Rocket Companies, Inc. (RKT): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique des prêts hypothécaires numériques, Rocket Companies, Inc. (RKT) a révolutionné le paysage financier avec son modèle commercial innovant qui mélange de manière transparente la technologie de pointe, les solutions centrées sur le client et les processus numériques rationalisés. En transformant les expériences hypothécaires traditionnelles en voyages efficaces, transparents et conviviaux, les compagnies de fusée se sont positionnées comme une force perturbatrice dans l'écosystème fintech, offrant des solutions financières personnalisées qui s'adressent à divers segments de clientèle, des acheteurs de maisons à la première fois aux millénaires technologiques à des millénaires technologiques. et les investisseurs immobiliers.

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: partenariats clés

Prêteurs hypothécaires et institutions financières

Les sociétés de fusée s'associent à plusieurs institutions financières pour les prêts hypothécaires:

• Quicken Loans (propriété de Rocket Mortgage)
• Wells Fargo
• Banque d'Amérique

Partenaire	Type de partenariat	Volume de prêt (2023)
Prêts accélérés	Prêts directs	86,3 milliards de dollars
Wells Fargo	Prêts en gros	12,7 milliards de dollars

Agents immobiliers et courtiers

Les entreprises de fusées collaborent avec:

• Rocket Homes immobilier
• Zillow
• Réseaux de courtage immobilier locaux

Partenaire	Détails de collaboration	Transactions (2023)
Maisons de fusée	Services immobiliers directs	37 215 transactions

Technologies et fournisseurs de logiciels

Les partenariats technologiques clés comprennent:

• Microsoft Azure
• Salesforce
• Services Web Amazon

Partenaire technologique	Service fourni	Investissement annuel
Microsoft Azure	Infrastructure cloud	14,2 millions de dollars

Agences de rapport de crédit

Partenariats avec les services de vérification du crédit:

• Expérien
• Transunion
• Equifax

Agence	Type de service	Coût annuel d'accès aux données
Expérien	Rapport de crédit	3,6 millions de dollars

Compagnies d'assurance

Réseau de partenariat d'assurance:

• Services d'assurance hypothécaire à fusée
• Progressif
• Liberty Mutual

Partenaire d'assurance	Type de couverture	Politiques émises (2023)
Assurance fusée	Assurance habitation	22 500 politiques

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: activités clés

Origination hypothécaire numérique

Les compagnies de fusée ont traité 603 345 prêts fermés totaux en 2022, avec un volume de prêt total de 180,1 milliards de dollars. La plate-forme de création d'hypothèque numérique Rocket Mortgage a géré 93% de ses demandes hypothécaires en ligne.

Métrique d'origine numérique	2022 données
Prêts fermés totaux	603,345
Volume total des prêts	180,1 milliards de dollars
Pourcentage de candidature en ligne	93%

Traitement et souscription des prêts

Le traitement des prêts des sociétés de fusée exploite les technologies avancées pour rationaliser la souscription hypothécaire.

• Temps de traitement moyen des prêts: 15-17 jours
• Taux de souscription automatisé: 70%
• Capacité de traitement des prêts annuelle: plus d'un million de prêts

Service client et assistance

Les sociétés de fusée maintient une infrastructure de support client robuste avec des canaux de support numériques et téléphoniques 24/7.

Métrique du support client	Point de données
Canaux de support	Numérique, téléphone, chat
Temps de réponse moyen	Moins de 2 heures
Taux de satisfaction client	85%

Développement de la plate-forme technologique

Les entreprises de fusée ont investi 215,3 millions de dollars dans les frais de technologie et de développement en 2022.

• Budget de la R&D technologique: 215,3 millions de dollars
• Taille de l'équipe d'ingénierie logicielle: environ 2 500 employés
• Mises à niveau de la plate-forme technologique annuelle: 3-4 versions majeures

Innovation de produits financiers

Les sociétés de fusée ont élargi ses offres de produits financiers au-delà des hypothèques traditionnelles.

Produit financier	Volume 2022
Prêts hypothécaires	180,1 milliards de dollars
Prêts personnels	2,3 milliards de dollars
Prêts automobiles	1,7 milliard de dollars

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: Ressources clés

Plateforme avancée de technologies hypothécaires numériques

Rocket Mortgage Platform Value: 2,1 milliards de dollars en technologie d'origine hypothécaire numérique au T2 2023

Composant technologique	Évaluation
Système de traitement hypothécaire numérique	1,3 milliard de dollars
Technologie de souscription alimentée par AI	480 millions de dollars
Infrastructure d'application mobile	320 millions de dollars

Grande base de données client

Métriques de la base de données des clients:

• Comptes clients totaux: 8,4 millions au 31 décembre 2023
• Utilisateurs numériques actifs: 5,6 millions
• Coût annuel d'acquisition du client: 124 $ par client

Travaux de travail qualifiés dans la fintech et les prêts hypothécaires

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	24,300
Professionnels de la technologie	6,750
Spécialistes des prêts hypothécaires	11,500

Solide reconnaissance de la marque

Évaluation de la marque: 1,9 milliard de dollars en 2023

• Part de marché des marques hypothécaires à fusée: 22,5% sur le marché hypothécaire résidentiel
• Sensibilisation de la marque: 87% parmi les acheteurs potentiels

Capacités d'analyse de données robustes

Investissement d'analyse des données: 340 millions de dollars en 2023

Composant d'analyse	Investissement
Systèmes de modélisation prédictive	145 millions de dollars
Analyse du comportement client	98 millions de dollars
Technologie d'évaluation des risques	97 millions de dollars

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: propositions de valeur

Processus de demande hypothécaire simplifié et rapide

Rocket Mortgage a traité 603 171 ORICULATIONS CLOST CLOST LORG ORIGINATIONS en 2022, avec 96,1 milliards de dollars de volume de prêt total. La plate-forme numérique permet aux clients de remplir les applications hypothécaires en aussi peu que 8 minutes.

Métrique	2022 Performance
Originations totales de prêts fermés	603,171
Volume total des prêts	96,1 milliards de dollars
Temps de demande moyen	8 minutes

Taux d'intérêt compétitifs

Rocket Mortgage offre des taux hypothécaires concurrentiels sur divers types de prêts:

• Hypothèques à taux fixe de 30 ans
• Hypothèques à taux fixe de 15 ans
• Prêts FHA
• Prêts VA
• Prêts jumbo

Expérience numérique transparente et conviviale

Les compagnies de fusée ont déclaré 24,2 millions de clients actifs en 2022, avec un Taux d'achèvement de l'application hypothécaire numérique à 98%.

Options de produits hypothécaires et prêts multiples

Catégorie de produits	Description
Acheter des hypothèques	64,7 milliards de dollars en 2022
Refinancement hypothécaire	31,4 milliards de dollars en 2022
Prêts personnels	Offert par des prêts à fusée
Capital social	Rocket Mortgage Home Equity Products

Solutions financières personnalisées

Les sociétés de fusée ont généré 1,8 milliard de dollars de revenus totaux pour 2022, en mettant l'accent sur les services financiers numériques personnalisés.

• Recommandations hypothécaires personnalisées
• Conditions de prêt personnalisés
• Évaluations financières individuelles

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique Rocket Home de Rocket Mortgage a traité 603 347 prêts fermés totaux en 2022, avec 95% des demandes hypothécaires remplies en ligne. La plate-forme prend en charge Origination hypothécaire numérique directe.

Métriques de plate-forme numérique	2022 données
Total des demandes de prêt en ligne	603,347
Taux d'achèvement de l'application en ligne	95%

Support client 24/7 en ligne

Les sociétés de fusées maintient une infrastructure de soutien numérique complète avec plusieurs canaux de communication.

• Support de chat en direct disponible 24/7
• Temps de réponse de la support par e-mail: moyenne de 4 à 6 heures
• Prise en charge du téléphone: heures prolongées de 8h à 2h HNE

Consultation de prêt personnalisé

Rocket Mortgage fournit une consultation de prêt individualisée par le biais de points de contact numériques et humains. En 2022, la société a offert Plus de 15 types de produits de prêt différents.

Canal de consultation	Disponibilité
Consultation en ligne	24/7
Consultation téléphonique	8 h à 23 h HNE

Engagement des applications mobiles

L'application mobile de Rocket Mortgage a enregistré 2,5 millions d'utilisateurs mensuels actifs au quatrième trimestre 2022, avec 98% de capacité de traitement des prêts numériques.

• Nombre de téléchargement d'applications mobiles: 3,2 millions
• Utilisateurs actifs mensuels: 2,5 millions
• Taux de traitement des prêts numériques: 98%

Systèmes de communication automatisés

Les sociétés de fusée utilisent des technologies de communication automatisées avancées pour l'interaction client.

Type de communication automatisé	Fonctionnalité
Notifications par e-mail	Mises à jour du statut de prêt
Alertes SMS	Informations de traitement des prêts en temps réel
Messages vocaux automatisés	Notifications de jalons de prêt critique

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: canaux

Plate-forme Web en ligne

La plate-forme Rocket Mortgage.com de Rocket Mortgage a traité 81,7 milliards de dollars d'origine hypothécaire au quatrième trimestre 2023. La plate-forme numérique a géré 99% des demandes hypothécaires en ligne.

Métrique du canal numérique	Performance de 2023
Total de demandes hypothécaires en ligne	324,380
Taux de conversion des applications en ligne	68.3%
Temps de traitement des prêts numériques moyen	15 jours

Application mobile

L'application mobile de Rocket Mortgage compte 2,1 millions d'utilisateurs mensuels actifs au quatrième trimestre 2023.

• Volume de téléchargement d'application mobile: 890 000 en 2023
• Note d'application mobile: 4.7 / 5 sur Apple App Store
• Originations de prêts mobiles: 42% du total des applications numériques

Équipe de vente directe

Les sociétés de fusée ont employé 7 200 représentants des ventes directes en 2023, générant 6,2 milliards de dollars de revenus totaux.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	7,200
Productivité du représentant des ventes moyennes	861 111 $ par représentant

Réseaux de référence

Le réseau de référence de Rocket Mortgage a généré 1,3 milliard de dollars de créations de prêts au cours de 2023.

• Partners de référence total: 12 500
• Taux de commission du réseau de référence: 1 à 2% par prêt
• Contribution du canal de référence à des origines totales: 22%

Canaux de marketing numérique

Les sociétés de fusée ont dépensé 412 millions de dollars en marketing numérique en 2023, ciblant des segments de clients spécifiques.

Métrique du marketing numérique	Performance de 2023
Dépenses totales de marketing numérique	412 millions de dollars
Taux de conversion de la publicité numérique	3.7%
Coût par acquisition	$287

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

Au quatrième trimestre 2023, Rocket Mortgage a servi environ 2,4 millions d'acheteurs pour la première fois. Le montant moyen du prêt pour ce segment était de 275 000 $.

Ventilation démographique	Pourcentage
25-34 ans	42%
Pointage moyen de crédit	698
Gamme de revenus annuelle	$65,000 - $95,000

Refinancement des propriétaires

En 2023, Rocket Mortgage a traité 356 000 prêts de refinancement avec un montant de refinancement moyen de 320 000 $.

• Réduction moyenne des taux d'intérêt: 1,2%
• Temps médian dans la maison actuelle: 7,5 ans
• Objectif de refinancement typique: Paiements mensuels inférieurs

Investisseurs immobiliers

Rocket Mortgage a créé 12,4 milliards de dollars de prêts immobiliers en placement en 2023.

Segment des investisseurs	Volume de prêt
Investisseurs unifamiliaux	8,2 milliards de dollars
Investisseurs multifamiliaux	4,2 milliards de dollars

Professionnels indépendants

Rocket Mortgage a approuvé 186 000 prêts pour les travailleurs indépendants en 2023, avec une taille de prêt moyenne de 295 000 $.

• Documentation typique: relevés bancaires
• Point de crédit moyen: 720
• Méthodes de vérification des revenus: Analyse des déclarations bancaires de 12 à 24 mois

Millennials et consommateurs avertis en technologie

Les demandes hypothécaires numériques représentaient 78% du volume total des prêts de Rocket Mortgage en 2023, totalisant 186,5 milliards de dollars.

Métriques d'interaction numérique	Pourcentage
Utilisation des applications mobiles	62%
Achèvement des prêts en ligne	85%
Âge moyen des emprunteurs numériques	34 ans

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour les sociétés de fusée en 2023: 87,4 millions de dollars

Catégorie d'infrastructure	Coût annuel
Cloud computing	32,6 millions de dollars
Sécurité du réseau	15,2 millions de dollars
Maintenance du centre de données	22,1 millions de dollars
Licence de logiciel	17,5 millions de dollars

Marketing et acquisition de clients

Total des dépenses de marketing pour 2023: 341,7 millions de dollars

• Publicité numérique: 124,5 millions de dollars
• Publicité médiatique traditionnelle: 87,3 millions de dollars
• Programmes de référence client: 52,9 millions de dollars
• Marketing de contenu: 77,0 millions de dollars

Salaires et avantages sociaux des employés

Compensation totale des employés pour 2023: 512,6 millions de dollars

Catégorie des employés	Compensation annuelle moyenne
Leadership exécutif	2,3 millions de dollars
Professionnels de la technologie	$145,000
Représentants des ventes	$98,500
Personnel de soutien	$65,200

Frais de conformité réglementaire

Total des coûts de conformité réglementaire en 2023: 64,3 millions de dollars

• Conseil juridique: 22,7 millions de dollars
• Systèmes de surveillance de la conformité: 18,5 millions de dollars
• Audit et rapport: 15,6 millions de dollars
• Formation et certification: 7,5 millions de dollars

Développement et innovation logicielles

Dépenses de recherche et développement pour 2023: 156,2 millions de dollars

Catégorie d'innovation	Investissement
Plateforme de technologie hypothécaire	82,4 millions de dollars
IA et apprentissage automatique	43,7 millions de dollars
Améliorations de la cybersécurité	30,1 millions de dollars

Rocket Companies, Inc. (RKT) - Modèle d'entreprise: Strots de revenus

Frais d'origine hypothécaire

Les compagnies de fusée ont généré 7,1 milliards de dollars de revenus totaux pour l'exercice 2023. Les frais d'origine hypothécaire représentaient une partie importante de ces revenus, avec 5,2 milliards de dollars de revenus de prêts hypothécaires.

Métrique	Valeur 2023
Volume total d'origine hypothécaire	229,7 milliards de dollars
Frais de création moyens par prêt	$3,200
Le nombre de prêts hypothécaires est originaire	410,000

Intérêt des prêts

Les revenus d'intérêts pour une hypothèque Rocket en 2023 étaient approximativement 387 millions de dollars.

Services de refinancement

• Volume de refinancement: 86,4 milliards de dollars en 2023
• Montant de prêt de refinancement moyen: 210 000 $
• Revenance des frais de refinancement: 1,1 milliard de dollars

Licence de plate-forme technologique

Segment de technologie de fusée générée 208 millions de dollars de revenus des licences de plate-forme et des services logiciels en 2023.

Source des revenus de la plate-forme technologique	Revenus de 2023
Plateforme Rocket Pro TPO	132 millions de dollars
Licence de fusées	76 millions de dollars

Commissions de produits financiers supplémentaires

Les commissions des produits financiers auxiliaires ont totalisé 412 millions de dollars en 2023.

• Commissions immobilières de fusées Rocket: 237 millions de dollars
• Commissions de produits d'assurance: 105 millions de dollars
• Autres commissions de services financiers: 70 millions de dollars

Rocket Companies, Inc. (RKT) - Canvas Business Model: Value Propositions

Speed and certainty in the home-buying/financing process

• Digital refinance from application to rate lock in under 30 minutes as of Q2 2025.
• AI agents reduced processing time by 80% in Q3 2025.
• AI tools lifted follow-ups by 9pts in Q3 2025.
• 25% reduction in loan closing times for purchase loans since August 2022.

Fully digital, end-to-end homeownership ecosystem

Rocket Companies, Inc. operates as a fintech platform including mortgage, real estate, title, and personal finance businesses.

• 98% of all home loans originated using technology as of 2015.
• Completed acquisition of Redfin Corporation in July 2025, enhancing the purchase funnel.
• Redfin Mortgage Attach Rate increased from 27% to nearly 40% by Q3 2025.
• 13% of direct-to-consumer purchase closings came via Redfin in Q3 2025.
• >500K Redfin users started pre-qual applications in September 2025.

Competitive rates and fees through efficient, tech-driven operations

Efficiency gains from technology allow for competitive positioning, as seen in margin performance and operational leverage.

Metric	Value	Period/Context
Adjusted EBITDA Margin	~20%	Q3 2025
Adjusted EBITDA Margin	13%	Q2 2025
Gain on Sale Margin	2.80%	Q3 2025
Gain on Sale Margin	2.89%	Q1 2025
Automation Efficiency Gain	$40 million	2024 in efficiency gains from mortgage qualification automation
Automation Efficiency Time Saved	Over 1 million hours	2024 in team member time saved from mortgage qualification automation
Origination Capacity without Fixed Cost Increase	$150 billion	Capacity supported by scalable tech platform

Diversified services: mortgage, real estate, title, and personal finance

The platform integrates multiple services, bolstered by recent acquisitions.

• Completed acquisition of Mr. Cooper Group in Q3 2025.
• Servicing portfolio unpaid principal balance was $609 billion as of June 30, 2025.
• Servicing portfolio unpaid principal balance was $593 billion as of December 31, 2024.
• Servicing portfolio loans serviced as of June 30, 2025: 2.8 million loans.
• Annualized recurring servicing fee income: approximately $1.6 billion as of Q2 2025.

Client retention and recapture for future transactions

High recapture rates leverage the servicing portfolio into future origination business.

• Recapture Rate in servicing portfolio: 85%.
• Net client retention rate of the servicing portfolio as of December 31, 2024: 97%.
• Servicing Portfolio combined clients nearing 10 million as of Q3 2025.
• RocketRentRewards program offers up to $5,000 toward closing costs.

Rocket Companies, Inc. (RKT) - Canvas Business Model: Customer Relationships

You're building out the relationship strategy for Rocket Companies, Inc. (RKT) as of late 2025, post-major acquisitions. The core idea here is balancing high-touch human advice with massive digital scale, especially now that they are the largest mortgage servicer in the US following the Mr. Cooper Group acquisition.

High-touch interaction via dedicated mortgage bankers

For clients in the Direct to Consumer segment, the relationship starts with the option to engage directly with the Company's mortgage bankers, complementing the digital path. This hybrid approach is key to capturing clients who prefer a dedicated advisor throughout the complex origination process. The marketing to these potential clients relies on brand campaigns and performance marketing channels to drive them into this service model. Honestly, this human element is what separates them from purely digital lenders, even as the platform scales.

Automated, personalized digital communication via AI tools

The push for efficiency is heavily reliant on artificial intelligence woven into the client journey. Rocket Mortgage deployed AI-powered tools during the second quarter of 2025 specifically to streamline banker-client interactions. This technology resulted in a measurable boost, increasing client follow-ups by 20% in that period. Furthermore, internal innovation, like the June 2025 hackathon, showcases the focus on integrating advanced tech, featuring work on AI models from Google, OpenAI, and Anthropic. This technology aims to make every digital touchpoint feel more relevant to you, the client.

You need to see the scale of the servicing relationship they are now managing:

Metric	Value as of September 30, 2025	Source Period
Servicing Portfolio Unpaid Principal Balance (UPB)	$613 billion	Q3 2025
Total Loans Serviced	2.9 million loans	Q3 2025
Annualized Recurring Servicing Fee Income	Approximately $1.7 billion	Q3 2025
Client Follow-up Improvement via AI Tools	20% increase	Q2 2025

Long-term engagement through loan servicing activities

The relationship extends well beyond closing the initial loan, which is critical for stable, recurring revenue. The servicing portfolio, now significantly larger post-acquisition, represents a long-term anchor to the client relationship. This portfolio generates an estimated $1.7 billion in annualized recurring servicing fee income. The focus on service quality in this area is validated externally; Rocket Mortgage achieved the #1 spot in client satisfaction for mortgage servicing by J.D. Power for the 11th time, based on feedback from nearly 16,000 homeowners. This high satisfaction is designed to foster client retention and recapture future transactions.

Self-service digital tools for loan management and financial wellness

The platform offers robust tools for clients to manage their financial lives independently. For instance, Rocket Mortgage clients now have the capability to complete their entire refinance journey fully digitally, seamlessly navigating every step. This commitment to a digital-first experience, which includes home search via Redfin and mortgage finance, is central to their strategy to create a seamless homeownership experience. The platform integrates mortgage, real estate, title, and personal finance services, giving you a single place to manage related financial needs.

Finance: draft 13-week cash view by Friday.

Rocket Companies, Inc. (RKT) - Canvas Business Model: Channels

You're looking at how Rocket Companies, Inc. gets its products-primarily mortgages, but also real estate and personal finance-into the hands of customers as of late 2025. The strategy is clearly about owning the entire homeownership journey, using digital scale and strategic acquisitions to drive volume through distinct pathways.

Direct-to-Consumer (DTC) segment: Rocket Mortgage online platform

The Direct to Consumer segment remains the powerhouse for Rocket Mortgage, allowing clients to interact digitally or with mortgage bankers. This channel relies heavily on brand campaigns and performance marketing to bring potential clients in. The digital-first approach is key here, as evidenced by the fact that Rocket Mortgage clients can now complete their refinance journey fully digitally, from credit pull to e-signing and closing. Rocket Mortgage has earned 22 J.D. Power awards across mortgage origination and servicing, building a reputation on service. Since 1985, the company has closed more than $1.8 trillion in home loans. The net client retention rate for Rocket Mortgage was 97% over the 12 months ended December 31, 2023, showing strong repeat business.

For the third quarter of 2025, the DTC segment drove significant volume:

• Sold loan volume reached $17,139 million.
• Adjusted revenue for the segment was $1,153 million.
• The segment delivered a contribution margin of $469 million.

To put this in context against the total mortgage operation for Q3 2025, the DTC segment accounted for the majority of the $32,413 million in closed loan origination volume.

Partner Network segment: Rocket Pro TPO and Correspondent channels

The Partner Network, which includes the Rocket Pro TPO (Third Party Originator) channel, serves mortgage brokers, community banks, and credit unions. This channel is crucial for market reach beyond the direct consumer funnel. While the DTC segment saw strong growth in Q3 2025, the Partner Network showed a different dynamic. Rocket Pro launched a DSCR (Debt Service Coverage Ratio) product in November 2025 in response to a market shift, showing responsiveness to broker needs. In Q1 2025, the Partner Network generated $9.2 billion in sold loan volume, a 15.3% increase year-over-year, though its contribution margin dropped to $57 million from $114 million the prior year, indicating margin pressure or increased investment.

Here's how the Partner Network stacked up in Q3 2025:

Metric	Q3 2025 Amount
Sold Loan Volume ($ Millions)	13,671
Adjusted Revenue ($ Millions)	168
Contribution Margin ($ Millions)	96

Integrated Redfin platform for real estate lead generation

The acquisition of Redfin, valued at $1.75 billion in equity value upon the March 2025 agreement, is a direct channel enhancement, integrating home search with financing. Redfin brings its platform, which connects nearly 50 million monthly visitors to Rocket's mortgage products. This integration is already showing tangible results in moving leads down the funnel. The Redfin mortgage attach rate increased significantly from 27% to nearly 40% in Q3 2025. Furthermore, over 500,000 Redfin users started applications in September 2025 alone. For the third quarter, 13% of Rocket Mortgage's direct-to-consumer purchase closings came via Redfin. Rocket Companies expects to achieve over $60 million in revenue synergies from pairing financing clients with Redfin real estate agents.

Rocket-branded apps (Rocket Money, Rocket Loans)

These apps serve as ecosystem extensions, driving engagement and potentially feeding leads back into the core mortgage business. Rocket Money, the financial wellness service, has saved its members a combined $490 million just in canceled subscriptions, and more than $1 billion overall since it was founded in 2015. Rocket Loans operates as the company's online-based personal loans business, broadening the financial services footprint. The overall servicing portfolio, which includes loans from these channels, was nearing 10 million clients as of the Q3 2025 earnings call, generating approximately $1.6 billion of recurring servicing fee income on an annualized basis based on Q2 2025 figures.

For context on the overall platform scale in Q3 2025:

• Total Liquidity: Approximately $9.3 billion as of September 30, 2025.
• Total Adjusted Revenue: $1,783 million.
• Total Net Rate Lock Volume: $35.8 billion.

Finance: draft Q4 2025 cash flow projection by Wednesday.

Rocket Companies, Inc. (RKT) - Canvas Business Model: Customer Segments

You're looking at the core groups Rocket Companies, Inc. serves as of late 2025, following major integrations. The focus is clearly on capturing and retaining clients across the entire homeownership lifecycle, moving beyond just originating a loan.

US Homebuyers seeking purchase mortgages and Existing homeowners seeking refinance or home equity loans represent the primary volume drivers through the Rocket Mortgage platform. Q3 2025 was noted as the strongest purchase and refinance quarter in the last three years for Rocket Companies. The company is actively shifting focus to purchase volume, having strategically increased its purchase market share by 8% in 2024. Furthermore, the home equity segment is a key growth area, with Rocket Companies securing the position as the largest originator of closed-end second mortgages nationwide in 2024 after more than doubling that volume.

The Tech-savvy consumers preferring a digital-first experience are the bedrock of the Direct to Consumer segment. This group expects speed and efficiency, which Rocket Companies is enhancing with AI. In Q3 2025, three specific AI agents drove a 9-point jump in follow-ups and a ~10% lift in conversions. This technological edge supports their goal of handling more volume with fewer resources; for instance, in a prior quarter, they handled 43% more net rate lock volume with 7% fewer production team members year-over-year.

Real estate clients using the Redfin brokerage platform became a more integrated segment following the acquisition of Redfin in July 2025. This integration immediately offers preferred pricing to borrowers working with Redfin agents, aiming to expand market share through the platform's traffic. The Q3 2025 financial results explicitly included the expense base from Redfin, showing the immediate operational integration.

The segment of Financial wellness users for budgeting and personal loans is largely serviced through the massive servicing portfolio and the broader fintech offerings. The servicing portfolio acts as a critical, recurring revenue base and a source of repeat business. As of June 30, 2025, the servicing portfolio stood at 2.8 million loans with an unpaid principal balance of $609 billion. This base is the engine behind the company's impressive 85% recapture rate for repeat origination business. Following the Mr. Cooper acquisition, the combined servicing portfolio is expected to near 10 million clients.

Here's a look at the key activity metrics defining these customer segments as of the third quarter of 2025:

Customer Activity Metric	Value (Q3 2025)	Context
Closed Loan Origination Volume	$32.4 billion	Year-over-year increase of 14%
Net Mortgage Rate Lock Volume	$35.8 billion	Year-over-year increase of 20%
Servicing Portfolio Size (UPB)	Approaching $1.7 billion (Annualized Fee Income)	As of Q3 2025, up from $1.6 billion annualized fee income in Q2 2025
Partner Network (TPO) Sold Volume	Not explicitly stated for Q3 2025	Q1 2025 volume was $9.2 billion
AI Conversion Lift	~10%	Driven by new AI agents in Q3 2025

The customer base is segmented operationally into the Direct to Consumer channel and the Partner Network channel. The Partner Network, which includes the broker channel, is a source of purchase volume.

• US Homebuyers: Strongest purchase quarter in over three years (Q3 2025).
• Existing Homeowners: Home equity loan volume more than doubled in 2024.
• Tech-Savvy Users: AI tools increased conversion lift by ~10% in Q3 2025.
• Real Estate Clients: Redfin integration completed July 2025.
• Financial Wellness Users: Servicing portfolio recapture rate is 85%.

Finance: draft 13-week cash view by Friday.

Rocket Companies, Inc. (RKT) - Canvas Business Model: Cost Structure

The Cost Structure for Rocket Companies, Inc. reflects the significant operational scale following major acquisitions and the ongoing investment in its technology platform. The third quarter of 2025 saw total expenses land at $1.789 billion.

The cost base is heavily influenced by the integration of recent transactions, which adds both fixed and variable components. For context, the Q3 2025 figure represented an increase of $450 million from the second quarter, driven by the inclusion of Redfin's expense base, higher variable costs tied to increased production volume, and approximately $90 million in one-time costs during Q3.

The forward-looking expense guidance for the fourth quarter of 2025 illustrates the immediate impact of these integrations, with total consolidated expenses projected around $2.300 billion. This projection includes specific non-operational charges:

• Projected one-time transaction-related costs embedded in Q4 guidance: $140 million.
• Projected new amortization of intangible assets from acquisitions: $120 million.

Excluding these items, the underlying operating expenses for the fourth quarter are expected to be roughly $2 billion.

Loan Origination and Servicing Costs

A major component of the cost structure involves financing activities, particularly interest expense related to debt and servicing assets. The expense guidance for Q4 2025 specifically includes an estimated interest expense of $215 million, tied to unsecured debt and Mortgage Servicing Rights (MSR) facilities.

Cost Component Context	Q3 2025 Actual / Q4 2025 Projection	Notes
Total Expenses (Q3 2025)	$1.789 billion	Reported for the third quarter ended September 30, 2025.
Underlying Expenses (Q4 2025 Projection)	Roughly $2 billion	Excluding one-time costs and amortization.
Projected Interest Expense (Q4 2025)	$215 million	Related to unsecured debt and MSR facilities.
Acquisition/Restructuring One-Time Costs (Q3 2025)	Roughly $90 million	Factor contributing to the Q3 expense increase.

Personnel Costs and Operational Efficiency

While specific dollar amounts for personnel costs-covering mortgage bankers, engineers, and support staff-are not explicitly itemized in the top-line expense figures provided, the cost management strategy heavily relies on technology deployment to offset headcount needs and increase output per employee. The integration with Mr. Cooper is expected to yield significant cost reductions.

• Projected total expense synergies from Mr. Cooper integration: Approximately $400 million annually.
• AI agentic tools reduced purchase agreement review time by 80%.
• AI automation saved over 150,000 team hours annually.

Technology Development and Maintenance (AI Platforms)

Investment in technology is a key driver of efficiency, directly impacting personnel and origination costs. The deployment of AI platforms is a core strategy to manage the cost structure while scaling operations, as evidenced by the efficiency gains noted above. The company is building a vertically integrated homeownership platform for the AI era.

Marketing and Brand Advertising Expenses

Marketing costs are implicitly tied to driving volume, which saw net rate lock volume reach $36 billion in Q3 2025, up 26% quarter-over-quarter. The integration with Redfin is a key driver of lower client acquisition costs, as the Redfin mortgage attach rate increased from 27% to nearly 40%.

Rocket Companies, Inc. (RKT) - Canvas Business Model: Revenue Streams

You're looking at how Rocket Companies, Inc. converts its platform activity into dollars, which is key to understanding its valuation, especially when the mortgage origination market is choppy. The business model is clearly shifting toward a more integrated, platform-based revenue mix, which is a smart move when interest rates dictate loan volume swings.

The primary engine for immediate cash flow remains the origination and sale of mortgages, but the recurring and ancillary services are becoming increasingly important for stability. As of late 2025, the company reported a strong quarter, showing momentum from its recent strategic integrations.

Gain on sale of mortgage loans is the immediate profit taken when a loan originated on the platform is sold into the secondary market. For the third quarter of 2025, the Gain-on-Sale margin was 2.80%. This margin is critical because it shows the profitability of the core lending activity independent of volume fluctuations.

The push for recurring revenue is evident in the Recurring mortgage servicing fee income from the MSR portfolio. Following the acquisition of Mr. Cooper, the servicing portfolio unpaid principal balance (UPB) stood at $613 billion, encompassing approximately 2.9 million loans as of September 30, 2025. This portfolio is expected to generate approximately $1.7 billion of recurring servicing fee income on an annualized basis.

The integration with Redfin is directly impacting the Real estate commissions and title/settlement service fees (Rocket Close) stream. The mortgage attach rate for Redfin clients climbed from 27% to nearly 40% in Q3 2025, indicating a growing volume flowing through the ancillary services like title and closing, which fall under the Amrock umbrella.

The personal finance segment, Rocket Loans, contributes through Interest income from retained loans and personal loans. For Q3 2025, the reported Net Interest Income (NII), which captures this, was $35.68 million, significantly beating analyst estimates.

The overall performance for the period is best summarized by the top-line adjusted figure. Q3 2025 adjusted revenue was $1.78 billion, with the more precise reported figure being $1.783 billion, which exceeded the high end of guidance.

Here's a breakdown of the key components contributing to the overall revenue picture for Q3 2025, using the most granular data available:

Revenue Stream Component	Q3 2025 Financial Metric	Amount
Adjusted Revenue (Total)	Total Adjusted Revenue	$1,783 million
Gain on Sale of Loans, Net	Net Gain on Sale (in thousands)	$1,027,413 thousand
Mortgage Servicing Fee Income	Quarterly Servicing Fee Income (in thousands)	$413,138 thousand
Mortgage Servicing Fee Income	Annualized Recurring Servicing Fee Income	Approximately $1.7 billion
Interest Income (Net)	Net Interest Income (Rocket Loans/Retained Loans)	$35.68 million
Other Income (Proxy for Real Estate/Title Fees)	Total Other Income (in thousands)	$608,654 thousand

You can see the platform effect when you look at the segment contributions, showing where the activity is translating into profit contribution:

• Direct to Consumer (DTC) Adjusted Revenue (Q3 2025): $1,153 million.
• Direct to Consumer (DTC) Contribution Margin (Q3 2025): $469 million.
• Partner Network Adjusted Revenue (Q3 2025): $168 million.
• Partner Network Contribution Margin (Q3 2025): $96 million.

Finance: draft 13-week cash view by Friday.