Low mortgage rates drive purchase applications 5% higher

Purchase applications bounced back last week to the highest level in almost a month with a 5% gain from the week prior, according to a report by the Mortgage Bankers Association.

The Market Composite Index, a measure of mortgage loan application volume, also increased 2.2% on a seasonally adjusted basis from one week earlier as mortgage rates continued to drop across the country.

“Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

As borrowers contended with limited supply and higher home prices, the average purchase loan size rose to a survey high of $365,700, the report said.

Refinance applications gained 0.4% and overall refinance activity was up 111% from last year. The slight increase in refinancing was most likely driven by a 2% gain in conventional refinances, Kan said.

The refinance share of mortgage activity decreased to 60.1% of total applications while adjustable-rate mortgage share of activity increased to 3.4% of total applications.

“The 30-year fixed-rate slipped to 3.26% – down 53 basis points since late March,” Kan said. “Borrowers acted in response to these lower rates, after accounting for the July 4th holiday,”

Here is a more detailed breakdown of this week’s mortgage application data:

  • The FHA’s share of mortgage apps fell to 10.9% from 11.7%.
  • The VA share of applications fell to 10.4% from 10.8%
  • The USDA share of total applications increased from 0.6% to 0.7%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) fell to 3.52% from 3.59%.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 3.31% from 3.43%.
  • The average contract interest rate for 15-year fixed-rate mortgages fell to 2.77% from 2.81%
  • The average contract interest rate for 5/1 ARMs fell to 2.98% from 3.04%

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Gentrification comes from lack of housing supply, Urban Institute says

A recent study from the Urban Institute reveals that higher housing costs as a result of the shortage of housing inventory is leading affluent buyers to seek out low- or moderate-income neighborhoods.

This creates gentrified neighborhoods.

Due to historical housing inventory shortages, gentrification is happening quicker.

According to the 2018 Home Mortgage Disclosure Act and 2018 American Community Survey data, nationally, 14% of low-income buyers are taking out new mortgages to buy homes in low- or moderate-income neighborhoods. This is happening at much lower rates than low-income homeownership rates in these neighborhoods, which is 31%. While the Urban Institute report was written shortly before the latest HMDA data came out, the 2019 ACS data will not be available until this fall.

Steps made to decrease gentrification disparity include boosting housing supply by easing local land use as well as easing building and zoning restrictions to make homes affordable, the Urban Institute said.

This would also lift barriers as to who can buy a home, and thus slowing down the pace of gentrification.

The report also pointed out that there are considerably fewer borrowers with low incomes who have mortgages, which is largely due to the lack of supply of houses for sale and mortgages at the lower end of the housing price spectrum.

Of households with moderate incomes, earning 50% to 80% of area median incomes, the share of new mortgages is 31%, compared to the 21% of the share of current homeowners.

For middle-income households, earning 80% to 120% of area median incomes, the share of mortgages is 27%, while rates of those already owning homes in the neighborhood are 21%.

Across the U.S., high-income households represent 45% of homeowners, 48% of all borrowers and 28% of borrowers in low- to moderate-income areas in 2018.

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Forbearance rate declines after June’s economic improvements, but will it hold?

The U.S. mortgage forbearance rate fell to 8.39% in the last week of June, down from 8.47% a week earlier, as businesses reopened and the jobs market improved, according to a report on Tuesday from the Mortgage Bankers Association. But will it hold?

The drop in forbearances came as the nation’s unemployment rate fell to 11.1% in June from May’s 13.3%, based on job data collected mid-month when the nation was reopening businesses.

“We learned last week that the job market improved more than expected in June,” said Mike Fratantoni, MBA’s chief economist. “With that as background, it is not surprising that the forbearance numbers continue to improve as more people go back to their jobs.”

The share of Fannie Mae and Freddie Mac mortgages in forbearance dropped for the fourth week in a row to 6.17%, a 9-basis-point improvement, the MBA report said.

Ginnie Mae loans in forbearance decreased 11 basis points to 11.72%. The forbearance share for portfolio loans and private-label securities, including jumbo mortgages, increased by 1 basis point to 10.08%.

Since that mid-June labor-market measurement showing people going back to work, COVID-19 infections have set new daily records and surpassed 3 million in the U.S., in total.

In the past two weeks, states representing about 60% of the U.S. population have responded to the acceleration of the pandemic by pausing or reversing reopening plans, according to a report from Goldman Sachs.

The resurgence in the pandemic has “already been much worse than we anticipated, and further restrictions will likely be required in some states to bring the virus under control,” the economists led by Goldman Sachs Chief Economist Jan Hatzius said in the report issued on Saturday.

Another worry is: The beefed-up unemployment provision in the CARES Act, which adds $600 a week to state payouts in an effort to fully replace salaries, is set to expire on July 31.

“If you’re a middle-income household with a job loss, that $600 a week could mean the ability to pay your mortgage and if it goes away it could put pressure on the housing market in terms of either mortgages or rents,” said Joel Naroff, president of Naroff Economics.

In May, the House of Representatives passed the Heroes Act, which extends the enhanced jobless benefits through January and provides almost $1 trillion in relief to state and local governments overwhelmed with the costs of battling COVID-19. Last week, the Senate adjourned for two weeks without addressing the issue.

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5 things mortgage pros must know about Quicken Loans’ Rocket Companies IPO

This week a Quicken Loans SEC filing confirmed the company will IPO with Rocket branding, as I predicted in HousingWire last month. Below, I explain why this is important, what it means for consumers and key things all mortgage pros must know about this milestone event in our industry.

1. Rocket Brand Power Is Real For Consumers 

The Quicken Loans/Rocket Mortgage machine had 20.2 million interactions with prospective clients in 2019, which is 80% more than it had in 2014. You’ll recall Rocket Mortgage was launched as the company’s digital mortgage brand in October 2015, and that’s when it began an aggressive brand push. From 2015 to 2016 alone, that brand push increased prospective client interactions from 11.7 million to 16 million. 

Interacting with this many leads led to becoming America’s top retail mortgage lender two years ago – and the company held that slot – funding $145 billion in originations in 2019 and $51.7 billion Q1 2020. 

Julian Hebron
Columnist

The company has spent $5 billion since founding on marketing, including $900 million in 2019 alone, with a huge emphasis on Rocket. Now the “Rocket” brand is official with a ‘Rocket Companies’ branded IPO. 

Consumer adoption is plain in the lead and volume stats above as well as in branded property stats. They created RocketMortgage.com from nothing in 2016, and the site had 73.8 million visits in 2019. Rocket advertising ubiquity has not only made Rocket Mortgage synonymous with push-button digital mortgages, it fills the funnel – which isn’t just a funnel, it’s end-to-end digital lending infrastructure.   

2. Rocket Brand Might Also Fuel Fintech Valuation 

Now, the Rocket brand will go deeper into four additional areas: Rocket Homes for home sale and search, Rocket Auto for car buying, Rocket Loans for personal loans, Rock Connections for client service and engagement. 

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From a revenue standpoint, Homes, Auto and Loans are small contributors, but these businesses have potential and Rocket Connections is the marketing glue that holds it all together and could give this IPO a fintech valuation.

The SEC filing placeholder said the company aims to raise $100 million, but it’ll likely be several multiples of that. I’ll expand on this and stats on other Rocket businesses after the IPO prices.

3. Quicken/Rocket Can Refi Billions Imminently. Can You?

Quicken/Rocket funded $51.7 billion in loans in Q1 2020 with an average loan amount of $277,000, average loan-to-value ratio of 73%, average credit score of 747, and a weighted average rate of 3.57%.  

These stats are staggering given that rates on such high quality profiles are almost a half a percent lower now. It tells us two things: 

  1. The rest of 2020 for Quicken/Rocket and the industry is going to be one for the ages as we keep racing to get homeowners in line with record low rates. Just watch those EPOs! 
  2. The value of loan servicing won’t be as high as some think until this plays out. Originators are partly right to think today’s fundings have rich servicing values, but buyers of mortgage servicing rights won’t pay premiums until some of this margin comes out of the system. 

4. Mortgage Company Founders Can Retain Control After Dealmaking

Dan Gilbert is a founder’s founder. In addition to the Quicken/Rocket brand family, he’s also got 110+ other companies in the Rock Holdings mothership, including sports and consumer mainstays like the Cleveland Cavaliers, Dictionary.com, and StockX. 

The Quicken/Rocket SEC filing shows synergistic relationships between Rocket Companies and Rock Holdings companies will continue as usual. 

Also, the IPO will use a share class structure that preserves 79% control of the company for Gilbert, which means he can control shareholder actions and who’s on the board. 

The IPO set off mortgage M&A talk this summer, and too often mortgage deals are viewed as capitulation by active and engaged founder-operators. 

Meanwhile, everywhere else in fintech, any and all deals are celebrated as victories. 

As mortgage dealmakers, we should take our cues from the fintech community and view dealmaking as a positive. Especially if, as Gilbert is demonstrating, you can maintain control if you want to. 

I hope this encourages more founders to explore smart deals. 

5. Well Paid Execs Play The Long Game 

Quicken Loans CEO Jay Farner made a $650,000 base salary and a $11,075,567 bonus last year. Decent for a 47-year-old financial exec, until you consider he helped build and now runs America’s top mortgage lender. 

The real money is in building enterprise value, and participating in that value via equity in the company. 

He’s been with the company for 24 years, and 24 years is the average tenure for the core executive team. Farner and team deserve their forthcoming equity compensation for playing the long game.

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Housing Tech Rundown: Notarize, Optimal Blue and TowerHouse

Notarize on Wednesday announced its partnership with Title365, a division of Xome, that will allow the companies to offer hybrid and fully digital residential real estate closings. As part of the collaboration, Title365 will collect, organize and retain mortgage documents via the Notarize platform.

Title365 customers will now have the option to close online through a secure video meeting – a fully digital option that Notarize predicts will shave weeks off the mortgage fulfillment process.

“As the industry evolves and demand for more efficient and secure solutions remains a high priority, our partnership with Notarize is a natural fit to help us deliver a seamless experience for our customers,” said Mike Rawls, CEO of Xome.

On Tuesday, Notarize announced it had closed on a $35 million series C round of funding in March. Since then, Notarize founder and CEO Pat Kindel said the startup has seen business surge by more than 400%.

Kindel said this latest partnership is ideal as Title365 shares Notarizes’ “commitment to using secure technology solutions to provide a world-class experience for everyone involved in the closing.”

Meanwhile, also on Wednesday, Optimal Blue released its integration with Nasdaq’s Contributor API enabling the Optimal Blue Mortgage Market Indices on Nasdaq’s Global Index Data Service platform.

Known as “OBMMI,” the platform is a compilation of 16 mortgage rate indices developed around mortgage loan products and credit-related attributes that impact mortgage pricing.

“Individuals who closely monitor the U.S. economy understand the strong correlation between the performance of the housing industry and the overall economy,” Optimal Blue said in a release. “Our timely indices offer substantial visibility into some of the critical drivers of mortgage pricing and trends over time for all GIDS data recipients, at no additional cost.”

Oliver Albers, SVP and head of data for Nasdaq’s global information services, said that while Nasdaq is already dedicated to bringing transparency to the financial ecosystem, the expansion of mortgage rate indices will provide additional clarity to an important asset class under one roof.

Finally, TowerHouse on Wednesday announced the launch of its flagship home management platform HomeEgg.com. The free platform allows U.S. homeowners the ability to track their home equity, home value trends, mortgage payoff and refi options, ROI on home improvements and other key financial information.

Daniel O’Toole, CEO and founder of TowerHouse, said HomeEgg will give homeowners unbiased financial insights across the homeownership cycle and the ability to tap into America’s $6.5 trillion in unmanaged home equity.

“Technology is stimulating new ways for homeowners to engage the marketplace which creates a unique opportunity for real estate services companies to calibrate more innovative customer retention and expansion strategies,” said Drew Meyers, founder and CEO of Geek Estate, a U.S. real estate think-tank. “HomeEgg.com is making strides toward capitalizing on this emerging proptech agenda.”

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HousingWire to donate to MBA Opens Doors for every magazine social post

In August, HousingWire is relaunching our all-new magazine, and we want to celebrate with something big. To help, we are calling on you and all our loyal readers.

In honor of our redesigned magazine, HousingWire will donate $5 to the Mortgage Bankers Association’s Opens Doors Foundation. The request is simple – get your magazine, snap a picture, tag us!

You can find us on Twitter, Facebook or Instagram.

The MBA Opens Doors Foundation is dedicated to providing the comforts of home to families in crisis. Through its home grant program, it provides mortgage and rental payment assistance grants to parents and guardians caring for a critically ill or injured child, allowing them to take unpaid leave from work and spend precious time together without jeopardizing their cherished homes.

If you’re not subscribed to HousingWire Magazine yet, sign up before July 10 to make sure you are on the mailing list for this issue.

Our new magazine showcases a complete design overhaul. It’s not your typical stale business magazine. The pages are dynamic, as readers flow through them with ease. In short, the new premium design matches the premium content that we deliver.

We also added several new sections, like our new real estate profiles that feature a real estate agent with their luxury listing. Learn more about various agents across the U.S. and flip through pictures of their beautiful luxury listings. We also brought new life to some of our classics, like the back sections. These sections will now feature the most relevant digital content for various parts of the housing industry, including mortgage, real estate, fintech and politics.

Community matters now more than ever, and this new magazine has a strong focus on community. From our people movers to our new fintech startup company profile, we are diving into what real estate professionals are doing in their world and bringing it to you.

Sign up before Friday to get the August issue of HW Magazine delivered to you, and don’t forget to post your pic and tag us! Together, we can help our communities and ensure no family has to go through a crisis without a home.

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NAR’s Victoria Gillespie: Don’t wait for a crisis to build strength

During times of crisis, communities and industries are defined by those who step up. National Association of Realtors Chief Marketing and Communications Officer Victoria Gillespie said Realtors did just that.

Gillespie’s record on success speaks for itself: Under Gillespie’s leadership as chief marketing and communications officer, NAR launched “That’s Who We R,” its most successful consumer advertising campaign to date with over 2.34 billion impressions and 42.4 million social media engagements.

Gillespie sat down with HousingWire to expand on what NAR did for Realtors during these unprecedented times and how Realtors stepped up in their own communities.

HousingWire: What has been the greatest challenge Realtors have faced in the past year, and how have they overcome it?

Victoria Gillespie: Like most organizations, COVID-19 posed a significant challenge for all of our members as we watched stay-at-home orders crop up across the country. We’re starting to see things level out now and that’s partly because as an organization, we sat down very early in the crisis and examined, “What are some things that we can do to help make our members’ lives better?”

Working hand-in-hand with all of our state and local associations, one of the first things we put together is a program called Right Tools, Right Now. It is a clearinghouse of everything we thought our members needed to take care of themselves and their businesses during COVID-19, and it includes everything from financial wellness resources to tools to guide members as their businesses become more virtual.

We even added a telemedicine benefit to the program, which is called Members TeleHealth. It allows NAR members and their families to see a doctor from their homes or their offices. We made sure to keep all of these resources are centrally located on our website to make it as easy as possible for Realtors to find what they need.

To date, the Right Tools, Right Now program has approximately 391 different resources and support items available and more than 158,000 of our members signed on to use it. We’re extremely proud of how it’s been a valuable resource to Realtors. Many of the Right Tools, Right Now resources, particularly those around running a virtual business and receiving telemedicine, will benefit NAR’s members for years to come.

HW: Has your marketing department played a role in getting more information out to Realtors during the crisis? What role has it played?

Victoria Gillespie: Throughout the COVID-19 pandemic, NAR’s marketing team has focused efforts on sharing resources and information with Realtors that will help their businesses survive and continue to thrive. Pivot in Place launched March 23, as a weekly video series to, as the name suggests, help Realtors pivot during a crisis.

Each Monday, NAR leadership offers tips for businesses to remain effective, keep clients informed, better communicate, improve employee safety and professional development, address legal concerns and lock in on current economic predictions for the real estate market. As I mentioned earlier, NAR also relaunched the Right Tools, Right Now initiative to support members through these uncertain times.

Finally, Realtor safety continues to be a priority at NAR and our marketing team is passionate about keeping members safe. Planning a safety strategy is imperative and could make the difference between life and death for Realtors. On June 23, the Realtor Safety program offered a free webinar presented by Carl Carter, Jr. It was the highest attended webinar in the history of the Realtor Safety Program with more than 3,000 registrants and 2,000 live attendees. In addition to reducing everyday risks, this webinar also covered COVID-19 safety tips to keep Realtors and their clients safe and healthy.

HW: The upcoming August magazine issue looks at the Women of Influence, how have you seen women stepping up during this time?

VG: As I’ve had the chance to look around and assess all members of my team and community, I firmly believe that all of us – men and women – have stepped up in many ways to battle the virus together. Many individuals have lost jobs, incomes and loved ones, forcing their everyday journey to be extremely difficult.

The ability of our team to be well prepared and work coherently prior to the virus has continued to allow our association to thrive. You cannot wait until a crisis is presented to build strength and unity, you must begin building strong leadership at the foundation.

HW: How have you personally stepped up in new ways since the pandemic began?

Victoria Gillespie: During uncertain and difficult times, we recognize the immense need from others for our support. I’m blessed to have had the opportunity to donate to local food banks, volunteer within my church community and virtually welcome new individuals into their walks of faith.

Gillespie is not only a 2020 HousingWire Women of Influence winner, but she is also featured heavily in the August issue of HousingWire Magazine. To read more about her and her story, sign up for HW+ before Friday, July 10 to get on the mailing list in time to have the August magazine issue delivered to you.

HousingWire will also donate $5 to the MBA Opens Doors Foundation for every social media post you tag us in with the August issue, so make sure you get one!

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iBuyer zavvie releases new Offer Optimizer solution

iBuyer platform zavvie has announced the release of a new version of its Offer Optimizer, which is aimed at helping agents engage clients with the possible selling options.

Image courtesy of zavvie. Click to enlarge.

These options include instant offers from iBuyers, a traditional market offer or a new Bridge option through Offer Optimizer, giving consumers a chance to buy their next home before they sell their current one.

Instead of an individual estimate from each iBuyer, a new estimated offer range will be given to clients from all iBuyer options.

These ranges will be based on data from zavvie, the company said. This includes comparing other iBuyers side by side to information on costs, fees and timeline expectations.

Lane Hornung, zavvie co-founder and CEO, said in a statement that his company has received feedback from thousands of agents using Offer Optimizer in the field indicating that many sellers have heard of iBuyers, but are unfamiliar with how they work.

“A streamlined Offer Optimizer makes it easy for the agent to explain how an instant sale works, and why it might be the right choice for their client,” he said.

The newest options for sellers – iBuyers and Bridge – are nearly completely digital, and “well-suited for social distancing,” Hornung added. Also, while iBuyers are limited to select markets, Bridge providers operate in every state, he said.

Last April, zavvie partnered with Colorado real estate brokerage 8z Real Estate to make its iBuyer program more widely available to home sellers in Colorado.

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DocuSign buys Liveoak and Notarize raises $35M as demand for RON surges

It’s been a good week for virtual notary services, which have seen a big bump in business during the COVID-19 pandemic.

On Tuesday, DocuSign announced it had acquired Austin-based startup Liveoak Technologies for $38 million in an all-stock transaction.

In announcing the deal, DocuSign said it made the buy “amid increasing demand for solutions that enable the remote completion of agreements that traditionally required in-person contact.”

Meanwhile, digital notary platform Notarize on Tuesday announced that it had closed on a $35 million Series C round of funding in March, bringing its total funding to date to $82 million. Real-estate focused venture capital firm Camber Creek, Boston-based Polaris Partners, and other existing strategic investors led the round.

Since that time, Notarize founder and CEO Pat Kinsel said the startup has seen its business surge by more than 400% since March “ as businesses and consumers seek transaction liquidity in this new environment.” 

Once the coronavirus pandemic hit, Boston-based Notarize said it moved quickly to scale its operations and enhance its technology. It opened its platform for its partners’ notaries to complete their own transactions and is adding 1,000 new notaries to its team to meet demand.

“And with the new clients we’ve recently won, combined with five additional states passing legislation, the surge in volume will continue to accelerate,” Kinsel said. “2020 is the year of digital notarization and online real estate closings.”

Some context

Liveoak uses web-based videoconferencing, collaboration features, identity verification and other tools to help complete an auditable transaction remotely. It counts some of the world’s largest financial institutions as customers.

Founded in 2014, Liveoak has raised a known $13.5 million, according to Crunchbase data. Its last fundraise was an $8 million Series A led by S3 Ventures that also included participation from State Farm Ventures, Northwestern Mutual Ventures and Broadhaven Capital Partners, among others.

DocuSign’s buy of Liveoak is not entirely a surprise considering the two have been partners. DocuSign eSignature is integrated with Liveoak’s agreement-collaboration platform. 

DocuSign said it plans to leverage Liveoak’s technology to speed up the launch of DocuSign Notary, a new product in its Agreement Cloud suite that focuses on remote online notarization (RON) and will enable notarized transactions via video. 

That’s slated for early-access availability later this summer.

Increased demand

As for Notarize, the startup’s services apparently helped influence Senator Robert Rodriguez, D-Colorado, to “finally pass the authorization of remote notaries in Colorado.” 

“Although it took a pandemic, I am no less inspired by Notarize and all the stakeholders working together to get this done in a strong bipartisan fashion,” he said in a written statement. “This bill was desperately needed in our current environment with COVID.”

Indeed, Notarize said the pandemic fast-tracked both market acceptance and business operations for the company. Over the past 90 days, it has onboarded more than 1,600 notary applicants.

Notarize also said it has accelerated the rollout of its Ellie Mae Encompass partnership and integration “so mortgage lenders may offer online closings with minimal setup.”

The company added that it is expanding the market for mortgage lenders considering that Fannie Mae and Freddie Mac have permanently eliminated the waiver requirements for lenders to perform RON mortgage closings.

Notarize also noted that demand for its SaaS-based platform has been particularly high for real estate transactions, with over $7 billion ordered in June alone, as people seek to complete closings, refinance and take advantage of historically low interest rates. To help facilitate digital solutions throughout the industry, Notarize has opened its platform to independent notaries and title agents in thirteen states.

Notarize said it has also updated  its real estate eligibility service’s footprint in response to leading title underwriters expanding RON approvals to 44 states.

Jake Fingert, general partner of Camber Creek, said that while the pandemic has forced nearly every business to digitize overnight, five-year-old Notarize is ahead of the game.

“Notarize identified the need to simplify the inconvenient and arduous process of notarization years ago and diligently built the technology, partner and legislative framework to make RON a reality,” he said in a written statement.

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Quicken Loans drops S-1 under the name Rocket Companies

Quicken Loans on Tuesday filed an S-1 with the U.S. Securities and Exchange Commission under the name Rocket Companies.

Last month, we reported that the largest online mortgage lender in the U.S. had confidentially filed for its prospectus for an IPO. 

Today, the Detroit-based company revealed that it will list its common stock on the New York Stock Exchange under the ticker symbol “RKT.” The company lists a figure of $100 million for the initial public offering, but the form notes that number is “estimated solely for the purpose of calculating the registration fee.”

Founded in 1985, Quicken Loans/Rocket Companies has been seeing record numbers of refinance and purchase applications in recent months in the midst of the COVID-19 pandemic.

The corporate structure for the newly public entity is sophisticated, and notably, Dan Gilbert will still retain significant control over the public company. Specifically, he will control approximately 79% of the combined voting power of Rocket Companies’ outstanding common stock.

This gives Gilbert control over actions requiring approval of stockholders, which would include corporate actions like election of the board of directors, amendments to bylaws and the approval of any merger or sale of the business.

Quicken said its financial results for the six months ended June 30, 2020, were not yet complete and would not be available until after the completion of this offering. 

But for 2019, the company revealed that its total revenue (net) was $5.1 billion and net income attributable to Rocket Companies was $893.8 million, representing a 22% and 46% growth from the prior year, respectively. Over the same time period, adjusted revenue was $5.9 billion, adjusted net income was $1.3 billion, and adjusted EBITDA was $1.9 billion. 

It also noted that as of June 30, 2020, it had approximately 98,000 clients on forbearance plans, which represents approximately 5.1% of its total serviced client loans.

The company said that it is the largest retail mortgage originator in the U.S. according to Inside Mortgage Finance, with $145 billion in originations in 2019. 

Specifically, the company originated $51.7 billion in the three months ended March 31, 2020, which is a 23% CAGR from originations of $25 billion in 2009.

It also claims to be “the scaled leader in the U.S. mortgage industry” with market share of 9.2%. Of total originations in 2019, $39 billion, or 27%, were to clients purchasing a home.

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