🔹 Adj Revenue: $1.34B (Est. $1.27B) 🟢; UP +9.1% YoY
🔹 Adj EPS: $0.04 (Est. $0.026) 🟢; DOWN -33% YoY
🔹 Adj EBITDA: $172M (Est. $129.3M) 🟢
🔹 Net Rate Lock Volume: $28.43B (Est. $27.41B) 🟢; +13% YoY
🔹 Closed Loan Origination Volume: $29.1B (Est. $28.2B) 🟢; UP +18% YoY
🔹 Gain on Sale Margin: 2.80%; -19bps YoY
Q3 Guidance:
🔹 Sees Adjusted Revenue: $1.60B to $1.75B
Segment Performance – Q2
🔹 Direct to Consumer Adjusted Revenue: $1.01B; UP +11.1% YoY
🔹 Partner Network Adjusted Revenue: $148M; DOWN -21.3% YoY
🔹 Direct to Consumer Sold Loan Gain on Sale Margin: 4.40% (vs. 4.14% YoY)
🔹 Partner Network Sold Loan Gain on Sale Margin: 0.90% (vs. 1.59% YoY)
Other Metrics
🔹 Total Liquidity: $9.1B (includes $5.1B in cash)
🔹 Servicing Portfolio: $609B UPB across 2.8M loans
🔹 Mortgage Servicing Rights (MSR): $7.57B
CEO Commentary
🔸 “Rocket delivered a standout second quarter, exceeding the high end of guidance… Our purchase funnel is expanding, conversion rates are rising, and Redfin clients are beginning to close with Rocket.” – CEO Varun Krishna
Strategic & Operational Updates
🔸 Closed all-stock acquisition of Redfin; expanding integrated offerings
🔸 Introduced AI-powered refinance tools: complete end-to-end refi in under 30 minutes
🔸 Launched AI agent for earnest money deposits – processes 80% automatically
🔸 Released Rocket Preferred Pricing: 1% rate discount or up to $6K credit for Redfin-linked buyers
🔸 Expanded bridge loan offering for homeowners to buy before selling
🔸 Named #1 in mortgage servicing by J.D. Power for 11th time
🔸 Hosted largest company hackathon – showcased AI, vector search, and cloud tech
🔸 Wind-down of Rocket Mortgage Canada & Visa Signature credit card program