And so remember, we've got a 35-year track record here, I think, of allocating capital in a pretty strategic manner. And then finally, as we go through that waterfall, as profitable as we are, there are times when returning capital to shareholders is the right thing to do. But what percentage of your title business are you capturing from your originations? Consider this: Our incremental volume in the third quarter is so large that it, alone, would have made us the second-largest retail mortgage lender in the nation. That's giving real estate agents real-time updates on the status of their clients' mortgage. Lastly, the company's board of directors approved a $1 billion share repurchase program effective today. I know we're not providing the guidance right now on those businesses. But maybe you can talk a little bit about where you are seeing success, and how we should think about the trajectory on that initial purchase volume and how that can contribute to the lifetime value, particularly if you're able to maintain those high retention rates. Rocket's stock traded around $20.88 per share at publication time. Thank you very much. We have a strong feeling about the value of our organization. Stock analysis for Rocket Cos Inc (RKT:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Next reporting date--EPS forecast (this quarter)--Annual revenue (last year) $5.2B: Annual profit (last year) $751.5M: Net profit margin: 14.38% This metric is intended to be comparable with retention figures across multiple industries, including cable and wireless service providers. Rocket Companies reports Q3 EPS 54c, consensus $1.09 11/10/20 ... FDA user fee goal date of 12/29 for arbaclofen 07/09/20 Osmotica Pharmaceuticals receives FDA approval for Upneeq. Also, when we think about the client service we're providing, and I referenced J.D. 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. Yeah, sure. One thing I wanted to make sure that I did clarify here, I wasn't sure earlier the question regarding the share repurchase plan, if the question was regarding the or D shares. This tool, which is currently being used on more than 30% of Amrock's title work, automates the traditionally manual process of reviewing documents, maps and records of sale, cutting down the time our team members work on files by nearly 70%. Clearly, we're always considering different M&A activities. Rocket Mortgage Q3 Earnings Echoe Commit... 11/11/20 Detroit-based Rocket Companies Inc (NYSE: RKT ), home to Rocket Mortgage and Quicken Loans, the largest retail mortgage lender, reported a … The Earnings Whisper number was $1.13 per share. Thank you. DETROIT, Oct. 19, 2020 Rocket Companies (RKT), Inc., a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses including Rocket Mortgage, Rocket Homes and Rocket Auto today announced the Company will issue its third quarter 2020 earnings on November 10, 2020. Subscribe to Premium to view Fair Value for RKT. Jason McGruder -- Vice President of Investor Relations. [Operator instructions] Our next question comes from the line of Arren Cyganovich from Citi. Power yesterday. 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. And so if mortgage or home isn't the initial purchase, a loan or auto may be. Your next question comes from the line of Rick Shane from J.P. Morgan. The scale and efficiency of our platform continues to drive substantial earnings power. 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. We achieved a 69% adjusted EBITDA margin in the quarter and have generated $5.9 billion of adjusted net income in just the first nine months of 2020. And as I referenced before, millennials are very focused on homeownership, moving from urban areas. Company Participants. That leaves more time for mortgage bankers to help other homebuyers, and the agent can focus on showing and closing houses with their clients. Our total Q3 expenses increased by 46% year over year, primarily driven by higher variable compensation and an increase in team members and production roles to support our growth. And maybe one for Julie, I don't want her to feel left out here. Hey, good evening. How much of that is being driven by channel mix expectations versus competition? That's really helpful. In addition to becoming the overwhelming choice for millennial homebuyers, Rocket Mortgage has continued to serve a large number of clients looking to take cash out of their homes, reduce their loan terms or refinance due to changes in life situations, such as divorce. OK. And then a bigger-picture question, how are the efforts going into sort of the non-mortgage loans going? The Rocket Mortgage platform is particularly powerful for first-time homebuyers who can receive loan approvals within minutes. 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. While the F1 consensus estimate and revision is a key driver of stock prices, the Q1 consensus is an important item as well, especially over the short-term, and particularly as a … And are you generating a third-party business there? Largely, most of that pricing has been absorbedand we got a test run at it before the changes that were made a month or so ago. 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. 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. Q3 2020 Earnings Release. Matt Roswell -- RBC Capital Markets -- Analyst. The consensus earnings estimate was $1.03 per share on revenue of $4.3 billion. These companies join others, including Allstate and Liberty Mutual, in helping provide a digital solution to lenders looking to confirm the presence of an insurance policy in real time, eliminating the need to manually call to confirm, a process that is deceptively tedious. And so we feel really good about where our gain-on-sale margins and volumes are heading here into the fourth quarter. I wanted to bring up a topic that comes up often in investor discussions. Posted-In: Bank of America Credit SuisseAnalyst Color Earnings News Price Target Top Stories Analyst Ratings Best of Benzinga, Thank you for subscribing! ... (RKT) Stock is a Compelling Investment Case. And we've launched that now. Rock-Tenn Company is engaged in manufacturing and sale of containerboard and paperboard products. And then, of course, the dollars that we're able to invest in the technology to grow this platform and separate us from others with now two million clients on our servicing book with a retention rate north of 90%, with a recapture rate that's 4.5 times the industry, according to Black Knight, and watching this base grow, how we think about this fintech platform that we built, the growth that we're seeing, we think that's quite a bit different than some other folks that may be in the space doing mortgages. And then on the Partner Network side of things, probably between 100 and 150 basis points, if you look back over time. OK. And along those lines, how does that positioning and some of the advantages you're bringing into that market influence the gain-on-sale margin in that segment, kind of above and beyond the overall mortgage market influences on the margin? The growth we're achieving is unmatched. Or was it just you just kind of match the spend versus the revenue? Our next question comes from the line of Bose George from KBW. Prior to TaxDay, Jonathan spent 23 years in professional sport serving as the chief financial officer for Major League Baseball, the Florida Marlins, the Florida Panthers and Dolphins Stadium. Related Link: JPMorgan Upgrades Rocket Companies, Predicts Rotation To Credit-Sensitive Stocks. The program gives us the flexibility to take advantage of opportunities if we believe the market is undervaluing our business. The COVID-19 pandemic has fundamentally changed the way Americans think of their homes. © 2021 Benzinga.com. 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