Rocket Companies, Inc. reported significant financial improvements for the fiscal year ending December 31, 2024, with a net income of $635.8 million, a substantial recovery from a net loss of $390.1 million in 2023. The company’s total revenue reached $5.1 billion, marking a 34% increase from $3.8 billion in the previous year. This growth was primarily driven by a 29% rise in closed loan origination volume, which totaled $101.2 billion, compared to $78.7 billion in 2023. The gain on sale of loans, net, also saw a notable increase, rising to $3.0 billion from $2.1 billion, reflecting a 46% growth year-over-year.
In addition to financial performance, Rocket Companies made strategic advancements, including the rebranding of its title and settlement services from Amrock to Rocket Close, effective February 10, 2025. The company also emphasized its commitment to artificial intelligence (AI) in enhancing the homeownership experience, leveraging its extensive data assets and technology infrastructure. The net client retention rate for the servicing portfolio remained high at 97%, indicating strong customer loyalty and satisfaction.
Operationally, Rocket Companies reported a total of approximately 14,200 team members as of December 31, 2024, with a focus on enhancing employee engagement and development through various training programs. The company also expanded its geographic footprint and product offerings, with Rocket Money, its personal finance app, seeing a 50% increase in paying subscribers, reaching over 4,100 by year-end. The company’s market share in the refinance segment held steady at 12.1%, while its purchase market share increased to 4.0%.
Looking ahead, Rocket Companies expressed optimism about the housing and mortgage markets, anticipating continued recovery despite challenges such as elevated interest rates and constrained housing inventory. The company remains committed to leveraging its technology-driven solutions to enhance client experiences and drive growth. The management indicated that they are well-positioned to navigate market fluctuations and capitalize on emerging opportunities in the financial technology sector.
About Rocket Companies, Inc.
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