Overview
- Rocket reported Q3 adjusted net income of $158 million on $1.78 billion in adjusted revenue, but a GAAP net loss of $124 million tied to a $479.6 million MSR fair-value hit and $90 million in one-time transaction costs.
- Redfin is feeding the retail purchase pipeline, with more than 500,000 users starting mortgage applications in September, roughly 13% of retail purchase closings sourced from Redfin, and the mortgage attach rate rising from 27% to 40%.
- The Mr. Cooper deal closed Oct. 1, early integration yielded 4,000 leads by day nine and 400 loan officers onboarded, and the combined servicing footprint is now described as nearing 10 million clients.
- For Q4, Rocket guides to $2.1 billion–$2.3 billion in adjusted revenue as Redfin and Mr. Cooper are fully consolidated, and it expects an additional $140 million in one-time expenses related to severance and the transactions.
- Executives highlighted new AI tools, including three enterprise agents launched in Q3, to lift conversion, reduce costs and improve servicing automation and recapture.