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Draft:Rocket Companies Inc.

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Rocket Companies Inc.
Rocket Companies, Inc.
Company typePublic Holding Company
IndustryFinancial Technology and Services
Founded1985; 39 years ago (1985) in Detroit, Michigan, USA
FounderDan Gilbert
Headquarters1050 Woodward Avenue, Detroit, Michigan 48226
Key people
Dan Gilbert, Founder and Chairman

Varun Krishna, CEO, Rocket Companies and Rocket Mortgage

Bill Emerson, President, Rocket Companies
RevenueDecrease US$3.8 billion (2023)
Total assetsDecrease US$19.231 billion (2023)
Total equityDecrease US$8.3 billion (2023)
OwnerDan Gilbert through Rock Holdings, Inc. and Rock Ventures, LLC
ParentRock Holdings, LLC
SubsidiariesRocket Mortgage, Amrock, Lendesk, Rocket Homes, Rocket Loans, Rocket Money, Woodward Capital Management, Rocket Innovation Studio
Websiterocketcompanies.com
Footnotes / references
Financials as of December 31, 2023[1]

Rocket Companies, Inc. is a Detroit-based financial technology holding company. Its subsidiaries offer a range of financial services, including mortgage lending, personal finance tools, and real estate services.[2][3][4][5][6]


Rocket Companies acts as a holding company for several Rocket-branded businesses as well as a group of other non-rocket-branded companies. Most of these businesses utilize a shared technology platform that allows subsidiaries of Rocket Companies to integrate their services.[7][8][3] The company's mission statement states:

"Helping clients achieve homeownership and financial freedom with simple, fast and trusted digital solutions."[9]

Use of artificial intelligence[10][11][12][13][6][14]

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Rocket Logic, a platform developed by Rocket Companies Inc. and integrated across it's businesses, uses artificial intelligence to increase efficiency, heighten its customer service capabilities, and reduce time spent on tedious tasks "...freeing team members to concentrate on building relationships with Rocket’s serviced clients."[15] According to CEO Varun Krishna, "Rocket Logic has already reduced the number of times a team member interacts with the loan by nearly 25% year over year."[16]

Accolades

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  • In 2018, Rocket Companies' flagship business, Rocket Mortgage, became the #1 retail mortgage lender, surpassing Wells Fargo.[17]
  • In the 2024 edition of the "Fortune 100 Best Companies to Work For," Rocket Companies Inc. ranked 26th.[18]
  • In the 2023 and 2024 edition of the JD Power US Mortgager Satisfaction Study, Rocket Mortgage, the flagship business of Rocket Companies Inc., ranked 1st.[19][20][21]

Organization

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Board of directors[22] [23]

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  • Dan Gilbert - Founder and Chairman[24]
  • Matthew Rizik - CEO of Rock Ventures
  • Varun Krishna - CEO, Rocket Companies and Rocket Mortgage[13]
  • Bill Emerson - President, Rocket Companies
  • Jennifer Gilbert - Director
  • Suzanne Shank - Director
  • Nancy Tellem - Director
  • Jonathan Mariner - Director
  • Alex Rampell - Director[25][13]

Senior leadership[26][24]

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  • Varun Krishna, CEO, Rocket Companies and Rocket Mortgage[13][27]
    • Bill Emerson, President, Rocket Companies
      • Heather Lovier, Chief Operating Officer, Rocket Companies[28]
      • Brian Brown, Chief Financial Officer and Treasurer, Rocket Companies[13]
      • Shawn Malhotra, Chief Technology Officer, Rocket Companies[11]
      • Alpa Lally, General Manager, RKT Holdings
      • Mike Fawaz, Executive Vice President, Rocket Pro TPO

Subsidiaries & Divisions

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Name[29][3][4] Executive[26][24] Service
Rocket Mortgage, LLC Varun Krishna[27] Home loans/mortgages
Rocket Homes Doug Seabolt[30][31] Proprietary home search platform and real estate agent referral network
Rocket Loans Online personal loans
Rocket Money[32][5][33][34][35] Haroon Mokhtarzada Personal finance and budgeting app
Rocket Mortgage Canada Hash Aboulhosn Home loans/mortgages in Canada
Lendesk Hash Aboulhosn Canadian mortgage technology company
Amrock* Nicole Beattie[36][37] Residential and commercial title insurance, property valuations and settlement services
Core Digital Media* Online marketing platform in the mortgage and personal finance sectors

*These companies, while affiliates of Rocket Companies, Inc., are not owned by Rocket Companies and are technically not subsidiaries. Instead, they are sister companies wholly owned by the shared parent company Rock Holdings.

Ownership structure[38] [3]

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Effective control over Rocket Companies, Inc. is exercised by the holding company Rock Holdings Inc. which owns a majority of Class D shares of NYSE:RKT. (Each Class D share is separate from the common Class A series of shares. This allows Rock Holdings Inc. to have majority control over Rocket Companies Inc. without owning a controlling share of NYSE:RKT.

Rock Holdings Inc. is the FinTech-focussed holding company of its parent company, Rock Ventures, LLC. Rock Ventures, LLC is the holding company for the Gilbert family businesses and organizations including Rock Holdings Inc., the Cleveland Cavaliers, Bedrock, and Jack Entertainment.

References

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This page will be placed in the following categories if it is moved to the article namespace.
Categories:

  1. ^ "Rocket Companies Announces Fourth Quarter and Full Year 2023 Results".
  2. ^ "Rocket Companies, Inc. (RKT)".
  3. ^ a b c d "Rocket Companies Confirms IPO Filing".
  4. ^ a b "Rocket Companies Report 3,800 Employee Decrease In 2023".
  5. ^ a b "Silver Spring-Based Truebill to Be Acquired by Rocket Companies for $1.3B". Built In. Retrieved 2024-07-28.
  6. ^ a b "Quicken Loans Parent May Run Out of Refinance Fuel". The Wall Street Journal.
  7. ^ "About Rocket Companies". Rocket Companies. Retrieved 2024-07-24.
  8. ^ Homes, Rocket. "Rocket Homes Combines Every Aspect of Home Buying and Selling into One Simple, Customizable Platform". www.prnewswire.com (Press release). Retrieved 2024-07-24.
  9. ^ "About Rocket Companies - Benefits, Mission Statement, & Photos | JobSage". www.jobsage.com. Retrieved 2024-07-24.
  10. ^ "Rocket Companies Report 3,800 Employee Decrease In 2023".
  11. ^ a b "Rocket Companies Hires First Chief Technology Officer".
  12. ^ "Chief Information Officer Brian Woodring To Depart Rocket".
  13. ^ a b c d e "Rocket Companies names chief accounting officer".
  14. ^ "Putting AI's Promise Into Practice". Bloomberg.com. 2024-07-28. Retrieved 2024-07-28.
  15. ^ King, R. J. (2024-07-25). "Rocket Mortgage in Detroit Ranked No. 1 in Client Satisfaction by J.D. Power". DBusiness Magazine. Retrieved 2024-07-28.
  16. ^ Williams, Candice. "Rocket earnings rebound in first quarter". The Detroit News. Retrieved 2024-07-28.
  17. ^ "Quicken Loans tops Wells Fargo to become No. 1 in retail home loans".
  18. ^ "100 Best Companies to Work For". Fortune. Retrieved 2024-07-28.
  19. ^ "Uncertainty and Financial Challenges Driving Down Homeowner Satisfaction with Mortgage Servicers, J.D. Power Finds".
  20. ^ "Homeowners Satisfaction with Mortgage Servicers Rises—But Risks Loom, J.D. Power Finds".
  21. ^ King, R. J. (2024-07-25). "Rocket Mortgage in Detroit Ranked No. 1 in Client Satisfaction by J.D. Power". DBusiness Magazine. Retrieved 2024-07-28.
  22. ^ "Our Board Of Directors". Rocket Companies. Retrieved 2024-07-24.
  23. ^ "Rocket Companies CEO Appointed To Board Of Directors".
  24. ^ a b c Reindl, J. C. "Dan Gilbert's deposition in lawsuit reveals reasons for $500M stock sale". Detroit Free Press. Retrieved 2024-07-28.
  25. ^ Stickford, Jim (2024-02-09). "Rocket Cos. In Detroit Appoints Alex Rampell to Board of Directors". DBusiness Magazine. Retrieved 2024-07-28.
  26. ^ a b "Our Leadership". Rocket Companies. Retrieved 2024-07-24.
  27. ^ a b Nunes, Flávia Furlan. "Rocket CEO talks new AI tool, changes in leadership and M&As". HousingWire. Retrieved 2024-07-28.
  28. ^ "Heather Lovier Named COO Of Rocket Companies".
  29. ^ "Our Companies". Rocket Companies. Retrieved 2024-07-24.
  30. ^ Han, Brooklee. "Rocket Homes brings house hunting to your car via Apple CarPlay". HousingWire. Retrieved 2024-07-28.
  31. ^ Website, Doug SeaboltCEO Rocket Homes Visit (2019-08-16). "Doug Seabolt". RISMedia. Retrieved 2024-07-28.
  32. ^ Reindl, J. C. "Rocket Companies to buy personal finance app Truebill for $1.3B". Detroit Free Press. Retrieved 2024-07-28.
  33. ^ Bekemeyer, Jake (2022-07-20). "Detroit's Rocket Cos. Debuts Fintech Platform Rocket Money". DBusiness Magazine. Retrieved 2024-07-28.
  34. ^ News, Donna LeValley published in (2023-07-28). "Tap Your Way To a Down Payment with the Rocket Signature Credit Card". Kiplinger.com. Retrieved 2024-07-28. {{cite web}}: |last= has generic name (help)
  35. ^ Bekemeyer, Jake (2021-12-20). "Rocket Cos. Acquires Financial Wellness Platform Truebill". DBusiness Magazine. Retrieved 2024-07-28.
  36. ^ Fine, Ariana (2021-11-11). "Amrock Promotes Nicole Beattie to Replace Retiring CEO Brian Hughes". MortgageOrb. Retrieved 2024-07-28.
  37. ^ "Longtime Amrock CEO to retire; Rocket Mortgage veteran to assume role".
  38. ^ www.sec.gov https://www.sec.gov/Archives/edgar/data/1805284/000104746920004008/a2241988zs-1.htm. Retrieved 2024-07-24. {{cite web}}: Missing or empty |title= (help)
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