“We expanded our purchase market share, drove significant operating leverage, and continued building the future of homeownership. I am proud of our team’s strong execution which delivered $4.9 billion in adjusted revenue, a 30% year-over-year increase — demonstrating the power of our AI-driven platform,” Varun Krishna, the CEO and director of Rocket Companies, said in a statement.
“We have momentum heading into 2025 with the launch of our unified Rocket brand and Rocket.com platform. We’re well-positioned to help even more Americans find their path to homeownership.”
Other Q4 2024 highlights include Rocket Mortgage generating $27.8 billion in origination volume, a 61% increase compared to Q4 2023. Rocket’s gain-on-sale margin was 2.98%, an increase of 30 basis points compared to the same period in 2023.
Total liquidity in Q4 2024 was $8.2 billion as of Dec. 31, 2024. This includes $1.3 billion of cash on the balance sheet, $1.6 billion of corporate cash used to self-fund loan originations, $3.3 billion of undrawn lines of credit and $2 billion of undrawn mortgage servicing rights (MSR) lines of credit, the company shared in its earnings press release.
For the full year of 2024, Rocket’s unpaid principal balance (UPB) for its servicing portfolio (which includes acquired and subserviced loans) was $593 billion, up 17% year over year. It was servicing 2.8 million loans at the end of 2024, up 13% year over year.,
Through bulk acquisitions and subservicing, Rocket added $77 billion in UPB to its servicing portfolio in 2024. This generated $1.5 billion in recurring servicing fee income for the year.
The company touted a strong client retention rate of 97% for the year and a purchase market share that grew 8% year over year. Rocket also noted that its home equity loan volume more than doubled from 2023.
Rocket reported that Rocket Logic, its AI-driven loan origination system, generated $40 million in efficiency gains throughout 2024. And the company’s internal AI-powered workflow platform, Navigator, doubled in terms of usage between the third and fourth quarters, with one-third of Rocket team members leveraging the system.
First Time Home Buyer FAQs - Via HousingWire.com
