Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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| Gain on sale of loans | |||||
| Gain on sale of loans excluding fair value of MSRs, net | $ 241,496 | $ 139,733 | $ 786,128 | $ 1,174,268 | |
| Fair value of originated MSRs | 330,627 | 426,278 | 850,027 | 1,682,366 | |
| Gain on sale of loans, net | 572,123 | 566,011 | 1,636,155 | 2,856,634 | |
| Loan servicing income | |||||
| Servicing fee income | 344,061 | 364,211 | 1,054,037 | 1,088,004 | |
| Change in fair value of MSRs | 12,765 | 150,304 | (343,137) | 592,162 | |
| Loan servicing income, net | 356,826 | 514,515 | 710,900 | 1,680,166 | |
| Interest income | |||||
| Interest income | 93,868 | 95,753 | 241,369 | 265,490 | |
| Interest expense on funding facilities | (55,924) | (46,173) | (129,056) | (130,576) | |
| Interest income, net | 37,944 | 49,580 | 112,313 | 134,914 | |
| Other income | 236,275 | 164,580 | 646,095 | 685,987 | |
| Total revenue, net | 1,203,168 | 1,294,686 | 3,105,463 | 5,357,701 | |
| Expenses | |||||
| Salaries, commissions and team member benefits | 589,584 | 670,804 | 1,772,498 | 2,278,844 | |
| General and administrative expenses | 199,399 | 204,290 | 595,214 | 709,853 | |
| Marketing and advertising expenses | 193,406 | 210,701 | 593,853 | 770,281 | |
| Depreciation and amortization | 27,636 | 24,211 | 83,678 | 70,033 | |
| Interest and amortization expense on non-funding debt | 38,354 | 38,317 | 115,021 | 115,263 | |
| Other expenses | 37,164 | 40,008 | 105,191 | 166,098 | |
| Total expenses | 1,085,543 | 1,188,331 | 3,265,455 | 4,110,372 | |
| Income (loss) before income taxes | 117,625 | 106,355 | (159,992) | 1,247,329 | |
| (Provision for) benefit from income taxes | (2,680) | (10,131) | 2,606 | (54,741) | |
| Net income (loss) | 114,945 | 96,224 | (157,386) | 1,192,588 | |
| Net (income) loss attributable to non-controlling interest | (108,739) | (89,314) | 152,507 | (1,128,551) | |
| Net income (loss) attributable to Rocket Companies | $ 6,206 | $ 6,910 | $ (4,879) | $ 64,037 | |
| Earnings (loss) per share of Class A common stock | |||||
| Basic (in dollars per share) | $ 0.05 | $ 0.06 | $ (0.04) | $ 0.53 | |
| Diluted (in dollars per share) | $ 0.04 | $ 0.04 | $ (0.06) | $ 0.47 | |
| Weighted average shares outstanding | |||||
| Basic (in shares) | 129,390,501 | 119,020,520 | 126,971,718 | 120,156,494 | |
| Diluted (in shares) | 1,983,992,350 | 1,970,665,767 | 1,979,203,982 | 1,972,263,268 | |
| Comprehensive income (loss) | |||||
| Net income (loss) | $ 114,945 | $ 96,224 | $ (157,386) | $ 1,192,588 | |
| Cumulative translation adjustment | 164 | (990) | 12 | (1,081) | |
| Unrealized gain on investment securities | 0 | 2,270 | 0 | 516 | |
| Comprehensive income (loss) | 115,109 | 97,504 | (157,374) | 1,192,023 | |
| Comprehensive (income) loss attributable to non-controlling interest | (108,893) | (90,513) | 152,496 | (1,128,016) | |
| Comprehensive income (loss) attributable to Rocket Companies | $ 6,216 | $ 6,991 | $ (4,878) | $ 64,007 | |
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- Definition Gain (Loss) On Sales Of Loans, Excluding Fair Value Of Mortgage Servicing Rights, Net No definition available.
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- Definition Interest And Amortization Expense, Non-Funding Debt No definition available.
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- Definition Interest Expense, Funding Facilities No definition available.
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- Definition Loan Servicing, Income (Loss) No definition available.
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- Definition Loan Servicing Income Statement No definition available.
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- Definition Mortgage Servicing Right, Fair Value On Origination No definition available.
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- Definition Mortgage Servicing Rights (MSR), Change In Fair Value No definition available.
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- Definition Weighted Average Number Of Shares Outstanding, Basic And Diluted No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition All amounts that, per contract, are due to the servicer in exchange for servicing the financial asset and would no longer be received by a servicer if the beneficial owners of the serviced assets (or their trustees or agents) were to exercise their actual or potential authority under the contract to shift the servicing to another servicer. Depending on the servicing contract, those fees may include some or all of the difference between the interest rate collected on the asset being serviced and the rate to be paid to the beneficial owners of the asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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