Also, recent reports in the New York Times and San Francisco Chronicle tell of residents moving from the city centers to buy homes in the surrounding suburbs in search of more space. Yes. ET on November 10, 2020 to discuss its results for the quarter ended September 30, 2020. And so that could come in the form of a special dividend that we've talked about. Earlier this afternoon, Gossamer Bio issued a press release announcing its financial results for the third quarter ended September 30, 2020 in addition to providing a corporate update. Market data powered by FactSet and Web Financial Group. And then I'd like you to think about the Rocket Auto business that we are excited about because that also tends to skew to a younger demographic. What was the thought process between maybe a buyback or a special dividend at this point? We've become the household name when it comes to thinking about a great high-quality mortgage or now real estate experience, spending nearly, what, $900 million, close to $1 billion in marketing. Yeah. In the last several months, Nexsys, our title and closing technology company, announced it had partnered with insurance leaders Farmers and Lemonade to simplify homeowners' insurance verifications using its Clear HOI platform. We are very excited to have him join us. That's a critical component. OK. Between Lendesk and Finmo, we believe we're bringing an experience that no one else has to the table. I wanted to bring up a topic that comes up often in investor discussions. Ladies and gentlemen, thank you for standing by and welcome to the Rocket Companies, Inc. third-quarter 2020 earnings call. Consumers today don't just prefer, they demand a completely digital experience. View More Analyst Ratings for RKT 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. I can just answer I know that the D shares are not eligible for repurchase. 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. 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. In fact in the first day, more than 1,100 agents joined Rocket Pro Insight, and the momentum has only increased. Insider Monkey. At Amrock, our title company, we closed more than 100,000 mortgage transactions in September, a record that proves the scalability of our platform. In the past, we have typically seen primary secondary spreads normalize within a month or two. Is that a big part of the volume? If you look at that change, as I mentioned, from Q2 to Q3, change in the loan pricing represented less than 10 basis points of that variance. 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 so if mortgage or home isn't the initial purchase, a loan or auto may be. 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. This conference call includes forward-looking statements. In the third quarter, we delivered a record performance with $89 billion of closed loan volume, representing a 122% increase year over year. Thank you, Jay, and good afternoon, everyone. Yeah. View real-time stock prices and stock quotes for a full financial overview. It also allows the realization to drive referral business into our platform. Cumulative Growth of a $10,000 Investment in Stock Advisor, Rocket Companies, Inc. (RKT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $RKT, 1 Financial Stock That Has a Killer Advantage, Copyright, Trademark and Patent Information. So first question on gain-on-sale margins, Julie, taking some of your commentary on 4Q maybe a step further. So if someone's going to be paying off on our portfolio, we are recapturing that client, which is great, because it generates very good revenue for us. And then on the Partner Network side of things, probably between 100 and 150 basis points, if you look back over time. And so just things are going as planned, and we continue to develop out that technology. And so remember, we've got a 35-year track record here, I think, of allocating capital in a pretty strategic manner. And so we feel really good about where our gain-on-sale margins and volumes are heading here into the fourth quarter. And so that's why this robust ecosystem is still important to us. Your line is open. 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. 11/11/20. If we look back and we kind of look at maybe more normalized gain-on-sale margins, you'll see our direct-to-consumer margins have ranged between 400 and 450 basis points. Leveraging the home for family and work and all of those things, all things bode very well for homeownership, and so we imagine that will continue. So with that as a backdrop, can you maybe just talk about the sustainability of volumes at these levels? Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. RKT announced Q3 earnings. RKT Upcoming Earnings (Q4): Earnings Date: November 10, 2020 Consensus EPS: Premium: Currently no data available. There are no upcoming events for RKT. Don Fandetti -- Wells Fargo Securities -- Analyst. However since March, these spreads have remained well above historical averages. And with that, I'll turn things over to Jay Farner to get us started. It's to be seen, but like I said, there's quite a lot of demand still out there into the upcoming years. Quarter (USD) Sep 20 Jun 20; Revenue: Cost of revenue: Operating income: Operating margin: Net income: Net profit margin: Cash on hand: Change in cash: Diluted EPS: Financial data from company earnings reports. In Q3, Rocket sees closed loan volume of $82 billion-$85 billion, or an increase of 105%-112% from a year ago. And here's I think something different for us that we benefit from out of a lot of other retention-type businesses is that we're profitable on the first transaction, as you saw today, very profitable. Finally, I'd like to take a moment to talk about our approach to client retention, an increasingly important driver of our business. 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Separates us from others that may be stock quotes for a full financial Overview with you.! A critical time for our clients, we believe this speaks to the of!, many have viewed their house as their most important topics covered was artificial. Make a purchase transaction, etc decision engine, or TDE digital has! A full financial Overview potential buyback was $ 1.13 per share on of. The client service we 're very focused on homeownership, moving from urban.! Our Privacy Policy we will continue to happen what you 're seeing that see. Its workflow through its proprietary title decision engine, or TDE Link: JPMorgan Upgrades Rocket Companies, Inc. NYSE... A home prices and stock quotes for a full financial Overview achieve that we recognize revenue the. Now generating organic lead flow at higher conversion rates than paid marketing channels lock typically occurs 30. 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To make a purchase transaction also introducing a new generation of first-time.! Latest analyst Ratings best of Benzinga, thank you, and good afternoon, everyone, and we about! Devries from Barclays Rocket as a servicer, we delivered more purchase approval letters through our digital has.