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Rocket Companies, the parent of Rocket Mortgage, on Thursday released its latest earnings report in which it recorded net revenue of $1.8 billion and GAAP net income of $649 million in the fourth quarter of 2024.
For the whole year, the company posted net revenue of $5.1 billion and GAAP net income of $636 million. Rocket Mortgage generated $100.8 billion in net rate lock volume, a 28% increase compared to 2023, as well as $101.2 billion in closed loan origination volume, a 29% increase from a year ago.
The Detroit-based company has had a busy few months. In 2025 alone, the company has launched its AI-powered website, Rocket.com, brought on Katie Sweeney as executive vice president of broker advocacy for Rocket Pro, made a Super Bowl commercial comeback and kicked off a companywide rebranding campaign.
“We expanded our purchase market share, drove significant operating leverage, and continued building the future of homeownership. I am proud of our team’s strong execution which delivered $4.9 billion in adjusted revenue, a 30% year-over-year increase — demonstrating the power of our AI-driven platform,” Varun Krishna, the CEO and director of Rocket Companies, said in a statement.
“We have momentum heading into 2025 with the launch of our unified Rocket brand and Rocket.com platform. We’re well-positioned to help even more Americans find their path to homeownership.”
Rocket’s CFO Brian Brown added during the company’s earnings call on Thursday afternoon, “Our adjusted revenue represents a 34% increase from the same quarter last year, and marks our six consecutive quarter of year over year.”
In the earnings call, Krishna elaborated that 2024 marked his first full year as CEO. Krishna added, “While our financial results speak for themselves, the true impact lies in the 365,000 clients we’ve helped achieve home ownership or leverage their home equity. Behind every number is a life-changing moment, the excitement of a new homeowner opening the door to their first home, or a family finding stability.”
Other Q4 2024 highlights include Rocket Mortgage generating $27.8 billion in origination volume, a 61% increase compared to Q4 2023. Rocket’s gain-on-sale margin was 2.98%, an increase of 30 basis points compared to the same period in 2023.
Total liquidity in Q4 2024 was $8.2 billion as of Dec. 31, 2024. This includes $1.3 billion of cash on the balance sheet, $1.6 billion of corporate cash used to self-fund loan originations, $3.3 billion of undrawn lines of credit and $2 billion of undrawn mortgage servicing rights (MSR) lines of credit, the company shared in its earnings press release.
For the full year of 2024, Rocket’s unpaid principal balance (UPB) for its servicing portfolio (which includes acquired and subserviced loans) was $593 billion, up 17% year over year. It was servicing 2.8 million loans at the end of 2024, up 13% year over year.
“We closed the year with very strong momentum in Q4, we generated $1.2 billion in adjusted revenue at the high end of our guidance range, representing growth of 34% year over year,” Krishna said to investors during the call. “[We] also welcomed 308,000 new servicing clients, bringing our total to 2.8 million. As our servicing capabilities grow, so does our origination business.”
Through bulk acquisitions and subservicing, Rocket added $77 billion in UPB to its servicing portfolio in 2024. This generated $1.5 billion in recurring servicing fee income for the year.
The company touted a strong client retention rate of 97% for the year and a purchase market share that grew 8% year over year. Rocket also noted that its home equity loan volume more than doubled from 2023.
Rocket reported that Rocket Logic, its AI-driven loan origination system, generated $40 million in efficiency gains throughout 2024. And the company’s internal AI-powered workflow platform, Navigator, doubled in terms of usage between the third and fourth quarters, with one-third of Rocket team members leveraging the system.
