Rocket Companies is acquiring Mr. Cooper Group in an all-stock transaction valued in the billions. According to a press release, the $9.4 billion equity value deal is based on an 11.0x exchange ratio. Rocket shareholders will own 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The deal is expected to…
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…
By KIMBERLEY HAAS As 2024 comes to a close, we are taking a look at what had the most impact on our audience this year. Articles and podcasts about advancements in technology, the National Association of Realtors settlement, and a class action lawsuit against United Wholesale Mortgage top the list. Advancements In Technology Technology and…
Rocket Companies has secured the domain name Rocket.com, setting the stage for a brand revamp next year. Elliot Silver at DomainInvesting.com reported that Rocket.com had been sold back in September. Now, reports suggest Rocket spent $14 million on the domain, buying it from defense contractor L3Harris Technologies. The transaction was referenced in a recent filing…
By KIMBERLEY HAAS As lenders work to stay on top of advances in artificial intelligence, companies are hiring the top minds in mortgage technology. Mortgage technology expert Dan Sogorka officially joined Rocket Pro TPO as its general manager on Sept. 3. He has been running mortgage tech companies for the last 25 years. “I love…
By KIMBERLEY HAAS Rocket Companies has been hiring high-level technology leaders as the fintech platform builds and implements AI-powered products. The newest addition is Papanii Okai, Venmo’s chief technology officer and former PayPal technology executive. Okai was named executive vice president of product engineering effective Oct. 7. In this newly created role, Okai will work…
Mortgage tech expert Dan Sogorka has joined Rocket Pro Third Party Origination as its General Manager, the company announced. Sogorka brings extensive experience to the newly created role, which he officially started on September 3. “I’ve spent decades leveraging technology to simplify the complex home financing process. Now, I’m eager to tap into that skillset…
Inuit exec Glenn McGillivray joined Rocket Companies as its new chief people and places officer. McGillivray’s role will be to lead the human resources and diversity, equity, and inclusion teams, employee training and development, and executive leadership development. This is a newly created position. McGillivray previously held multiple leadership roles at Intuit, where he worked…
By KIMBERLEY HAAS Leaders at Rocket Companies have announced their Q2 2024 results and the company’s CEO says they continue to grow while making 30-year bets on people who are making 30-year bets on themselves. “We consider ourselves the most optimistic company in America. Every day, Rocket makes 30-year bets on people who make 30-year…
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