Latest news with #RocketMortgage
Yahoo
6 days ago
- Business
- Yahoo
Rocket Companies to Announce Second Quarter 2025 Results on July 31, 2025
DETROIT, July 17, 2025 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform including mortgage, real estate, title and personal finance businesses, today announced that the Company will issue its second quarter 2025 earnings on July 31, 2025. Leadership will host a conference call to discuss results at 4:30 p.m. ET on that date and a press release detailing the Company's results will be issued prior to the call. A live webcast of the event will be available on the "Events & Presentations" section of the Company's Investor Relations website at A replay of the webcast will be available on the Investor Relations website following the conclusion of the event. About Rocket Companies Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform including mortgage, real estate and personal finance businesses: Rocket Mortgage, Redfin, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans. With insights from more than 65 million calls with clients each year, 14 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled home ownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender. For more information, please visit the Company's Corporate website or Investor Relations website. View original content to download multimedia: SOURCE Rocket Companies, Inc. Sign in to access your portfolio
Miami Herald
02-07-2025
- Business
- Miami Herald
Mortgage giant buys real estate leader, offers cheaper mortgages
The past few years have been brutal for home-buyers. Prices have skyrocketed in desirable locations as populations shifted during the Covid pandemic. Once affordable markets like Florida saw prices climb as people decided to move to warm weather locations. Related: Dave Ramsey has blunt words for Americans buying a car The logic appeared to be that if people were going to be spending a lot more time at home due to social distancing, than they might as well live someplace where the weather was good. At the same time, prices in major northern cities may have dipped a little, but over the past could of years they recovered and climbed. On top of expensive inventory, mortgage rates have skyrocketed since being consistently sub-3% in 2020. Current rates sit at 6.77% for a 30-year fixed mortgage as of June 26. It's a double whammy that means that many houses have become unaffordable to the vast majority of Americans. If interest rates dropped, buying power would increase, but it that happened across the board, housing prices might jump as well. Don't miss the move: Subscribe to TheStreet's free daily newsletter If, however, some buyers can lock-in a mortgage at a lower rate, even if it's just for a limited period, that could be the edge they need to have an advantage over other buyers. A new giant player in the housing space wants to help make that happen. A few years ago, it seemed like giant online real estate companies led by Zillow and Redfin would take a major share of the real estate market. Both seemed poised to disrupt the existing system of local Realtors, but that never really happened. The reality is that for many people, buying a house was about relationships. Many home-buyers had a Realtor they trusted. Yes, Zillow and Redfin promised lower commissions, but even though the offered agents to work with buyers, it was just not the same. Both Zillow and Redfin sort of stalled out and never really became the giants many thought they could be. Both at good for real estate browsing. If you like looking at new homes and imagining buying them, either site worked well, but actual buying still stayed largely with local Realtors. More on personal finance: Dave Ramsey offers urgent thoughts about MedicareJean Chatzky shares major statement on Social SecurityTony Robbins has blunt words on IRAs,401(k)s In March, mortgage giant Rocket Mortgage (RKT) , a fintech platform consisting of mortgage, real estate and personal finance businesses, entered into an agreement to purchase Redfin, a leading digital real estate brokerage. In the all-stock deal Rocket Mortgage agreed to pay $12.50 per Redfin share or $1.75 billion of equity value. "Founded in 2004, Redfin is one of America's most recognized real estate brands, operating a top-three home search platform with more than 1 million for-sale and rental listings and a tech-powered brokerage of more than 2,200 agents," the company's shared in a press release. Rocket CEO Varun Krishna explained the logic of the purchase. "Rocket and Redfin have a unified vision of a better way to buy and sell homes. Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers." he said. That's pretty much what every company that's trying to disrupt the status quo in real estate has said over the years. Rocket Mortgage closed the Redfin deal on July 1, which Krishna celebrated "I've used Redfin every day for the last 20 years. It helped me find and fall in love with my first home, completely changing how I thought about real estate. The Redfin team is best-in-class in building a product experience focused on simplicity. It was a perfect fit for Rocket's vision of what the homeownership experience should be," he shared. The newly combined company is offering cheaper mortgages as an incentive to attract new customers, which it's calling Rocket Preferred Pricing. Related: Google's quiet AI win spells trouble for Amazon "Clients who finance their home through Rocket Mortgage and buy a home listed by a Redfin agent or purchase with the help of a Redfin agent will have a one percentage point reduction in their interest rate for the first year of their loan or receive a lender credit at closing, up to $6,000," the company shared. .Rocket Preferred Pricing is available to qualified clients buying a home with conventional, FHA or VA loans. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
CNBC
02-07-2025
- Business
- CNBC
Rocket Mortgage home equity loan review 2025
With the mortgage market in turnaround, many homeowners are looking to tap their home equity rather than sell. One of the largest home lenders in the U.S., Rocket Mortgage, also has some of the most generous limits on home equity loans: up to $500,000. We also like that this online lender consistently ranks tops for customer satisfaction with J.D. Power and issues home loans in all 50 states. Rocket's home equity loan minimum is $45,000, however, which may be too high if you have a modest home improvement project or other expenses. Apply online for personalized rates Minimum: $45,000; Maximum: $500,000 10, 20 years 680 10% A home equity loan allows homeowners to convert the equity they have in their homes into cash. Lenders provide a lump sum, which is repaid over a period of between 10 and 30 years, typically at a fixed interest rate. The amount you can borrow is based on your credit history and loan-to-value ratio, or the amount you still owe on your mortgage relative to the house's value. If you're approved for a home equity loan, you can use the funds for anything you want. If you put them toward home improvements, however, you may be able to write the interest off on your taxes Rocket offers home equity loans in all 50 U.S. states and Washington, D.C. In addition to a home appraisal, home equity loans from Rocket require: An online lender, Rocket doesn't have any physical branches. It makes up for that with robust customer service hours, Mondays through Fridays, 7 a.m. to midnight ET; Saturdays 9 a.m. to 8 p.m. ET and Sundays 9 a.m. to 7 p.m. ET. You can also speak to a human agent via online chat, Mondays to Fridays, 8 a.m. to midnight; Saturdays, 8 a.m. to 9 p.m. and on Sundays 9 a.m. to 8 p.m. Rocket scored above average for customer satisfaction in J.D. Power's 2024 mortgage origination survey and took the No. 1 spot for mortgage servicing. It received an A+ rating from the Better Business Bureau, the agency's top grade, based on transparency, truthful advertising and how it responds to consumer complaints. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.15 to 30 years50025%10, 15 or 20 years68020% Here's how Rocket compares to two other home equity loan providers. Both Rocket Mortgage and TD Bank lend up to 90% of a borrower's home value for a HELOAN, but TD Bank posts its rates online and has a flat origination fee of $99. Rocket does not list its current rates online and charges up to 6% in closing costs, in addition to a $99 origination fee. Apply online for personalized rates Minimum: $10,000; Maximum: $500,000 without additional requirements 5 to 30 years 660 10% If you don't need much, TD's minimum home equity loan is only $10,000, while Rocket sets the floor at $45,000. When it comes to availability, though, there's no contest: Rocket Mortgage is licensed nationwide, while TD is relegated to 15 states and Washington, D.C. One major difference between Discover and Rocket Mortgage (aside from only the former listing its rates online) is that Discover doesn't charge lender fees or closing costs on home equity loans. Based on Rocket's average rates, even a minimum $45,000 home equity loan could be saddled with 6% in closing costs on top of a $99 origination fee. Apply online for personalized rates $35,000 minimum, $300,000 maximum 10,15, 20, 30 years 680 10% If you need a larger loan, however, Rocket lends up to $500,000, while Discover caps its loans at $300,000. You can apply for a Rocket Mortgage home equity loan on its website. or call 833-464-1136. You'll need information about yourself, including your address, birth date, employment and income information and Social Security number. You'll also need to provide a photo ID, tax returns and documentation about the property, including the deed and recent mortgage statements. After you receive preliminary approval, underwriting will start. You will have to have the home inspected and appraised so that the lender is sure the house is worth what it's lending you. You will have to meet a notary in person to sign the final documents, which outline your interest rate and repayment terms, as well as the responsibilities of both the lender and the borrower. Rocket Mortgage does not currently offer fully remote closings on its loans, but it does offer some form of hybrid closing in each state. That means you'll have less paperwork to sign in person, and can complete more of the process online. Once these documents are signed, Rocket will disperse the funds to you. From start to finish, the process will take somewhere between 14 and 60 days. If you're looking to take out a large home equity loan, Rocket Mortgage is a terrific option: It combines a generous $500,000 cap with top-notch customer service and a seamless online experience. But if you have a more modest budget in mind, or prefer to discuss your application face-to-face, you may want to keep looking. To qualify for a loan with an 80% loan-to-value (LTV) ratio, you need a credit score of 680. However, you'll need a credit score of 700 for a loan with an 85% LTV ratio and a 740 for a loan with a 90% LTV ratio. Yes, Rocket requires an appraisal for its home equity loans. You may also need to provide your most recent mortgage statements and other paperwork related to the property. No, Rocket Mortgage does not offer HELOCs, just home equity loans. Few lenders offer both products. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics. CNBC Select reviews mortgage products using a variety of criteria, including average rates, types of loans offered, terms, availability, fees, down payment options, online experience and customer satisfaction. In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power mortgage origination and servicing surveys and ratings from the Better Business Bureau. For home equity loans, we review the amount of equity required, repayment terms and the minimum and maximum loan amounts available. We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratio.
Forbes
30-06-2025
- Business
- Forbes
A New Dawn For Detroit, And For A Landmark Downtown Building
Roost Detroit's extended stay hotel and apartments give new life to the historic Book Building and Tower Detroit's Book Tower, a century-plus to the good and still standing proud. As a grizzled native of the much-maligned Motor City (once derided by cynics as the Murder City), it did my heart proud to visit family and friends there recently, and enjoy a remarkably safe and serene stay in the heart of downtown. Housed within the historic Book Building and adjacent Book Tower on Washington Boulevard--once home to bustling offices, circa 1917 and 1926, respectively--are 229 apartments and the stunning 117-room Roost Apartment Hotel. To merely say the buildings had a facelift would be a gross understatement: resurrection would be closer to the truth. Like many downtown buildings before it (around 80!), the new life for these historic structures is owed to the vision and munificence of one Dan Gilbert of Rocket Mortgage and Bedrock Detroit, his bustling real estate development company. Seven years and some $300-plus million dollars later, the once-disused and vacant ghost building is teeming with fresh life and activity while maintaining the ornate elegance of architect Louis Kamper's Italian Renaissance masterpiece. The limestone facade is pearl-white again, the green copper roof looks brand new and the delightfully curious dozen sculptures of unclothed women adorning the exterior appear to be ready for their collective closeup, modesty be damned! The newly restored Book Bldg. atrium Four stories of the Book Building are now home to 117 studio and one- and two-bedroom units perfect for weekend getaways or extended stays alike. The handsomely-appointed rooms are equipped with full kitchens and are completely furnished, including a convenient washer/dryer setup replete with detergent pods. ROOST even supplies fresh La Colombe coffee beans for guests to grind and then brew (with Bonavita hardware) an artisanal cup of coffee that obviates the need to visit one of the hipster java joints in the neighborhood. That's seven bucks you can then spend on a couple of gut-busting chili dogs at nearby Lafayette Coney Island, a not-to-be-missed Detroit hangout. Living area at ROOST, cheery and spacious, with great city views. Then again, if the good life at ROOST has so induced rest and relaxation that you prefer to wear your slippers downstairs, there are a handful of fabulous places to grab a bite or sip your beverage of choice on the premises. Le Supreme is a Parisian-style brasserie that is art-directed to resemble the real Frenchified deal, augmented by Detroit music posters to give the local cultural legacy its just desserts. Speaking of which, the in-house bakery--visible from the lobby through capacious windows, a very nice touch--serves a delightful French pastry basket for its weekend Sunday brunch, alongside a savory quiche Lorraine and a nicely-curated French cheese selection. Red leather banquettes inside and and shrub-shrouded tables outside complete the urban/rustic effect to the very letter. C'est magnifique! Sakazuki If you need further proof that Philadelphia-based Method Co.--responsible for ROOST's unique dining concepts--is at the pinnacle of cool when it comes to design and execution, the Japanese-style pub Sakazuki is the picture of funky elegance and a great spot for sake and casual bites like wagyu burgers and ekiben (akin to the bento boxes sold at Tokyo train stations). And Hiroki-San, in the lower level of Book Tower, features authentic Japanese fare like yakitori and ramen, as well as imported wagyu and sashimi, all in an elegant and intimately-lit interior with seating for up to 108 patrons, including a dozen lucky guests at the chef's counter. And the lobby-level Bar Rotunda sits beneath the 100-year-old Keppler glass dome and is an all-day cafe and wine bar where elbow-to-elbow scenesters bring the place to vibrant life nightly. Kamper's Rooftop Lounge--perched on Book Tower's 14th floor--is a comfy way to take in starlit city views and make with the de rigueur tapas and cocktails ritual. Unbelievably cool decor with a sophisticated vibe to match! Detroit skyline from ROOST Yes, you can stay within the confines of this beautifully-restored property and eat, drink and socialize to your heart's content, but you'd be denying yourself access to one of America's great second act stories--the city of Detroit itself! Downtown used to be a fairly depressing tableau of abandoned buildings and homelessness, but is now a leisure and entertainment hub that strikes new visitors as a less frenetic, pocket-sized Manhattan. All three major sports franchises--the Lions, Tigers and Red Wings--are located within walking distance or a short drive, and the restored Detroit International RiverWalk spans three miles and is perfect for hikers and bikers, children and adults alike. And don't forget to visit the Detroit Institute of Arts to admire Diego Rivera's murals as well as stopping by Jack White's Third Man Records--an impressive facility with a vinyl pressing plant and ice-cool retail space. The Motor City may no longer be burning, but it is FIRE! And, it goes without saying, the ROOST rules.
USA Today
27-06-2025
- Business
- USA Today
Rocket Classic deal is good through 2026 but there are no plans to pursue signature status
DETROIT — It sounds like Bill Emerson liked what he saw as he watched outgoing PGA Tour commissioner Jay Monahan and Grant Gilbert, president of Rocket Mortgage Sports and Entertainment (and son of Rocket Mortgage founder Dan Gilbert), tee it up in the Rocket Classic Pro-Am at Detroit Golf Club. Emerson, the Rocket Companies president who basically writes the million-dollar checks that keep the tournament going and will need to decide if it continues past 2026, walked Wednesday alongside the power group that played with longtime company ambassador Rickie Fowler. Speaking with Emerson afterward, it seemed he liked what he saw. Oh, maybe not those amateurs' swings so much, but rather the entire field that teed off in the first round Thursday and is shaping up to be one of the tournament's strongest, with five players ranked in the top 10 and 11 among the top 50. The tournament is in its seventh year and it hasn't been known for strong fields. Bryson DeChambeau and Phil Mickelson made brief appearances but marquee players such as Tiger Woods and Rory McIlroy have never played Detroit, and its place on the tour's schedule has been considered the culprit, with the Rocket wedged next to majors and other premier events with bigger purses. 'I think the placement certainly matters as it goes (toward) attracting players,' Emerson said. 'Some weekends are easier than others. 'You know, we got a pretty good field this year, man. So, you know, the weekend we've got, all the people thought maybe that would be a bad one, we've done pretty well getting players to come out here and play.' This year's tournament comes on the heels of the U.S. Open two weeks ago and last week's Travelers Championship, a tour-designated 'signature' event with a $20 million purse. The Rocket's purse is $9.6 million. Collin Morikawa, the tournament's highest-ranked player at No. 5 in the world, made his return to Detroit after losing a thrilling playoff to Fowler in 2023. He gushed about Detroit's strong sports culture and its presence as a big-city event. Most tour stops are in located in tiny suburbs. He said other players feel the same, but the realities of scheduling can be an issue. 'So it's hard,' he said, 'because as much as we would like to play, trust me, we would love to go to new cities, see other places, see other areas. But you just have to build 'em around certain signature events and majors for us, you know?' Rocket has an option to continue the tournament in 2027, but Emerson said many factors will go into that decision —including its spot on the schedule. 'I think it's a factor,' he said. 'I don't think it's a deciding factor. I mean, the place will be the place. … We've made every weekend that they give us work for us in the past, so I don't think it's going be the deciding factor.' Those are welcome words for fans of the tournament — and maybe the tour itself, which is going through a leadership change. The schedule has been considered a bit of a sticking point in negotiations, but Emerson downplaying its singular importance should be good news for incoming PGA Tour CEO Brian Rolapp, who said he would take a 'clean sheet' approach and would even consider signature-event status for the Rocket. 'So I think everything's on the table, including that,' he said. 'I think the feedback from fans, and even some of this feedback I'm getting from players, just in my short amount of time here, is the signature events seem to be working.' It boils down to fans simply wanting to see the best golfers compete against each other, Rolapp said. The signature events are accomplishing that. 'So I think we're going to take a very hard look at the competitive model and figure out how we can improve it for the benefit of the tour and benefit of the fans,' Rolapp said. 'But again, as far as this tournament's place in it, or anyone else, I think it's a blank sheet of paper and we'll take a look at it.' Rocket Classic not sure it wants to pursue signature status Rolapp might not have to even consider elevating the Rocket's status, because Emerson isn't sure that's a path worth pursuing. 'I think at the end of the day, man, it's 'signature,' not 'signature,' it's already a pretty great event,' he said. ' 'Signature' is a different dollar sphere, so you know it's just a question at that point whether we want to put the extra money into being that or not.' The cost could be prohibitive. According to the Sports Business Journal, the sponsorship cost of a regular tour event ranges between $13 million and $15 million. Truist reportedly will pay $200 million over seven years (about $28 million per year) for its signature event. 'I don't see us doing a 'signature' event,' Emerson said. 'I don't see that being something we need to do to make this happen. At the end of the day, man, this is about what we can do for the city of Detroit and as long as we can make the economics work, we want to do that.' The tournament raised nearly $10 million in charitable giving in its first six years. It's a mainstay on the Detroit sports calendar that's well-attended and supported by fans and celebrities. But there's still a lot to work out. Emerson hasn't yet met Rollap and there are questions about merging with LIV Golf, which itself has a new CEO. If nothing else, maybe Detroit golf fans can at least take solace in knowing the guy who signs the checks liked what he saw on Wednesday.
