![]() In November 2022, we launched a pilot Home Buying Plan to a test demographic. There is a strong correlation between this metric and client lifetime value, and we believe our net client retention rate is unmatched among mortgage companies and on par with some of the best performing subscription business models in the world. Rocket Mortgage net client retention rate was 95% over the 12 months ended December 31, 2022. In January, we introduced Rocket Rewards to our 2.5 million servicing clients. Clients have already redeemed nearly $600,000 dollars in point value. Rocket Rewards ( our loyalty program with more than 1 million clients, has shown strong client adoption and engagement since its launch in October 2022. Rocket Money also had a record month of premium member growth in January 2023, the highest in its 8-year operating history. On January 2, 2023, Rocket Money took the top spot for daily downloads in the iOS app store Finance category and also reached top 10 in the overall iOS app store. Through these deeper, data-driven insights, we are able to deliver richer and more personalized experiences to Rocket Account holders and build ongoing relationships with them. Rocket Accounts, a key north star metric, represents clients who have taken the action to create an account with us and with whom we may have visibility on credit worthiness, spending behavior, finances, home buying intent and more. In total, we have returned $409.3 million to Class A common stockholders under the $1 billion share repurchase program renewed in November 2022.Īs of December 31, 2022, Rocket Accounts reached 25.4 million total accounts. Repurchased 32.1 million shares cumulatively at an average price of $12.73. Rocket Mortgage generated $133.1 billion in mortgage origination closed loan volume and gain on sale margin of 2.82%.Įxecuted a disciplined and prudent approach to cost management and reduced overall cost structure by nearly $3 billion dollars on an annualized basis, comparing Q4 2021 to Q4 2022, or more than 40% of total cost base. Generated total adjusted revenue of $4.6 billion and adjusted net loss of $137 million, or an adjusted loss of 7 cents per diluted share. Generated total revenue, net of $5.8 billion and delivered net income of $700 million, or 28 cents per diluted share. As of December 31, 2022, our servicing portfolio includes 2.5 million clients and generates approximately $1.5 billion of recurring servicing fee income on an annualized basis. ![]() Grew servicing book unpaid principal balance to $535 billion at December 31, 2022. Total liquidity was approximately $8.1 billion, as of December 31, 2022, which includes $3.3 billion of available cash, $3.1 billion of undrawn lines of credit, and $1.7 billion of undrawn MSR lines. Reduced total expenses by $202 million dollars from Q3 2022 to Q4 2022, higher than initial expectations of $50 to 100 million. Gain on sale margin was 2.17%, which was largely impacted by higher than expected demand for Inflation Buster, our promotional purchase product. Rocket Mortgage generated $19 billion in mortgage origination closed loan volume. ![]() Generated total adjusted revenue of $683 million and adjusted net loss of $197 million, or an adjusted loss of 10 cents per diluted share. Generated total revenue, net of $481 million and net loss of $493 million, or a loss of 14 cents per diluted share. Fourth Quarter and Full Year 2022 Financial Highlights
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