Rocket Companies is acquiring digital real estate brokerage Redfin in an all-stock transaction for a value of $12.50 per Redfin share, or $1.75 billion of equity value. The move will connect Redfin’s nearly 50 million monthly visitors to Rocket’s mortgage products, with the aim of introducing more customers to the Rocket ecosystem and driving 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…
Rocket Mortgage has 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 toward closing costs. Doing the math from the national average rent of $1,800, a…
Rocket unveiled its much anticipated new ad during the Superbowl and made history with its stadium sing-along. The new ad 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. The ad closes with the words, “Everyone deserves their shot…
Former AIME CEO Katie Sweeney joined Rocket Pro as executive vice president of strategy and broker advocacy. “The mortgage industry is changing rapidly, and I’m passionate about empowering brokers to use these opportunities to be stronger than ever. I’ll be hitting the ground running – meeting one-on-one with our partners, diving deep into go to…
By KIMBERLEY HAAS Officials at the U.S. Department of Justice continue to assert that Rocket Mortgage participated in housing discrimination by relying on a biased appraisal as the lender pushes the government to address potential conflicts between regulations and enforcement actions. In December, lawyers for Rocket moved to dismiss a DOJ lawsuit alleging that the lender,…
Rocket Companies rolled out the first phase of a new brand identity designed to attract key buyer demographics and unite the company’s different arms. The new design positions Rocket “as one of the most inclusive brands in America,” company leaders said, and unifies all of the company’s services under the umbrella “Rocket” brand. “This design…
By NICOLE MURRAY “Marry the house, date the rate” seemed like a reasonable homebuying strategy when economists were predicting mortgage rates would drop in 2024 and beyond. But now, looking into 2025, it seems like higher rates are here to stay. The economic research team at Realtor.com says mortgage rates will average 6.3% across 2025…
By KIMBERLEY HAAS Conflicts between regulations requiring appraiser independence and recent enforcement actions are the basis of a lawsuit filed in federal district court. Lawyers for Rocket Mortgage are asking for declaratory and injunctive relief after officials at the U.S. Department of Housing and Urban Development charged the company with housing discrimination. HUD claims a…
By KIMBERLEY HAAS Rocket Mortgage has launched new 15- and 30-year home equity loan options and the executive vice president at Rocket Pro TPO says brokers can use them to help clients who need cash. The new terms complement Rocket’s existing 10- and 20-year options and Mike Fawaz said in an interview with The Mortgage…
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