It was great, welcome news that the vaccine or a vaccine may be on its way, but we don't believe this will alter the course that has been set now for more work from home. Credit Suisse has a Neutral rating and $27 target. Rocket Companies Inc (NYSE: RKT) shares fell about 3.3% on Wednesday after the company reported a record third quarter on Tuesday afternoon. A daily collection of all things fintech, interesting developments and market updates. In fact in the first day, more than 1,100 agents joined Rocket Pro Insight, and the momentum has only increased. Your line is open. 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. Thanks very much for taking my question. So we're talking about millennials. We talked about another very large partnership that we'll be announcing with more detail in 2021. Our high recapture rate serves as a natural hedge to our retention rate. And second, we're obviously seeing rates moving up a bit, and I think market expectations are for them to continue to increase. Rocket Mortgage Q3 Earnings Echo Commitment To Innovation, Democratization Of Homeownership. In addition to our board, he also serves as an independent board member for Tyson Foods, McGraw-Hill Education, Little League Baseball and several others. Back to RKT Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. We're very excited about the work that we're doing in Canada. The Rocket Mortgage platform is particularly powerful for first-time homebuyers who can receive loan approvals within minutes. RKT 's fiscal year ends in December. 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. We also, of course, saw increased media costs as we went into this quarter with the election. Date Event description Earnings per share actual Earnings estimate range Previous year's actual; November 10, 2020. So we're just not disclosing right now the mix between that and the channels. RKT announced Q3 earnings. Third Quarter Earnings Call. 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. And so our ability to leverage our leadership across those areas, both real estate Rocket Homes, Rocket Auto and Rocket Loans, is going very well. The most anticipated earnings releases scheduled for Monday, January 11, 2021 AZZ (AZZ), Commercial Metals (CMC), SYNNEX (SNX), Simulations Plus (SLP), Limoneira (LMNR), Kura Sushi USA (KRUS) Earnings Whispers' Calendar is the most trusted source for earnings dates - confirmed directly with the company. Moving on to our outlook. Your line is open. It's very important that that loan closes, but it also frees up time for our team members to now to focus on the next loan, making us more efficient versus taking those calls. OK. And then looking at the marketing spend, it grew as a percent of revenue. Both numbers topped consensus analyst estimates of $1.07 and $4.55 billion, respectively. If we see the stock price drop to a place that we think is advantageous, the better use of our capital would be to buy those shares back. Your next question comes from the line of Mark DeVries from Barclays. We are seeing the strongest growth among our most digitally engaged clients. We've demonstrated that for years, and that will continue to happen. Q3-19. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued today, as well as risks described in filings with the SEC, particularly in the section of these documents titled Risk Factors. No. 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. Yeah. Get the latest Rocket earnings report, revenues as well as upcoming RKT earnings dates, historical financial reports, news, analysis & more. Well, great. Good afternoon, Jay. Motley Fool Transcribing. With that --. The unique strength of our business is that when the net client retention rate falls, it is generally the result of lower interest rates, leading to higher refinance activity. Closed origination volume was up 122% to a record $89 billion in the quarter. And if there's an opportunity to buy back shares that we think are undervalued, then we'll do so. OK, great. If you have any questions feel free to call us at 1-877-440-ZING or email us at [Operator instructions] Our next question comes from the line of Arren Cyganovich from Citi. Yeah. We believe this speaks to the strength of demand in the current environment, as you heard from Jay. 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. An earnings report is usually issued quarterly (Q1, Q2, Q3 & Q4) by public companies to report their performance. And so just things are going as planned, and we continue to develop out that technology. View the Latest Analyst Ratings. We continue to also leverage well-known talent like Jason Momoa, star of our Super Bowl ad; and future NFL Hall of Fame wide receiver, Larry Fitzgerald, in our marketing to appeal to a broad consumer base. First, I want to congratulate our team on being named the No. Whatever is best for our clients, we want to help them achieve that. So with that as a backdrop, can you maybe just talk about the sustainability of volumes at these levels? Thank you, Julie. While we continue to benefit from the low interest rate environment, we also produced strong year-over-year growth in the quarter from less rate-sensitive products. We have done some Ginnie Mae buyouts. Your line is open. Your line is open. And maybe Jay, in particular, when you look at that 92%, kind of how did -- what goes through your mind in terms of the different ways that you can look to take advantage of that and increase the lifetime value of those customers? 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. And one of the key strengths of our platform, not only is the technology, the client base, the brand, but also the leadership. Demand for these products are driven by factors, including clients wanting to purchase a home, take cash out of their homes, reduce the terms on their mortgages, changes in their life situations and the demand for investment properties. 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. ET on November 10, 2020 to discuss its results for the quarter ended September 30, 2020. Create one. We did that as a privately held organization from time to time. 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? 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 Lastly, the company's board of directors approved a $1 billion share repurchase program effective today. As a reminder, we recognize revenue at the time when we lock the interest rate with our clients. Our marketplace has reached a significant inflection point due to consumers demanding a simple, digital experience, and I'm proud to say Rocket Mortgage is executing at enormous scale. Our new metric is calculated based on the clients who remain active with Rocket as a percentage of the total starting client base. In addition to leveraging our rich data insights, we continue to expand the ways we are reaching consumers through innovations, partnerships and marketing. So, Jay, maybe to bring together a handful of things that you touched upon. 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. Your line is open. And then a quick follow-up. Company Participants. Subscribe to Premium to view Fair Value for RKT. Rocket Companies, Inc. ( NYSE:RKT) Q3 2020 Earnings Call. But when we think about 2021, we're looking at businesses that will see substantial growth. I think we disclosed our mix in our S-1 kind of 2019 and what that looks like, but that is something where we're still seeing very strong purchase demand here and something that we're very focused on. Yeah, sure. Thank you very much. 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? Clearly, we're always considering different M&A activities. Other Ticker Details RKT Company Name Rocket Companies Earnings Call Date 10-11-2020 Time (ET) 16:30 Fiscal Quarter Q3 Fiscal Year 2020 The scale and efficiency of our platform continues to drive substantial earnings power. So first question on gain-on-sale margins, Julie, taking some of your commentary on 4Q maybe a step further. RKT: Rocket Companies, Inc. - Earnings Announcements. To further illustrate the scale of this growth, Rocket Mortgage closed nearly $1 billion of origination volume each day in the third quarter. Funded loan volume in our direct-to-consumer channel was up by 131% to $53.5 billion and increased in our Partner Network by 127% to $29.6 billion, both compared with the year-earlier quarter. Insider Monkey. 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. Is that contributing much to earnings? The business had revenue of $4.74 billion for the quarter, compared to … 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 … A … Thank you. And so we continue on our path, building all of the right long-term strategies to allow the company to achieve that long-term goal of 25% market share by 2030. Bank of America has a Buy rating and $27 target. But so maybe if you can share some color on what you've seen historically in periods that might be somewhat analogous to today where you have 2020 as a pretty massive year but effectively what happens after that and why. Our gain on sale margins of 4.52% increased substantially from 3.29% in the prior-year period and remained strong by historical standards. Thanks for the question. And as I referenced before, millennials are very focused on homeownership, moving from urban areas. The authorization reflects the board and senior leadership's confidence in Rocket Companies' long-term prospects. This transition allows our partners to continue to meet the needs of their clients while also providing them with the ability to leverage the best-known brand in consumer lending with Rocket Mortgage. What are those primary factors that we should think about for the puts and takes? And that's important to them, of course, because they feel in control. This trend accelerated earlier this year and continued through the third quarter. [Operator instructions] Please be advised that today's conference is being recorded. Just kind of a second question, it's not really related. Cumulative Growth of a $10,000 Investment in Stock Advisor, Rocket Companies, Inc. (RKT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $RKT, 1 Financial Stock That Has a Killer Advantage, Copyright, Trademark and Patent Information. Don't have a Benzinga account? We are very excited to have him join us. ROCKET COMPANIES ($ amounts in millions, except per share) Q3-20 . I don't think we disclosed the percentages. And that recapture rate is one of the reasons we were able to have this very high retention rate, and you just touched on it. RKT | Complete Rocket Cos. Inc. stock news by MarketWatch. 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. Overall, the feedback we've received about the rebrand and technology rollouts has been extremely positive. Again team, congratulations. Got it. Your line is open. RKT Upcoming Earnings (Q4): Earnings Date: November 10, 2020 Consensus EPS: Premium: Currently no data available. You guys have announced $1 billion potential buyback. JinkoSolar has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Friday, March 12th, 2021 based off prior year's report dates. So we feel very good about the continued strength and demand, not only on the refinance side, but on the home purchase side. 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. Approximately 40 basis points of the change resulted from differences in channel and product mix, particularly the strong growth of our Partner Network volume during the quarter. And depending on where the refi and the purchase money market falls out, how do you see that affecting your channel mix between the independent -- between the brokers, the partner network and your direct retail originations? They all seem to want to congratulate our team on being named to Rocket. 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