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Rocket Companies, including Rocket Mortgage, Amrock, Rocket Homes, and Rocket Auto announced its results for the first quarter of 2021. Key findings in the report include the highest ever purchase application volume for March.
The first quarter also saw growth in total revenue for Rocket Companies to $4.6 billion from $1.4 billion in Q1 last year. They also generated closed loan origination volume of $103.5 billion and a net rate lock volume of $95.1 billion in Q1 of 2021.
Amrock, Rocket’s title insurance services, property valuation, and settlement services company, generated 348,800 closings, up 110% from Q1 of 2020, and the highest level of closings in Amrock's history. Also, Rocket’s home search experience, RocketHomes.com, average unique monthly visitors increased more than 300% in Q1 of 2021 compared to Q1 2020.
“The combination of our technology platform and Rocket Cloud Force of highly trained professionals continues to deliver scalability and a client experience that is unmatched. In fact, this was the sixth consecutive quarter where our team was able to double the company's home loan volume year-over-year,” said Rocket Companies' vice chairman and CEO, Jay Farner.
The outlook for the second quarter of 2021 looks promising for Rocket Companies with closed loan volume of between $82.5 billion to $87.5 billion; net rate lock volume of between $81.5 billion to $88.5 billion; and gain on sale margins of 2.65% to 2.95%, according to the release.
“Our flywheel only continues to accelerate as we look forward to the second quarter and the rest of 2021,” added Farner.
Clients also have the ability to interact with Rocket Mortgage online and with the Company's mortgage bankers in the Direct-to-Consumer segment. The Direct-to-Consumer segment derives revenue from originating, closing, selling and servicing agency-conforming loans, which are pooled and sold to the secondary market. Servicing enables Rocket Mortgage to establish and maintain long term relationships with their clients, through multiple touchpoints at regular engagement intervals.
Click here to read more from Rocket Companies' first quarter 2021 results.