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Rocket Companies, Inc. reported its fourth-quarter 2020 and year-end results, which included a 144% increase in year-over-year revenue to $4.7 billion in Q4 2020.
"Rocket Companies' record-breaking fourth quarter and full-year 2020 results demonstrate the sheer power of the technology platform we have built and refined for more than two decades," said Jay Farner, Rocket Companies' vice chairman and CEO. "In the midst of a pandemic, we successfully drove growth in every segment of our business, while never losing focus on meeting the needs of our team members, clients and communities."
"As more and more consumers shift their preferences toward an increasingly digital experience, we are better positioned than ever to provide them with innovative, technology-driven solutions that simplify even the most stressful and complex transactions. Looking ahead, we will continue to invest in our technology-driven solutions that allow us to diversify our scalable platform business model."
Farner also revealed that the company's Board of Directors approved a $1.11 special dividend, per-share of its Class A common stock.
Rocket Companies also grew total revenue, net, to $15.7 billion from $5.1 billion in 2019 and Adjusted Revenue to $16.9 billion from $5.9 billion in 2019, according to a press release. Additionally, Rocket increased net income to $9.4 billion from $0.9 billion in 2019 and Adjusted Net Income to $8.2 billion from $1.3 billion in 2019, generated record closed loan origination volume of $320.2 billion and net rate lock volume of $338.7 billion, which represented year-over-year improvements of 121% and 123%, respectively and increased gain on sale margin by 127 basis points year-over-year to 4.46%.
In September 2020, the company made a branding change from Quicken Loans Mortgage Services to Rocket Pro TPO, to take a massive step forward in terms of the technology and services it offers.
Click here to see more highlights from Rocket Companies' 2020 fourth quarter and year-end report.