There’s A Mortgage Industry IPO Boom. Why?

By Elise Daniel Even in the middle of an economic recession, IPOs are booming and mortgage companies don’t want to miss out. The mortgage industry at large is at a peculiar crossroads and companies and investors are jumping to cash in on a unique set of circumstances, at least in the short term.  Though some public debuts went on hold in the fall, likely due to market uncertainty surrounding COVID stimulus negotiations and the election, IPOs are back in 2021. Several lenders either went public or announced their plans to go public last year and many are expected to go public in the first quarter.  Between jaw-droppingly low interest rates and a booming stock market, many experts aren’t surprised so…

Rocket Companies Reports Record Q3 Results

Rocket Companies on Tuesday announced third-quarter financial results that included closed loan origination volume of $89 billion, a 122 percent increase over the third quarter of 2019. Rocket Companies also reported: Increased net revenue by 186 percent and adjusted revenue by 163 percent, with as total expenses increasing by 46 percent. In addition to $89 billion in loan origination volume, the company saw a net rate lock volume of $94.7 billion – a 101 percent increase over 2019.Increased other income by 140 percent year-over-year, which included Amrock’s strong growth from title insurance services, property valuation, and settlement services as a result of the increase in origination volume.  “In the midst of the pandemic, we were able to help an unprecedented number…

JD Power: Rocket Leads In Customer Satisfaction

Rocket Mortgage by Quicken Loans announced Monday that J.D. Power named the company the US leader for client satisfaction in primary mortgage origination for the 11th straight year. The company said it ranked “best in class” in every category that made up the total satisfaction score, including overall satisfaction, application and approval, loan offering, loan closing and communication with customers. The J.D. Power study found: 92 percent of those surveyed said Rocket Mortgage team members completely explained the application and approval process94 percent of Rocket Mortgage clients surveyed said the application-related documents were easy to understand. 80 percent of the clients surveyed said they will “definitely” consider Rocket Mortgage for their next home purchase.  Rocket Mortgage ranked highest with a score of…

Rocket Doubles Down On Broker Market

Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name. Quicken Loans Mortgage Services – which serves brokers, community banks and credit unions – will be rebranded as Rocket Pro TPO by late November. As part of the rebrand, the lender is creating a broker-branded origination hub to streamline the loan process. “Through the thousands of conversations we have had with our partners, we know brokers want cutting edge technology, marketing support and more referrals. QLMS is now aligning with the Rocket brand – the most recognizable mortgage brand in the country – and giving partners the ability to use it in their marketing to assist more Americans,” said Austin…

Rocket Companies Stock Up 19.5% On Opening Day

On its opening day of trading, Rocket Companies’ stock was up 19.5 percent Thursday – from $18 to $21.51 at the closing bell. Detroit-based Rocket Companies is trading under the ticker symbol RKT on the New York Stock Exchange. It climbed to $23.25 in after-hours trading. “Rocket Companies has a proven record of innovation that drives industry disruption and delivers an unmatched customer experience, and we’re excited to continue that legacy now as a public company,” CEO Jay Farner said.  “We see tremendous runway to drive long-term profitable growth by increasing market share in the massive and fragmented mortgage industry and leveraging our technology platform to unlock opportunities in our ecosystem. We invest for the long-term and place enormous value on supporting…

Rocket Companies Details IPO Plans

Rocket Mortgage’s parent company – Rocket Companies, Inc. – on Tuesday announced details about its proposed IPO, including the filing of documentation with the Securities and Exchange Commission to offer 150 million shares of common stock to the public. The initial public offering price is expected to be between $20 and $22 per share. Rocket Companies has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RKT.”  Detroit-based Rocket Companies is a holding company with 20,000 employees in the United States consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial.  Rocket Mortgage is the nation’s…