Rocket Companies (NYSE: RKT) is a financial services company that originates and services residential mortgage loans in the United States. It makes money through gain-on-sale income from mortgage originations, recurring loan servicing income tied to contractual cash flows over the life of serviced loans, and ancillary revenue from title, closing, appraisal, personal loans, real estate brokerage, and personal finance subscription services. Following its acquisitions of Redfin and Mr. Cooper, both completed prior to the 10-K filed 2026-03-02, Rocket operates across mortgage origination, mortgage servicing, real estate brokerage, and adjacent consumer financial services. Peer competitors cited in the FY2025 10-K include UWM Holdings Corporation, PennyMac Financial Services, loanDepot, Guild Holdings, Rithm Capital, SoFi Technologies, Zillow Group, Compass, and Anywhere Real Estate. Total expenses were $6.9 billion in FY2025, up 56% from $4.4 billion in FY2024. The company reported a net loss attributable to Rocket Companies of $68 million in FY2025.

Revenue model

Four primary revenue streams: (1) gain-on-sale income from mortgage loan originations sold into secondary markets, (2) loan servicing income from contractual per-loan cash flows on the mortgage servicing rights (MSR) portfolio, including subservicing fees, (3) other income of $2.0 billion in FY2025 (up 79% from $1.1 billion in FY2024) comprising real estate services revenue via Redfin, deposit income on custodial and other cash balances, Rocket Close title and closing fees, Rocket Money paying subscriber fees, and Rocket Loans personal loan interest, and (4) ancillary servicing income including late fees and modification incentives.

Products and services

Rocket Mortgage (digital mortgage origination and servicing platform), Rocket Money (personal finance app with paying subscriber model), Rocket Close (title, closing, and appraisal services), Rocket Loans (personal loans), Redfin (real estate brokerage and listing services, acquired prior to FY2025 filing), Mr. Cooper (mortgage servicing, acquired prior to FY2025 filing). The company relies on proprietary technology and AI across origination, servicing, and capital markets activities.

Customers and end markets

Residential mortgage borrowers in the United States. End markets include home purchase, mortgage refinance, and ancillary consumer financial services. Rocket Money serves personal finance consumers through a subscription model. Redfin serves home buyers and sellers through a technology-enabled brokerage.

Value-chain role

Vertically positioned across the residential mortgage value chain: direct-to-consumer digital origination, secondary market loan sales, MSR retention and servicing, title and closing services, real estate brokerage, and personal financial management tools. Technology infrastructure supports origination via internet and mobile apps, electronic signatures, process status updates, secondary market transactions, payment processing, and electronic statements.

Geographic exposure

United States residential mortgage market. No international geographic exposure is described in the filing excerpts.

Competitors

UWM Holdings Corporation, PennyMac Financial Services Inc, loanDepot Inc, Guild Holdings Company, Rithm Capital Corp, SoFi Technologies Inc, Zillow Group Inc, Compass Inc, Anywhere Real Estate Inc, Stewart Information Services Corp, Blend Labs Inc

Source: SEC 10-K, filed 2026-03-02

Industry: Mortgage Bankers & Loan Correspondents Peers: Radian Group Inc Enact Holdings Inc UWM Holdings Corp MGIC Investment Corp Maverick Merger Sub 2, LLC Flagstar Bank NA TFS Financial Corp Walker & Dunlop Inc WSFS Financial Corp