s what allows us to create magic, to help our team members work smarter and, in turn, serve our clients and partners better,” Krishna said.
Krishna talked about how the company’s patented AI-driven technology platform, Rocket Logic, is transforming how they serve clients on the front end and how they underwrite loans on the back end.
“For the past year, we have revolutionized the banker experience, equipping them with AI tools that make every client interaction more personalized and impactful. Rocket Logic’s assistant automates paperwork, follow-ups, and documentation, acting as every banker’s personal AI,” Krishna said.
Rocket Logic is transforming underwriting by replacing tedious manual reviews with AI-powered automation. In 2024, the company more than doubled automation rates for appraisal and asset verification, streamlining key steps while maintaining accuracy, he said.
“The impact is clear. In Q4 2024, our bankers and operations teams served 54% more clients than the year before. Over the year, AI-driven automation in mortgage qualification alone saved one million hours of team member time, driving $40 million in efficiency gains,” Krishna said.
Rocket is expanding Rocket Logic across both retail and wholesale channels.
Technology is revolutionizing the homebuying journey through Rocket.com and the company’s mobile apps.
Rocket.com has a proprietary AI-powered chat assistant on every page, providing instant data-driven insights to home buyers.
“If buyers ask, ‘Is this house priced correctly?’ they receive immediate, meaningful answers backed by real data they can trust. The assistant also connects buyers directly to bankers and agents, even taking mortgage applications and updating approval letters,” Krishna said.
Rocket has been working hard to position itself to take advantage of a changing lending landscape, aiming to be one of the most inclusive brands in America.
The company unveiled a new ad during the Superbowl as part of its “Own the Dream” campaign. It uses John Denver’s “Take Me Home Country Roads” as the basis for a story about Americans returning to the places that matter most to them.
New offers have been announced to help people achieve homeownership. On Feb. 18, Rocket Mortgage introduced closing credits designed to help renters overcome upfront homebuying costs.
The program, RocketRentRewards, gives aspiring homebuyers the opportunity to earn 10% back on the last 12 months of rental payments, maxing out at $5,000 in lender credits.
Doing the math from the national average rent of $1,800, a buyer would receive $2,160 to be applied directly to their closing costs.
Closing costs typically run between 3% and 6% of the loan amount.
Chief Business Officer Bill Banfield told The Mortgage Note in a recent interview that the current prices of homes, interest rates near 7%, rising property taxes, and surging insurance costs all contribute to an overwhelming environment for many buyers.
Banfield said they are working to put optimism back into housing.
“It’s not lost on us that homes are expensive right now, but people are making some more money and there are paths through programs like the ones we are talking about that will help people that are ready, if they want to, step into homeownership,” Banfield said.
RocketRentRewards, Welcome Home RateBreak, and the company’s 1% down home loan program called One Plus+ benefit homebuyers in different ways, he said. Applicants do not have to be first-time buyers to qualify.
Welcome Home RateBreak and One Plus+ helped Rocket more than double the volume of affordability products year-over-year in 2024, according to Thursday’s earnings report.
In Q1 2025, leaders at Rocket expect to see adjusted revenue between $1.175 billion to $1.325 billion.