Our net client retention rate was 91% over the 12 months ended March 31, 2021., our home search experience, average unique monthly visitors increased more than 300% in Q1 '21 as compared to Q1 '20.The Rocket Companies' platform generated more than 60 million unique visitors during Q1 '21, an increase of 72% as compared to Q1 '20.Gross Merchandise Value for Q1 '21 was $360 million, which represents an annualized run rate of more than $1 billion. Rocket Auto, our automotive retail marketplace, facilitated the sale of 13,600 auto units, up more than 5,300 units, or 65%, as compared to first quarter of 2020.
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This record volume was the primary driver for the increase in other income in Q1 '21 to $466.1 million from $243.8 million in Q1 '20. Amrock, our title insurance services, property valuation, and settlement services company, generated 348,800 closings, up 110% from Q1 '20, representing the highest level of closings in Amrock's history.Increased gain on sale margin by 49 basis points year-over-year to 3.74%.In addition, we achieved our highest monthly purchase application volume ever in March 2021. Q1 '21 represented our strongest first quarter purchase closed loan volume in company history.Generated closed loan origination volume of $103.5 billion and net rate lock volume of $95.1 billion in Q1 '21, which represented improvements of 100% and 70%, respectively, as compared to Q1 '20.Increased net income to $2.8 billion from $0.1 billion in Q1 '20 and Adjusted Net Income to $1.8 billion from $0.7 billion in Q1 '20.Grew total revenue, net, for Rocket Companies to $4.6 billion from $1.4 billion in Q1 '20 and Adjusted Revenue to $4.0 billion from $2.1 billion in Q1 '20.Our flywheel only continues to accelerate as we look forward to the second quarter and the rest of 2021."ĭuring the first quarter of 2021, Rocket Companies: Rocket Auto increased the number of vehicles it sold 65% compared to this time last year, Amrock achieved its highest level of closings in company history with an increase of 110% from the first quarter of 2020 and Rocket Homes increased the average monthly visitors on its website by more than 300% versus Q1 last year. While the mortgage business continues to perform – with March producing our highest-ever purchase application volume – we also had success in our other verticals. In fact, this was the sixth consecutive quarter where our team was able to double the company's home loan volume year-over-year. Jay Farner, Rocket Companies' Vice Chairman and CEO, stated, "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. (NYSE: RKT) ("Rocket Companies" or the "Company"), a Detroit-based holding company consisting of tech-driven real estate, mortgage and eCommerce businesses – including Rocket Mortgage, Amrock, Rocket Homes and Rocket Auto – today announced results for the quarter. Last year, the company had more than $892 million in net income.DETROIT, /PRNewswire/ - Rocket Companies, Inc. In 2019, Rocket Companies made more than $5.1 billion in revenues, a figure the firm expects to at least quadruple in 2020, according to its financial disclosures. Even as the economy has suffered during the coronavirus pandemic, Rocket Companies has continued to grow, originating $72.3 billion in loans in the second quarter of 2020, up 40% from the first three months of the year, and more than double the amount during that period in 2019. In 2015, Quicken Loans launched Rocket Mortgage, an online mortgage application platform that has helped fuel the company’s growth, particularly in direct-to-consumer loans. The IPO raised $1.8 billion for the Detroit-based company whose subsidiary Quicken Loans is now the largest mortgage lender in the U.S. The stock’s debut, however, was more rocky than rocket: After Rocket Companies priced its initial public offering at $18 a share Wednesday-below the expected range of $20 to $22 a share-the fintech conglomerate’s stock initially sank as low as $17.50 when it began trading late in the morning.Īfter rising slowly after that, Rocket Companies stock, trading under the ticker symbol “RKT” on the NYSE, surged as high as $22.76 a share in the mid-afternoon, only to quickly give back some of those gains, closing up nearly 20%. Shares of Rocket Companies, the parent of Quicken Loans and Rocket Mortgage, rose as much as 26% Thursday afternoon on its first day of stock market trading.
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