And in Q3, our gain-on-sale margins exceeded our expectations and remained elevated by historical standards, so our margins have remained elevated for longer than expected. Great. Your next question comes from the line of Don Fandetti from Wells Fargo. 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. We are seeing the strongest growth among our most digitally engaged clients. We expect net rate-lock volume of between $80 billion and $87 billion, which would represent an increase of 82% to 98%, compared to $43.9 billion in the fourth quarter of 2019. When we think about the future, and we talk about this a lot, we touched on the realtor.com partnership. One I'll draw your attention to is the Rocket Pro Insight platform. We have done some Ginnie Mae buyouts. Julie? James Faucette -- Morgan Stanley -- Analyst. View real-time stock prices and stock quotes for a full financial overview. For decades, many have viewed their house as their most important investment. Well, great. Well, the realtor.com partnership represents yet another example of us integrating our platform into their experience. Reconciliations between GAAP and non-GAAP metrics for our reported results can also be found in our earnings release issued today as well as in our filings with the SEC. Today's call is to provide you with information regarding our third quarter 2020 performance in addition to our financial outlook. Got it. We are very excited to have him join us. Well, I would say as we think about our Partner Network, which is large and growing, both branded partnerships that we've accomplished with Charles Schwab, State Farm, Intuit, another partnership we referenced today that we'll be talking more about as we get into 2021, they're incredibly important. I've seen a lot of positive response from both the broker community in Canada. I don't think we give the specific number for that. So definitely not looking for specific guidance on volumes or gain-on-sale margins for next year but just hoping you can maybe elaborate on the puts and takes to the gain-on-sale margins. Hey, I wanted to revisit the buyback versus the special dividend, pretty thin float. Our Rocket Can campaign has been incredibly successful, and we're proud to soon be rolling out a new slate of ads, including our first exclusively targeting the growing Latinx community. At Amrock, our title company, we closed more than 100,000 mortgage transactions in September, a record that proves the scalability of our platform. So we're just not disclosing right now the mix between that and the channels. But as I referenced before, title -- or Amrock had its record quarter as well, and so a significant portion of the title that we do here is we leverage through Amrock. Your line is open. Also, when we think about the client service we're providing, and I referenced J.D. Our strategic objective remains to achieve 25% market share of the mortgage market by 2030 while continuing to generate industry-leading profitability over the long run. We think that demand that we're going to continue to see with 70% of folks able to refinance and the amount of refinance volumes you take that into the next couple of years, if there's six trillion or seven trillion out there ready to be refinanced, that is something that's going to take years to work through, which will continue to elevate that demand, we believe, going into the upcoming years. And I guess based on where you're running, I think you're above 7.5% year to date, maybe closer to 8% in the quarter, although I know you don't manage to any one individual quarter. Date Event description Earnings per share actual Earnings estimate range Previous year's actual; November 10, 2020. And when you add in our seven consecutive No. We currently expect closed loan volume of between $88 billion and $93 billion or an increase of 73% to 83%, compared to $50.8 billion in the fourth quarter of 2019. Don Fandetti -- Wells Fargo Securities -- Analyst. And so that could come in the form of a special dividend that we've talked about. The business had revenue of $4.74 billion for the quarter, compared to … They reflect margin that is between maybe your traditional third party and direct to consumer, which is certainly beneficial and they leverage our brand. And with that, I'll ask Julie to share with you the details of our financial performance in this quarter. OK. Thanks a lot. RKT announced Q3 earnings. I know another one that we referenced that's been a tech investment for us is the partnership with realtor.com, where we're reaching now tens of millions of prospective home buyers. Hey, thank you, and congratulations on the results and guidance. This trend accelerated earlier this year and continued through the third quarter. We are also using automation to improve the efficiency of our operations and are now making more than one million decisions per day using machine learning. Other Ticker Details RKT Company Name Rocket Companies Earnings Call Date 10-11-2020 Time (ET) 16:30 Fiscal Quarter Q3 Fiscal Year 2020 Bob Walters -- President and Chief Operating Officer. So I think this is -- goes back to the broader concept of is just how we're going to handle capital allocation. Was there anything this quarter as you think about the spend there and the timing maybe into spring selling '21? Your line is open. Homeownership is on the rise across the country, led by a new generation of first-time homebuyers. To celebrate, we provided 10,000 fresh purchase leads to our Rocket Pro TPO partners, something that's never been done before in the industry. But if rates are falling and we might see the retention rate drop a bit, the rate today here in the low 90s, which is still incredible, we're still benefiting because that recapture rate allows us to generate significant revenue on the refinance of their mortgage. We believe this speaks to the strength of demand in the current environment, as you heard from Jay. Rocket also announced a $1 billion share buyback program and guided for fourth-quarter closed loan volume of between $88 billion and $93 billion. Your line is open. An earnings report is usually issued quarterly (Q1, Q2, Q3 & Q4) by public companies to report their performance. Learn more. Application volume through our self-serve digital experience has grown significantly faster than overall volume year to date. In the current environment, we are driving strong repeat transaction activity, which represented 42% of overall mortgage volume in the third quarter. 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? And not only does that allow us to provide that experience to Mint users, but the APIs that were built, we can leverage across additional partnerships. Also, when we look at the clients that could save a substantial amount of money here in this environment, and we're still in a situation, I believe, where 70% of the folks out there, it makes sense to refinance. OK. And then when -- unique situation. And that resulted from our strong Partner Network growth that we saw during Q3. Is that a big part of the volume? Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. Timothy Chiodo -- Credit Suisse -- Analyst. I think one of the debates out there is really thinking about that outlook into 2021, 2022 and sort of theoretically how much compression there could be on gain-on-sale margins, especially if the environment is such where rates do back up at some point and then industry volumes begin to fade. Detroit-based Rocket Companies Inc (NYSE: RKT ), home to Rocket Mortgage and Quicken Loans, the largest retail mortgage lender, reported a … Rock-Tenn (Westrock) (RKT) Earnings Report: Q3 2015 Conference Call Transcript The following Rock-Tenn (Westrock) conference call took place on July 30, 2015, 09:00 AM ET. We anticipate nearly 15,000 real estate professionals will sign up to use the platform by the end of the year, providing a significant touch point with one of the largest influencers in the home purchase life cycle. In the third quarter, we achieved year-over-year quarterly adjusted revenue growth of 163% to $4.7 billion and adjusted net income growth of 365% to $2.4 billion. And I was wondering if you could just expand on that partnership in terms of the potential relative to some of your other large brand name partners like State Farm? In the third quarter, we delivered a record performance with $89 billion of closed loan volume, representing a 122% increase year over year. As you look at the closed volume that we were able to achieve in Q3 and our projections for Q4, the technology to allow us to -- and our target goal was the 25% of the normalized mortgage market. ... (RKT) Stock is a Compelling Investment Case. I think when we think of Rocket Companies and our focus on helping consumers with some of the most exciting experiences they have in their life, whether it's buying home or refinancing their home or buying a car, we think we're uniquely positioned. Thank you for taking the question. Rocket's stock traded around $20.88 per share at publication time. The guidance that Julie will share with you today cements us among the most profitable fintech companies in the world, and we're not stopping there. 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. The reaction from those in the real estate community has been overwhelming. In fact in the first day, more than 1,100 agents joined Rocket Pro Insight, and the momentum has only increased. The Rocket Mortgage platform is particularly powerful for first-time homebuyers who can receive loan approvals within minutes. Your next question comes from the line of Matt Roswell from RBC. 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. I'm sure you were watching the television, listening to radio and going online as much as I was, and it was hard to see an ad that wasn't related to the election. 11-10 seekingalpha.com - Rocket Companies (NYSE:RKT): Q3 Non-GAAP EPS of $1.21 beats by $0.12; GAAP EPS of $0.54 misses by $0.59. These clients, who are not rate sensitive, remain an important population when you consider Rocket Companies' incredible footprint, serving all 50 states and more than 3,100 counties in the United States and a growing presence in Canada. Motley Fool Transcribing. For example, from the first quarter of 2017 through the third quarter of 2020, more than half our overall volume was from our less rate-sensitive products. And can you do that at kind of the beginning of their professional and working careers as -- and when they're buying their first homes? Again team, congratulations. We are committed to using our substantial cash generation to create long-term value for our shareholders. And so as a servicer, we're collecting those monthly payments. So that's one way that we engage that client early on in their life cycle. We are also adding hundreds of thousands of new clients into our ecosystem, creating an expanding foundation for future growth. Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. That's a critical component. And then if I can, in terms of -- I wanted to ask about Ginnie Mae buyouts. Our next question comes from the line of Timothy Chiodo from Credit Suisse. After we originate a loan, we maintain monthly touch points with our clients and generate recurring revenue by processing their payments and servicing their loan over its lifetime. Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), a Detroit-based holding company consisting of tech-driven real estate, mortgage and … Voices From The Street: Morgan Stanley analyst James Faucette said Rocket is so far delivering on its long-term goals. Rocket Mortgage Q3 Earnings Echoe Commit... 11/11/20. Henry Coffey -- WedbushSecurities -- Analyst. John Micenko -- Susquehanna International Group -- Analyst. 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. In the first three quarters of 2020, the company is responsible for 90% of all eClosings in the industry, providing safety and convenience to our clients amid the ongoing pandemic. OK. And then looking at the marketing spend, it grew as a percent of revenue. Benzinga. Stay up to date with lastest Earnings Announcements for Rocket Companies, Inc. from Zacks Investment Research As we show in today's press release, our net client retention rate has consistently been above 90% over the past few years. Jason McGruder - Vice President, Investor Relations We are demonstrating true leadership at a critical time for our industry and our clients. And as you touched on, this is where our ability to reach into the market, leveraging whether it's our partners at Schwab, realtor.com, Mint, or our broker partners along with leaning into our direct-to-consumer advertising, it really positions us to grow market share when others are pulling that because of slight changes in interest rate. Today, we are also introducing a new metric called our net client retention rate. I was wondering if we could think about the expense side going into the fourth quarter. Well, the progress is going very well. And can you maybe just talk about what you're seeing that will drive the compression into the fourth quarter? It also allows the realization to drive referral business into our platform. Nov 10, 2020, 4:30 p.m. 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? We anticipate that we'll share more information in the new year. And so remember, we've got a 35-year track record here, I think, of allocating capital in a pretty strategic manner. In addition, Amrock continues to be a trailblazer, digitizing the title industry much like Rocket Mortgage did for loan originations. Good afternoon, Julie. 94 billion is a huge base, the largest lender in the country. 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. Maybe you could talk about that a little bit more. 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. The Earnings Whisper number was $1.13 per share. 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. We are excited to share the results of another very strong quarter with you. Subscribe to Premium to view Fair Value for RKT. Channel and product mix were the biggest drivers of this variance, about 40 basis points of this. This is Bob Walters. Stock analysis for Rocket Cos Inc (RKT:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. The scale and efficiency of our platform continues to drive substantial earnings power. 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. Well, as I touched on before, I know we're not providing guidance, but I can state that much like the mortgage platform, building out the different channels in our real estate from Rocket Homes, which now has millions of visitors a month, For Sale By Owner platform, the Rocket Auto platform, all of those things are going as planned, and we are very excited about the growth we've seen here in Q3 and even more excited about the growth that we believe we will experience in the future. Your next question comes from the line of Rick Shane from J.P. Morgan. That's giving real estate agents real-time updates on the status of their clients' mortgage. Yeah. As I referenced in the comments on the call here, the demand for the digital experience is stronger than ever, and we're seeing significant growth there and in particular for us on the purchase side. That leaves more time for mortgage bankers to help other homebuyers, and the agent can focus on showing and closing houses with their clients. Over just the first nine months of 2020, we produced approximately $6.6 billion in GAAP pre-tax income, which represented a dramatic improvement compared with a year earlier. Rocket Companies will host a live conference call at 4:30 p.m. RKT Company Name Rocket Companies Earnings Call Date 10-11-2020 Time (ET) 16:30 Fiscal Quarter Q3 Fiscal Year 2020 Live Webcast URL https://event.on24.com/eventRegistration/eventRegistrationServlet?referrer=https%3A%2F%2Fir.rocketcompanies.com%2F&eventid=2626269&sessionid=1&key=5F1B472E3145E7954334EDC72BE7AFDA®Tag= And so from a technology perspective, from an operations perspective, the platform is performing incredibly well. Well, as we've talked about for a long period of time, if there's a marketing dollar that can be spent that is profitable, especially on the first transaction, we will spend it because the lifetime value of that client is multiples more than the initial revenue that we -- and profit that we generate in the first transaction. I was hoping you could address just how you think about your positioning in the wholesale channel, how you think about your differentiation from others maybe in terms of execution, speed, pricing, platform, you kind of you name it, and how that benefits your mortgage partners. We're also having the ability to market to those clients for other services. We kicked off a new relationship with realtor.com that allows the tens of millions of homebuyers visiting their website to seamlessly apply for a Rocket mortgage. Benzinga does not provide investment advice. Thank you. With that --. Data is currently not available The companies in the list above are expected to release earnings this week. And then on the Partner Network side of things, probably between 100 and 150 basis points, if you look back over time. We're very excited about the work that we're doing in Canada. Power yesterday. Yeah. Another program to help both homebuyers and their agents was launched in early October. 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. (MFTranscribing) Nov 11, 2020 at 4:30AM. 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. As the largest mortgage lender in the country, we also benefit from the scale and sophistication of our capital markets capabilities, including superior hedging, pooling and secondary market execution. I know on the last call, you talked about your objectives in terms of building capacity for next year. And so we feel really good about where our gain-on-sale margins and volumes are heading here into the fourth quarter. Power award in a row for loan origination and now leverage the brand that people know and trust and receive lead flow to allow them to grow their businesses as well. And I think as Julie gave her guidance for Q4, really what you're looking at if you back out a little bit of pressure we saw in October due to marketing spend for the election, which, of course, makes it a little bit more challenging for us from a marketing perspective and the fact that Q4 has four or five fewer, what I'll call, actionable business days, the day before Thanksgiving or the day before Christmas Eve which can be a bit more challenging. So -- and as we look ahead into Q4, margins are still strong by historical standards, and they're continuing to stay elevated. Don't have a Benzinga account? Company Participants. Rocket Companies, Inc. (NYSE:RKT)Q3 2020 Earnings CallNov 10, 2020, 4:30 p.m. If you back that out and look at what we're forecasting for production in Q4, it's very, very similar to what we accomplished in Q3. I don't think we disclosed the percentages. Revenue was up 163% compared to a year ago. 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. In the past, we have typically seen primary secondary spreads normalize within a month or two. We define total liquidity as cash and cash equivalents, plus undrawn MSR lines undrawn unsecured lines of credit and self-funded mortgages, that can be transferred to our funding facilities at our option. Ryan McKeveny -- Zelman and Associates -- Analyst. As we look forward to the implementation of the GSE adverse market fees coming into place, I'm curious whether or not you think the primary markets will reprice or whether or not you think originators will start to absorb some of this and that will adversely impact gain on sale. We also produced another quarterly record in closed loan volume, which was up 122% year over year to $89 billion. And I think that was an important move that the board made. Gold Flora Teams Up With Stately Brands To Boost Cal... OpenGov Partners With Fyllo To Launch Cannabis Licen... Privacy Policy / Do Not Sell My Personal Data. So, Jay, maybe to bring together a handful of things that you touched upon. So first question on gain-on-sale margins, Julie, taking some of your commentary on 4Q maybe a step further. Yeah. Rocket Companies, Inc. (NYSE:RKT) Q3 2020 Earnings Conference Call November 10, 2020 4:30 PM ET. The Numbers: Rocket Companies, which is the parent company of Rocket Mortgage and Quicken Loans, reported third-quarter adjusted EPS of $1.21 on revenue of $4.74 billion. Just curious if you thought the competitive dynamic would -- if that would change the competition and then also what you're seeing from some of the large banks. The program gives us the flexibility to take advantage of opportunities if we believe the market is undervaluing our business. Your line is open. Another one that I believe Julie referenced is the Mint partnership. Good afternoon, everyone, and welcome to our third-quarter earnings call. And so the real estate agent, the mortgage approval, Amrock's title business, Nexsys and the closing, the eClosing platforms that we've built, this is just a great way for us to wrap that all together and create a very unique and best-in-class experience for our clients and for realtor.com clients. Turning to our balance sheet. Today, home means so much more. Now they can help guide homebuyers through the mortgage process from approval to closing using the Rocket Pro mobile app or website. And then a quick follow-up. [Operator instructions] Please be advised that today's conference is being recorded. Homeownership is back to kind of pre-crisis levels. Yeah, sure. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. 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. Rocket Companies, Inc. (RKT) CEO Jay Farner on Q3 2020 Results - Earnings Call Transcript Nov. 10, 2020 11:41 PM ET Rocket Companies, Inc. (RKT) 9 Comments 6 Likes SA Transcripts Jay? Our next question comes from the line of Bose George from KBW. Q3-19. Overall, our margins exceeded the high end of our expectations and remained at historically elevated levels throughout the third quarter. Our exceptional brand marketing also continues to be a true differentiator in the industry. Yeah, great question. We talked about the new rollout of Rocket Pro TPO, giving brokers that brand and that technology. More News & Events. “Still, the qtr does little to resolve key debates (especially as conditions may shift), and its buyback authorization is likely a less preferred path for capital return,” Faucette wrote in a note. Closed origination volume was up 122% to a record $89 billion in the quarter. All rights reserved. Will you be leaning more heavily into the broker channel? And as I referenced before, millennials are very focused on homeownership, moving from urban areas. But what percentage of your title business are you capturing from your originations? Yeah. But when we think about 2021, we're looking at businesses that will see substantial growth. Matt Roswell -- RBC Capital Markets -- Analyst. Stock Advisor launched in February of 2002. 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