Rocket Companies is in the process of a major rebranding, as the mortgage giant renames its subsidiaries and deploys new technology to improve its market share. Even with the organization's legal troubles and recent losses trickling into 2025, executives predict improvement is on the horizon.
Under the leadership of
Net income
"It's always important to take the long view and put things in perspective," Krishna said regarding housing market conditions during the company's third-quarter earnings call in November.
Adjusted revenue was up by roughly $321 million year-over-year, as were similar figures for net income, EBITDA and earnings per share.
Seeking to turn the tide, Rocket Mortgage is offering 15- and 30-year home-equity loans for up to $500,000, compared to competitors' typical $350,000 home-equity limits, and is working with the New York-based Annaly Capital Management to grow its servicing volume.
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The first stage of Rocket's planned rebranding occurred in January, when it unveiled a new logo, new names for subsidiaries and more.
As executives move ahead with the changes, court cases and other legal battles are following close behind.
Stemming from a
"We will not stand idly by while the courts are used as venues to leverage our company's name to publicize the case instead of pursuing justice against those who may have committed wrongdoing," Bill Emerson, president of Rocket Companies, said in a
Not all court proceedings have been detrimental to Rocket, however. The Fourth Circuit Court of Appeals
The court's decision formalized its determination that there is insufficient evidence of concrete harm caused to each class member. The case has since moved to a lower court for further consideration.
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Dive into Rocket's organizational changes, legal proceedings and more below.
Rocket Companies launches all-in-one platform for offerings
Rocket Companies debuted Rocket.com this month, spending a
The platform also features an AI-powered chatbot that can answer consumer questions, help fill out mortgage applications and play matchmaker between borrowers and mortgage bankers.
"Rocket.com is a significant milestone for the company and the future of homeownership," Jamie Belsky, chief product and design officer at Rocket, said in a statement. "With this intuitive platform, we will remove traditional barriers for homebuyers through instant offerings, AI-powered financing and verified approval letters."
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Rocket Companies lifts off with first phase of rebranding
Rocket Companies unveiled its new logo and has begun renaming its subsidiaries as part of a wide-spread rebranding effort.
The company's title and settlement arm, currently known as Amrock, will become Rocket Close, as well as Amrock Title Insurance Company shifting to Rocket Title Insurance Company. Rocket Pro TPO will be shortened to Rocket Pro.
"Homeownership is a fundamental building block of the American Dream. … As the category leader, it is important that every aspect of the Rocket brand lives up to this iconic ideology," Jonathan Mildenhall, chief marketing officer at Rocket Companies, said in a press release.
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DOJ seeks dismissal of Rocket Mortgage pleas in appraisal bias suit
As part of an appraisal bias suit against Rocket Mortgage, regulators with the Department of Justice are calling upon a Colorado federal court to reject the company's pleas to dismiss the case.
"Contrary to Rocket's contention, it cannot escape liability merely because another party was the one who initially acted with discriminatory intent," the federal agency wrote in a Jan. 9 filing.
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Rocket Mortgage steps up home equity offerings as market competition grows
Rocket Mortgage built out two new home equity products informed by feedback from its network of brokers, as competitors raise the limits on similar offerings.
Borrowers can now apply for 15- and 30-year home-equity loans for up to $500,000, as well as employ automated valuation models as an alternative to appraisals for loans up to $400,000, following executive statements of solid finances backing the products.
"The biggest separation that we have, in my opinion, from the rest of the industry is really paying attention to our broker partners and listening to feedback," Mike Fawaz, executive vice president of Rocket Pro TPO, told NMN's
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Rocket Mortgage and Annaly Capital Management team up for servicing boost
Rocket is responsible for handling all servicing and recapture activities for a portion of Annaly's mortgage servicing rights, of which the residential mortgage real-estate investment trust's portfolio includes roughly 608,000 loans totaling $192 billion in unpaid principal balances and $2.8 billion in market value as of June 30, 2024, according to a
"We now have enough of a track record that we know we have the ability to do retention on acquired portfolios, so we're going to keep feeding into that," Bill Banfield, Rocket's chief business officer, said in an interview with NMN's
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