So Julie, can you maybe just talk about how gain-on-sale spreads trended across the quarter given that they came in well above the guidance? Your line is open. Maybe you can just touch a little bit on your expansion plans into Canada and how that's progressing and I guess what your thoughts are in terms of the proportion of mortgage production you would expect to get out of it over the next couple of years. This marks our 11th straight year being named to the top of the list. We will continue to lead from the front as the most admired brand and technology platform in our industry. That's giving real estate agents real-time updates on the status of their clients' mortgage. And then on the Partner Network side of things, probably between 100 and 150 basis points, if you look back over time. Bank of America analyst Jason Kupferberg said Rocket’s third-quarter numbers highlight its “differentiated tech-driven platform.”. Image source: The Motley Fool. Turning to our balance sheet. Before I turn things over to Jay Farner, I will read our disclaimers. And so as a servicer, we're collecting those monthly payments. I mean, really, just what's the best opportunity for us. And for right now, that is the amount that we're going to do is kind of what you see on our balance sheet there, about $250 million so far. And depending on where the refi and the purchase money market falls out, how do you see that affecting your channel mix between the independent -- between the brokers, the partner network and your direct retail originations? The reaction from those in the real estate community has been overwhelming. A … We are very excited to have him join us. Jason McGruder - Vice President, Investor Relations And so all of those initiatives in our ecosystem that we're working on allow us to start that relationship building with a younger client base that then we'll retain for 20, 30, 40 years to come. And so from a technology perspective, from an operations perspective, the platform is performing incredibly well. We talked about another very large partnership that we'll be announcing with more detail in 2021. Again team, congratulations. An earnings report is usually issued quarterly (Q1, Q2, Q3 & Q4) by public companies to report their performance. In addition to leveraging our rich data insights, we continue to expand the ways we are reaching consumers through innovations, partnerships and marketing. And then I'd like you to think about the Rocket Auto business that we are excited about because that also tends to skew to a younger demographic. Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. Credit Suisse has a Neutral rating and $27 target. Well, we do see other folks who participate in the mortgage and real estate space thinking about going public. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. And so we were able to offer 10,000 purchase leads to our TPO partners here as we rolled out the new Rocket Pro platform, and we'll be able to continue to do that. Revenue was up 163% compared to a year ago. To illustrate just how massive our scale is, the company has been consistently profitable on an annual basis, having generated double-digit GAAP pre-tax income margins every year from 2015 through 2019. While we continue to benefit from the low interest rate environment, we also produced strong year-over-year growth in the quarter from less rate-sensitive products. We've become the household name when it comes to thinking about a great high-quality mortgage or now real estate experience, spending nearly, what, $900 million, close to $1 billion in marketing. And so we continue on our path, building all of the right long-term strategies to allow the company to achieve that long-term goal of 25% market share by 2030. © 2021 Benzinga.com. And are you generating a third-party business there? The new venture was quickly followed by an announcement highlighting Rocket Mortgage's partnership with Intuit's Mint Personal Finance tool. If we look at the first nine months of '19, I think 94 billion closed. How much of that is being driven by channel mix expectations versus competition? Retention at these levels has never been seen in the mortgage business and rivals any subscription-based model across industries, including cable, streaming and wireless services. Rather than calling one of our mortgage bankers or asking the client, real estate agents can now use Rocket Pro Insight to check in on a loan status. As a reminder, record gain-on-sale margins in the second quarter reflected our ability to rapidly scale our direct-to-consumer volume during a period of pandemic-related market disruption, particularly during April and May. Our marketplace has reached a significant inflection point due to consumers demanding a simple, digital experience, and I'm proud to say Rocket Mortgage is executing at enormous scale. In the last several months, Nexsys, our title and closing technology company, announced it had partnered with insurance leaders Farmers and Lemonade to simplify homeowners' insurance verifications using its Clear HOI platform. It is now where we work, where we teach our children and where we gather with friends, bringing new meaning and significance to the place where we live, our home. But what percentage of your title business are you capturing from your originations? To achieve these long-term objectives, we are investing in our brand and technology so that we can profitably grow through all market environments. And when you think about the lifetime value of the client, more opportunity to help them with a refinance, more opportunity to help them with a purchase, more opportunity to help them with other products, such as auto or personal loans. Your line is open. $1.00 to $1.31--Past IPOs. OK. And then when -- unique situation. Is there any color you can provide us today on the percentage of lots you're getting from refi versus purchase and also kind of broken down by your two channels? For decades, many have viewed their house as their most important investment. Julie touched on over the last two-and-a-half-plus years when we look at the volume breakdown or the kind of the reason for a refinance or a loan between purchase and cash out and term changes and life changes like divorce, north of 50% of our production is really non-interest rate-sensitive. That's how I think about it. It was great, welcome news that the vaccine or a vaccine may be on its way, but we don't believe this will alter the course that has been set now for more work from home. Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. Our high net retention rate allows us to benefit from the continued cash flow from our servicing portfolio and also have the opportunity to interact with our clients in the businesses throughout our ecosystem. Thank you for joining us for Rocket Companies' earnings call covering the third quarter of 2020. And as you look out over the next few quarters based on what you're seeing today, just any sense for how long you think we can continue to operate with these elevated spreads? Yeah. It's to be seen, but like I said, there's quite a lot of demand still out there into the upcoming years. And so those brokers have the advantage of using great technology, allowing their clients to access the process that has won the 11th J.D. “Rocket continues to win in the marketplace with a combination of technology & customer service, benefiting from industry leading retention rates (now ~4.5x industry averages),” Chiodo wrote. Although rate and term refinancing activity has been very high in 2020, we have historically had a balanced mix of originations. This would be a Class A share repurchase program that we have announced. Data is currently not available The companies in the list above are expected to release earnings this week. Learn more. The Rocket Mortgage platform is particularly powerful for first-time homebuyers who can receive loan approvals within minutes. 11/11/20. Are D shares eligible for repurchase as well? And I think that was an important move that the board made. Got it. But I will share with you, as we think about the broader ecosystem, Rocket Homes plays a critical role in providing to our mortgage clients the homes that can afford the equity that they have in their home and even getting them what we call Rocket ready or verified approval. Rocket also announced a $1 billion share buyback program and guided for fourth-quarter closed loan volume of between $88 billion and $93 billion. One of the most important topics covered was ethical artificial intelligence and its ever-increasing role in business. YTD 19. As we show in today's press release, our net client retention rate has consistently been above 90% over the past few years. This transition allows our partners to continue to meet the needs of their clients while also providing them with the ability to leverage the best-known brand in consumer lending with Rocket Mortgage. I'm wondering if we could start with the new retention metric that you highlighted and maybe you can just spend a minute or two helping us understand how you look at that and how that's different than the other retention metrics you've used in the past. Good afternoon, everyone, and welcome to our third-quarter earnings call. I'm pleased to report Rocket Companies' sixth consecutive quarter of record-breaking volume, highlighting the power of our platform and the strength of the Rocket brand. In fact, I think Q3 was the strongest -- one of our strongest purchase quarters, and we issued more verified approval letters to clients in Q3 than any other quarter in our company's history. Yeah, sure. Consumers today don't just prefer, they demand a completely digital experience. Credit Suisse analyst Timothy Chiodo is bullish on Rocket’s underlying business but is concerned about the impact of rising competition and rising interest rates in the long-term. Maybe you could talk about that a little bit more. RKT Upcoming Earnings (Q4): Earnings Date: November 10, 2020 Consensus EPS: Premium: Currently no data available. RKT: Rocket Companies, Inc. - Earnings Announcements. And with that, I'll turn things over to Jay Farner to get us started. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. Rocket Companies (RKT) earnings for the loan management company's second quarter of 2020 have RKT stock on the move after-hours Wednesday.More From InvestorPlace Why Everyone Is … To further illustrate the scale of this growth, Rocket Mortgage closed nearly $1 billion of origination volume each day in the third quarter. Future growth maybe you could talk about -- you talked about with our,... 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