Rocket Companies, Inc. (RKT): Canvas de modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico dos empréstimos hipotecários digitais, a Rocket Companies, Inc. (RKT) revolucionou o cenário financeiro com seu inovador modelo de negócios que combina perfeitamente a tecnologia de ponta, soluções centradas no cliente e processos digitais simplificados. Ao transformar as experiências tradicionais hipotecárias em viagens eficientes, transparentes e amigáveis, as empresas de foguetes se posicionaram como uma força disruptiva no ecossistema da FinTech, oferecendo soluções financeiras personalizadas que atendem a diversos segmentos de clientes de compradores de casas pela primeira vez para millennials com tecnologia de tecnologia e investidores imobiliários.

Rocket Companies, Inc. (RKT) - Modelo de negócios: Parcerias -chave

Credores hipotecários e instituições financeiras

As empresas de foguetes fazem parceria com várias instituições financeiras para empréstimos hipotecários:

• Quicken Loans (de propriedade da Rocket Mortgage)
• Wells Fargo
• Bank of America

Parceiro	Tipo de parceria	Volume de empréstimo (2023)
Quicken empréstimos	Empréstimos diretos	US $ 86,3 bilhões
Wells Fargo	Empréstimo por atacado	US $ 12,7 bilhões

Agentes imobiliários e corretores

As empresas de foguetes colaboram com:

• Rocket Homes Real Estate
• Zillow
• Redes locais de corretagem imobiliária

Parceiro	Detalhes da colaboração	Transações (2023)
Casas de foguete	Serviços imobiliários diretos	37.215 transações

Provedores de tecnologia e software

As principais parcerias tecnológicas incluem:

• Microsoft Azure
• Salesforce
• Amazon Web Services

Parceiro de tecnologia	Serviço prestado	Investimento anual
Microsoft Azure	Infraestrutura em nuvem	US $ 14,2 milhões

Agências de relatórios de crédito

Parcerias com serviços de verificação de crédito:

• Experian
• Transmunião
• Equifax

Agência	Tipo de serviço	Custo anual de acesso de dados
Experian	Relatórios de crédito	US $ 3,6 milhões

Companhias de seguros

Rede de Parceria de Seguro:

• Serviços de seguro de hipoteca de foguetes
• Progressivo
• Liberty Mutual

Parceiro de seguro	Tipo de cobertura	Políticas emitidas (2023)
Seguro de foguete	Seguro dos proprietários	22.500 políticas

Rocket Companies, Inc. (RKT) - Modelo de negócios: Atividades -chave

Origem da hipoteca digital

As empresas de foguetes processaram 603.345 empréstimos fechados totais em 2022, com um volume total de empréstimos de US $ 180,1 bilhões. A plataforma de originação da hipoteca digital hipotecário lidou com 93% de seus pedidos de hipoteca on -line.

Métrica de originação digital	2022 dados
Empréstimos fechados totais	603,345
Volume total de empréstimos	US $ 180,1 bilhões
Porcentagem de aplicativos on -line	93%

Processamento e subscrição de empréstimos

O processamento de empréstimos das empresas de foguetes aproveita a tecnologia avançada para otimizar a subscrição hipotecária.

• Tempo médio de processamento de empréstimo: 15-17 dias
• Taxa de subscrição automatizada: 70%
• Capacidade anual de processamento de empréstimos: mais de 1 milhão de empréstimos

Atendimento ao cliente e suporte

As empresas de foguetes mantêm uma infraestrutura robusta de suporte ao cliente com canais de suporte digital e telefônico 24/7.

Métrica de suporte ao cliente	Data Point
Canais de suporte	Digital, telefone, bate -papo
Tempo médio de resposta	Menos de 2 horas
Taxa de satisfação do cliente	85%

Desenvolvimento da plataforma de tecnologia

As empresas de foguetes investiram US $ 215,3 milhões em despesas de tecnologia e desenvolvimento em 2022.

• Tecnologia orçamento de P&D: US $ 215,3 milhões
• Tamanho da equipe de engenharia de software: aproximadamente 2.500 funcionários
• Atualizações anuais da plataforma de tecnologia: 3-4 Principais lançamentos

Inovação de produtos financeiros

As empresas de foguetes expandiram suas ofertas de produtos financeiros além das hipotecas tradicionais.

Produto financeiro	2022 Volume
Empréstimos hipotecários	US $ 180,1 bilhões
Empréstimos pessoais	US $ 2,3 bilhões
Empréstimos para automóveis	US $ 1,7 bilhão

Rocket Companies, Inc. (RKT) - Modelo de negócios: Recursos -chave

Plataforma avançada de tecnologia de hipoteca digital

Valor da plataforma de hipoteca de foguetes: US $ 2,1 bilhões em tecnologia de originação de hipotecas digitais a partir do quarto trimestre 2023

Componente de tecnologia	Avaliação
Sistema de processamento de hipoteca digital	US $ 1,3 bilhão
Tecnologia de subscrição movida a IA	US $ 480 milhões
Infraestrutura de aplicativos móveis	US $ 320 milhões

Banco de dados de clientes grande

Métricas de banco de dados de clientes:

• Total de contas de clientes: 8,4 milhões em 31 de dezembro de 2023
• Usuários digitais ativos: 5,6 milhões
• Custo anual de aquisição do cliente: US $ 124 por cliente

Força de trabalho qualificada em fintech e empréstimos hipotecários

Categoria de funcionários	Número de funcionários
Força de trabalho total	24,300
Profissionais de tecnologia	6,750
Especialistas em empréstimos hipotecários	11,500

Forte reconhecimento de marca

Avaliação da marca: US $ 1,9 bilhão em 2023

• Branca de foguetes Participação de mercado: 22,5% no mercado de hipotecas residenciais
• Reconhecimento da marca: 87% entre os potenciais compradores de casas

Recursos robustos de análise de dados

Investimento de análise de dados: US $ 340 milhões em 2023

Componente de análise	Investimento
Sistemas de modelagem preditivos	US $ 145 milhões
Análise de comportamento do cliente	US $ 98 milhões
Tecnologia de avaliação de risco	US $ 97 milhões

Rocket Companies, Inc. (RKT) - Modelo de negócios: proposições de valor

Processo simplificado e rápido de solicitação de hipoteca on -line

Rocket Mortgage processou 603.171 Origenações totais de empréstimos fechados em 2022, com US $ 96,1 bilhões em volume total de empréstimos. A plataforma digital permite que os clientes concluam os pedidos de hipoteca em apenas 8 minutos.

Métrica	2022 Performance
Operações totais de empréstimos fechados	603,171
Volume total de empréstimos	US $ 96,1 bilhões
Tempo médio de aplicação	8 minutos

Taxas de juros competitivas

Rocket Mortgage oferece taxas de hipoteca competitivas em vários tipos de empréstimos:

• Hipotecas de taxa fixa de 30 anos
• Hipotecas de taxa fixa de 15 anos
• FHA empréstimos
• Empréstimos VA
• Empréstimos jumbo

Experiência digital transparente e fácil de usar

Empresas de foguetes relataram 24,2 milhões de clientes ativos em 2022, com um 98% Taxa de conclusão do aplicativo de hipoteca digital.

Múltiplas opções de produtos de hipoteca e empréstimo

Categoria de produto	Descrição
Compre hipotecas	US $ 64,7 bilhões em volume em 2022
Refinancia hipotecas	US $ 31,4 bilhões de volume em 2022
Empréstimos pessoais	Oferecido através de empréstimos para foguetes
Equidade doméstica	Rocket Mortgage Home Equity Products

Soluções financeiras personalizadas

As empresas de foguetes geraram US $ 1,8 bilhão em receita total para 2022, com foco em serviços financeiros digitais personalizados.

• Recomendações de hipotecas personalizadas
• Termos de empréstimo personalizados
• Avaliações financeiras individuais

Rocket Companies, Inc. (RKT) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital de foguetes da Rocket Mortgage processou 603.347 empréstimos fechados totais em 2022, com 95% dos pedidos de hipoteca concluídos on -line. A plataforma suporta Origem Digital Hipotecária Digital.

Métricas de plataforma digital	2022 dados
Total de pedidos de empréstimo online	603,347
Taxa de conclusão de aplicativos online	95%

Suporte ao cliente on -line 24 horas por dia, 7 dias por semana

As empresas de foguetes mantêm uma infraestrutura de suporte digital abrangente com Vários canais de comunicação.

• Suporte ao vivo de bate -papo disponível 24/7
• Tempo de resposta de suporte por e-mail: média de 4-6 horas
• Suporte telefônico: Horário prolongado das 8h às 23h EST

Consulta de empréstimo personalizado

Rocket Mortgage fornece consulta de empréstimo individualizada por meio de pontos de contato digitais e humanos. Em 2022, a empresa ofereceu Mais de 15 tipos diferentes de produtos de empréstimo.

Canal de consulta	Disponibilidade
Consulta on -line	24/7
Consulta por telefone	8:00-23:00 EST

Engajamento de aplicativos móveis

O aplicativo móvel da Rocket Mortgage registrou 2,5 milhões de usuários mensais ativos no quarto trimestre 2022, com 98% de capacidade de processamento de empréstimo digital.

• Mobile App Download Count: 3,2 milhões
• Usuários ativos mensais: 2,5 milhões
• Taxa de processamento de empréstimo digital: 98%

Sistemas de comunicação automatizados

As empresas de foguetes utilizam tecnologias avançadas de comunicação automatizada para a interação do cliente.

Tipo de comunicação automatizada	Funcionalidade
Notificações por e -mail	Atualizações de status do empréstimo
Alertas de SMS	Informações de processamento de empréstimos em tempo real
Mensagens de voz automatizadas	Notificações críticas de marcos em empréstimo

Rocket Companies, Inc. (RKT) - Modelo de Negócios: Canais

Plataforma da Web online

A plataforma Rocket Mortgage.com da Rocket Mortgage processou US $ 81,7 bilhões em origens hipotecárias no quarto trimestre 2023. A plataforma digital lidou com 99% dos pedidos de hipoteca on -line.

Métrica de canal digital	2023 desempenho
Total de pedidos de hipoteca online	324,380
Taxa de conversão de aplicativos online	68.3%
Tempo médio de processamento de empréstimo digital	15 dias

Aplicativo móvel

O aplicativo móvel da Rocket Mortgage possui 2,1 milhões de usuários mensais ativos a partir do quarto trimestre 2023.

• Mobile App Download Volume: 890.000 em 2023
• Classificação de aplicativos móveis: 4.7/5 na Apple App Store
• Origenas de empréstimos móveis: 42% do total de aplicativos digitais

Equipe de vendas diretas

As empresas de foguetes empregaram 7.200 representantes de vendas diretas em 2023, gerando US $ 6,2 bilhões em receita total.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	7,200
Produtividade representativa de vendas médias	US $ 861.111 por representante

Redes de referência

A rede de referência da Rocket Mortgage gerou US $ 1,3 bilhão em origens de empréstimos durante 2023.

• Parceiros de referência total: 12.500
• Taxa de comissão de rede de referência: 1-2% por empréstimo
• Contribuição do canal de referência para o total de origens: 22%

Canais de marketing digital

As empresas de foguetes gastaram US $ 412 milhões em marketing digital em 2023, visando segmentos específicos de clientes.

Métrica de marketing digital	2023 desempenho
Gastos de marketing digital total	US $ 412 milhões
Taxa de conversão de publicidade digital	3.7%
Custo por aquisição	$287

Rocket Companies, Inc. (RKT) - Modelo de negócios: segmentos de clientes

Primeiros compradores de casas

A partir do quarto trimestre de 2023, a Rocket Mortgage serviu aproximadamente 2,4 milhões de compradores de casas pela primeira vez. O valor médio do empréstimo para este segmento foi de US $ 275.000.

Aparelhamento demográfico	Percentagem
Idade 25-34	42%
Pontuação média de crédito	698
Faixa de renda anual	$65,000 - $95,000

Refinanciando proprietários de imóveis

Em 2023, o Rocket Mortgage processou 356.000 empréstimos de refinanciamento com um valor médio de refinanciamento de US $ 320.000.

• Redução média da taxa de juros: 1,2%
• Tempo médio em casa atual: 7,5 anos
• Objetivo típico de refinanciamento: pagamentos mensais mais baixos

Investidores imobiliários

A Rocket Mortgage originou US $ 12,4 bilhões em empréstimos de propriedade de investimento em 2023.

Segmento de investidores	Volume de empréstimo
Investidores unifamiliares	US $ 8,2 bilhões
Investidores multifamiliares	US $ 4,2 bilhões

Profissionais autônomos

Rocket Mortgage aprovou 186.000 empréstimos para indivíduos autônomos em 2023, com um tamanho médio de empréstimo de US $ 295.000.

• Documentação típica: extratos bancários
• Pontuação de crédito médio: 720
• Métodos de verificação de renda: análise de demonstração bancária de 12 a 24 meses

Millennials e consumidores com experiência em tecnologia

Os pedidos de hipoteca digital representaram 78% do volume total de empréstimos da Rocket Mortgage em 2023, totalizando US $ 186,5 bilhões.

Métricas de interação digital	Percentagem
Uso do aplicativo móvel	62%
Conclusão de empréstimo online	85%
Idade média dos mutuários digitais	34 anos

Rocket Companies, Inc. (RKT) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para empresas de foguetes em 2023: US $ 87,4 milhões

Categoria de infraestrutura	Custo anual
Computação em nuvem	US $ 32,6 milhões
Segurança de rede	US $ 15,2 milhões
Manutenção do data center	US $ 22,1 milhões
Licenciamento de software	US $ 17,5 milhões

Marketing e aquisição de clientes

Despesas totais de marketing para 2023: US $ 341,7 milhões

• Publicidade digital: US $ 124,5 milhões
• Publicidade da mídia tradicional: US $ 87,3 milhões
• Programas de referência ao cliente: US $ 52,9 milhões
• Marketing de conteúdo: US $ 77,0 milhões

Salários e benefícios dos funcionários

Compensação total dos funcionários para 2023: US $ 512,6 milhões

Categoria de funcionários	Compensação média anual
Liderança executiva	US $ 2,3 milhões
Profissionais de tecnologia	$145,000
Representantes de vendas	$98,500
Equipe de apoio	$65,200

Despesas de conformidade regulatória

Custos totais de conformidade regulatória em 2023: US $ 64,3 milhões

• Consultoria legal: US $ 22,7 milhões
• Sistemas de monitoramento de conformidade: US $ 18,5 milhões
• Auditoria e relatórios: US $ 15,6 milhões
• Treinamento e certificação: US $ 7,5 milhões

Desenvolvimento de software e inovação

Despesas de pesquisa e desenvolvimento para 2023: US $ 156,2 milhões

Categoria de inovação	Investimento
Plataforma de tecnologia hipotecária	US $ 82,4 milhões
AI e aprendizado de máquina	US $ 43,7 milhões
Aprimoramentos de segurança cibernética	US $ 30,1 milhões

Rocket Companies, Inc. (RKT) - Modelo de negócios: fluxos de receita

Taxas de originação hipotecária

As empresas de foguetes geraram US $ 7,1 bilhões em receita total para o ano fiscal de 2023. As taxas de originação hipotecária representavam uma parcela significativa dessa receita, com US $ 5,2 bilhões em receita de empréstimo de hipoteca.

Métrica	2023 valor
Volume total de originação hipotecária	US $ 229,7 bilhões
Taxa de origem média por empréstimo	$3,200
Número de empréstimos hipotecários originados	410,000

Receita de juros de empréstimos

A receita de juros da hipoteca de foguetes em 2023 foi aproximadamente US $ 387 milhões.

Serviços de refinanciamento

• Volume de refinanciamento: US $ 86,4 bilhões em 2023
• Valor médio do empréstimo de refinanciamento: US $ 210.000
• Receita de taxa de refinanciamento: US $ 1,1 bilhão

Licenciamento da plataforma de tecnologia

Segmento de tecnologia de foguetes gerada US $ 208 milhões em receita Do licenciamento da plataforma e serviços de software em 2023.

Fonte de receita da plataforma de tecnologia	2023 Receita
Plataforma Rocket Pro TPO	US $ 132 milhões
Rocket Homes Licensing	US $ 76 milhões

Comissões adicionais de produtos financeiros

Comissões de produtos financeiros auxiliares totalizaram US $ 412 milhões em 2023.

• Rocket Homes Comissões imobiliárias: US $ 237 milhões
• Comissões de produtos de seguro: US $ 105 milhões
• Outras comissões de serviços financeiros: US $ 70 milhões

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.