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Jun 30, 2021
Rocket Companies Q2 2021 Earnings Report
Rocket Companies reported strong second-quarter results, marked by record purchase closed loan origination volume and significant growth across its platform.
Key Takeaways
Rocket Companies announced strong second-quarter results, with revenue of $2.7 billion and net income of $1.0 billion. The company achieved record purchase closed loan origination volume, nearly doubling year-over-year, and expects its 2021 mortgage origination closed loan volume to exceed 2020's record performance of $320 billion.
Generated total revenue, net of $2.7 billion and Adjusted Revenue of $2.8 billion.
Rocket Mortgage generated $84 billion in mortgage origination closed loan volume and gain on sale margin of 2.78%.
Generated net income of $1.0 billion and Adjusted Net Income of $0.9 billion.
Achieved Adjusted EBITDA of $1.3 billion with an Adjusted EBITDA margin of 46%.
Rocket Companies
Rocket Companies
Rocket Companies Revenue by Segment
Revenue by Segment
Direct to Consumer Revenue
CapyFin.comPartner Network Revenue
CapyFin.com Forward Guidance
Rocket Companies expects the following ranges in Q3 2021:
Positive Outlook
- Closed loan volume of between $82.0 billion and $87.0 billion.
- Net rate lock volume of between $83.0 billion and $90.0 billion.
- Gain on sale margins of 2.70% to 3.00%.
- Technology and data continue to drive better client experiences.
- Originations volume expected to exceed 2020.
Challenges Ahead
- Change in fair value of MSRs due to valuation assumptions
- Fluctuations in costs
- Difficult to predict expenses and gains
- Impact of long-term strategies
- Rocket Mortgage Classic expenses
Revenue & Expenses
Visualization of income flow from segment revenue to net income