ROCKET COMPANIES, INC., 10-Q filed on 5/10/2023
Quarterly Report
v3.23.1
Cover - shares
 3 Months Ended
Mar. 31, 2023
May 03, 2023
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 001-39432  
Entity Registrant Name Rocket Companies, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-4946470  
Entity Address, Address Line One 1050 Woodward Avenue  
Entity Address, City or Town Detroit  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48226  
City Area Code 313  
Local Phone Number 373-7990  
Title of 12(b) Security Class A common stock, par value $0.00001 per share  
Trading Symbol RKT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001805284  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A common stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   127,004,706
Class D common stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   1,848,879,483
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 893,383 $ 722,293
Restricted cash 64,307 66,806
Mortgage loans held for sale, at fair value 8,438,714 7,343,475
Mortgage servicing rights (“MSRs”), at fair value 6,669,939 6,946,940
Notes receivable and due from affiliates 8,073 10,796
Property and equipment, net of accumulated depreciation and amortization of $486,940 and $463,262, respectively 267,320 274,192
Deferred tax asset, net 541,248 537,963
Lease right of use assets 391,897 366,189
Loans subject to repurchase right from Ginnie Mae 1,626,587 1,642,392
Goodwill and intangible assets, net 1,253,309 1,258,928
Other assets 860,289 799,159
Total assets 21,202,279 20,082,212
Liabilities    
Funding facilities 5,236,034 3,548,699
Other financing facilities and debt    
Senior Notes, net 4,029,339 4,027,970
Early buy out facility 423,831 672,882
Accounts payable 135,039 116,331
Lease liabilities 448,331 422,769
Forward commitments, at fair value 87,918 25,117
Investor reserves 107,134 110,147
Notes payable and due to affiliates 30,451 33,463
Tax receivable agreement liability 577,996 613,693
Loans subject to repurchase right from Ginnie Mae 1,626,587 1,642,392
Other liabilities 390,274 393,200
Total liabilities 13,092,934 11,606,663
Equity    
Additional paid-in capital 294,718 276,221
Retained earnings 280,997 300,394
Accumulated other comprehensive (loss) income (32) 69
Non-controlling interest 7,533,642 7,898,845
Total equity 8,109,345 8,475,549
Total liabilities and equity 21,202,279 20,082,212
Class A common stock    
Equity    
Common stock 1 1
Class B common stock    
Equity    
Common stock 0 0
Class C common stock    
Equity    
Common stock 0 0
Class D common stock    
Equity    
Common stock 19 19
IRLCs    
Assets    
Derivatives, at fair value 182,112 90,635
Forward commitments    
Assets    
Derivatives, at fair value $ 5,101 $ 22,444
v3.23.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Property and equipment, accumulated depreciation and amortization $ 486,940 $ 463,262
Class A common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 10,000,000,000 10,000,000,000
Common stock issued (in shares) 125,761,073 123,491,606
Common stock outstanding (in shares) 125,761,073 123,491,606
Class B common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Class C common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Class D common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 1,848,879,483 1,848,879,483
Common stock outstanding (in shares) 1,848,879,483 1,848,879,483
v3.23.1
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Gain on sale of loans    
Gain on sale of loans excluding fair value of MSRs, net $ 265,003 $ 687,170
Fair value of originated MSRs 204,560 796,616
Gain on sale of loans, net 469,563 1,483,786
Loan servicing (loss) income    
Servicing fee income 366,385 366,214
Change in fair value of MSRs (398,279) 454,380
Loan servicing (loss) income, net (31,894) 820,594
Interest income    
Interest income 66,744 90,540
Interest expense on funding facilities (29,060) (41,696)
Interest income, net 37,684 48,844
Other income 190,715 317,372
Total revenue, net 666,068 2,670,596
Expenses    
Salaries, commissions and team member benefits 603,775 853,915
General and administrative expenses 195,390 275,857
Marketing and advertising expenses 181,604 328,058
Depreciation and amortization 30,685 21,042
Interest and amortization expense on non-funding debt 38,333 38,664
Other expenses 32,268 90,603
Total expenses 1,082,055 1,608,139
(Loss) income before income taxes (415,987) 1,062,457
Benefit from (provision for) income taxes 4,504 (25,849)
Net (loss) income (411,483) 1,036,608
Net loss (income) attributable to non-controlling interest 392,960 (982,896)
Net (loss) income attributable to Rocket Companies $ (18,523) $ 53,712
(Loss) earnings per share of Class A common stock    
Basic (in dollars per share) $ (0.15) $ 0.44
Diluted (in dollars per share) $ (0.16) $ 0.40
Weighted average shares outstanding    
Basic (in shares) 124,732,722 122,691,728
Diluted (in shares) 1,974,629,808 1,975,379,132
Comprehensive income (loss)    
Net (loss) income $ (411,483) $ 1,036,608
Cumulative translation adjustment 7 588
Unrealized loss on investment securities (1,589) (1,495)
Comprehensive (loss) income (413,065) 1,035,701
Comprehensive loss (income) attributable to non-controlling interest 394,441 (982,049)
Comprehensive (loss) income attributable to Rocket Companies $ (18,624) $ 53,652
v3.23.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock
Class A common stock
Common Stock
Class D common stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Total Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2021   126,437,703 1,848,879,483        
Beginning balance at Dec. 31, 2021 $ 9,759,532 $ 1 $ 19 $ 287,558 $ 378,005 $ 81 $ 9,093,868
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,036,608       53,712   982,896
Cumulative translation adjustment 588         31 557
Unrealized loss on investment securities (1,495)         (92) (1,403)
Share-based compensation, net (in shares)   186,891          
Share-based compensation, net 53,381     3,288     50,093
Distributions for state taxes on behalf of unit holders (members), net (35,707)       (2,171)   (33,536)
Distributions to unit holders (members) from subsidiary investment, net (1,855,850)     725     (1,856,575)
Special Dividend to Class A Shareholders, net of forfeitures (155,582)       (123,752)   (31,830)
Taxes withheld on employees' restricted share award vesting (1,297)     (77)     (1,220)
Issuance of Class A common Shares under stock compensation and benefit plans (in shares)   1,018,875          
Issuance of Class A common Shares under stock compensation and benefit plans 13,673     930     12,743
Repurchase of Class A common shares (in shares)   (8,016,465)          
Repurchase of Class A common Shares (100,162)     (100,162)      
Change in controlling interest of investment, net (12,393)     49,196   2 (61,591)
Ending balance (in shares) at Mar. 31, 2022   119,627,004 1,848,879,483        
Ending balance at Mar. 31, 2022 8,701,296 $ 1 $ 19 241,458 305,794 22 8,154,002
Beginning balance (in shares) at Dec. 31, 2022   123,491,606 1,848,879,483        
Beginning balance at Dec. 31, 2022 8,475,549 $ 1 $ 19 276,221 300,394 69 7,898,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (411,483)       (18,523)   (392,960)
Cumulative translation adjustment 7         0 7
Unrealized loss on investment securities (1,589)         (101) (1,488)
Share-based compensation, net (in shares)   1,390,650          
Share-based compensation, net 50,813     3,217     47,596
Distributions for state taxes on behalf of unit holders (members), net 117       (209)   326
Special Dividend to Class A Shareholders, net of forfeitures 370       23   347
Taxes withheld on employees' restricted share award vesting (6,994)     (444)     (6,550)
Issuance of Class A common Shares under stock compensation and benefit plans (in shares)   878,817          
Issuance of Class A common Shares under stock compensation and benefit plans 7,250     456     6,794
Change in controlling interest of investment, net (4,695)     15,268 (688) 0 (19,275)
Ending balance (in shares) at Mar. 31, 2023   125,761,073 1,848,879,483        
Ending balance at Mar. 31, 2023 $ 8,109,345 $ 1 $ 19 $ 294,718 $ 280,997 $ (32) $ 7,533,642
v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net (loss) income $ (411,483) $ 1,036,608
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 30,685 21,042
(Benefit from) provision for deferred income taxes (8,505) 1,786
Origination of mortgage servicing rights (204,560) (796,616)
Change in fair value of MSRs, net 397,681 (478,655)
Gain on sale of loans excluding fair value of MSRs, net (265,003) (687,170)
Disbursements of mortgage loans held for sale (16,785,731) (54,173,353)
Proceeds from sale of loans held for sale 15,994,526 63,189,908
Share-based compensation expense 51,960 55,593
Change in assets and liabilities    
Due from affiliates 2,722 (1,044)
Other assets (61,435) (37,034)
Accounts payable 18,708 17,316
Due to affiliates (3,187) (4,168)
Premium recapture and indemnification losses paid (50,318) (515)
Other liabilities (31,753) 628,602
Total adjustments (914,210) 7,735,692
Net cash (used in) provided by operating activities (1,325,693) 8,772,300
Investing activities    
Proceeds from sale of MSRs 81,539 253,946
Net purchase of MSRs (3,285) (15,581)
Decrease in mortgage loans held for investment 3,190 7,107
Purchases of investment securities, available for sale (5,472) 0
Sales of investment securities, available for sale 6,479 0
Purchase and other additions of property and equipment, net of disposals (23,822) (26,742)
Net cash provided by investing activities 58,629 218,730
Financing activities    
Net borrowings (payments) on funding facilities 1,687,335  
Net borrowings (payments) on funding facilities   (6,281,985)
Net payments on lines of credit 0 (75,000)
Net payments on early buy out facility (249,051) (198,617)
Net borrowings on notes payable from unconsolidated affiliates 174 174
Stock issuance 6,122 11,575
Share repurchase 0 (100,162)
Taxes withheld on employees' restricted share award vesting (6,994) (1,297)
Distributions to other unit holders (members) of Holdings, net (1,938) (2,170,216)
Net cash provided by (used in) financing activities 1,435,648 (8,815,528)
Effects of exchange rate changes on cash and cash equivalents 7 589
Net increase in cash and cash equivalents and restricted cash 168,591 176,091
Cash and cash equivalents and restricted cash, beginning of period 789,099 2,211,597
Cash and cash equivalents and restricted cash, end of period 957,690 2,387,688
Non-cash activities    
Loans transferred to other real estate owned 726 435
Supplemental disclosures    
Cash paid for interest on related party borrowings $ 2,452 $ 1,231
v3.23.1
Business, Basis of Presentation and Accounting Policies
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business, Basis of Presentation and Accounting Policies Business, Basis of Presentation and Accounting Policies
Rocket Companies, Inc. (the "Company", and together with its consolidated subsidiaries, "Rocket Companies", "we", "us", "our") was incorporated in Delaware on February 26, 2020 as a wholly owned subsidiary of Rock Holdings Inc. ("RHI") for the purpose of facilitating an initial public offering ("IPO") of its Class A common stock, $0.00001 par value (the “Class A common stock”) and other related transactions in order to carry on the business of RKT Holdings, LLC ("Holdings") and its wholly owned subsidiaries.

We are a Detroit-based fintech holding company consisting of tech-driven mortgage, real estate and financial services businesses - including Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money. We are committed to providing an industry-leading client experience powered by our simple, fast and trusted digital solutions. In addition to Rocket Mortgage, one of the nation’s largest mortgage lenders, we have expanded into complementary industries, such as, real estate services, personal finance, and personal and solar lending. Through these industries, we seek to deliver innovative client solutions leveraging our Rocket platform. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, as described in Note 11, Segments.

Rocket Companies, Inc. is a holding company. Its primary material asset is the equity interest in Holdings which, including through its direct and indirect subsidiaries, conducts a majority of the Company's operations. Holdings is a Michigan limited liability company and wholly owns the following entities, with each entity's subsidiaries identified in parentheses: Rocket Mortgage, LLC, Amrock Holdings, LLC (“Amrock”, "Amrock Title Insurance Company" ("ATI") and "Nexsys Technologies LLC"), LMB HoldCo LLC (“Core Digital Media”), RCRA Holdings LLC (“Rock Connections” and “Rocket Auto”), Rocket Homes Real Estate LLC (“Rocket Homes”), RockLoans Holdings LLC (“Rocket Loans” and "Rocket Solar"), Rock Central LLC dba Rocket Central ("Rocket Money, Inc."), EFB Holdings Inc. (“Rocket Mortgage Canada”), Lendesk Canada Holdings Inc. ("Lendesk Technologies"), RockTech Canada Inc., Woodward Capital Management LLC, and Rocket Card, LLC. As used herein, “Rocket Mortgage” refers to either the Rocket Mortgage brand or platform, or the Rocket Mortgage business, as the context allows.

Basis of Presentation and Consolidation

As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our Net (loss) income is allocated to Net loss (income) attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 12, Non-controlling Interest.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying condensed consolidated financial statements.

The Company's derivatives, IRLCs, MSRs, mortgage and non-mortgage loans held for sale, and available for sale investment securities are measured at fair value on a recurring basis. Additionally, other assets may be required to be measured at fair value in the condensed consolidated financial statements on a nonrecurring basis. Examples of such measurements are mortgage loans transferred between held for investment and held for sale, certain impaired loans, and other real estate owned. For further details of the Company's transactions refer to Note 2, Fair Value Measurements.

All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 6, Transactions with Related Parties.

Our condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Management Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.

Subsequent Events

In preparing these condensed consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these condensed consolidated financial statements were issued. Refer to the Cash, Cash Equivalents and Restricted Cash section later in this footnote regarding the release of the restricted cash associated with the bond and Note 5, Borrowings for disclosures on changes to the Company's debt agreements that occurred subsequent to March 31, 2023.

Share Repurchase Authorization

On November 1, 2022, the Company's board of directors approved the renewal of the share repurchase program effective November 11, 2022 (the "Share Repurchase Program". The share repurchase program renews and extends the previously approved share repurchase program and authorizes the Company to repurchase shares of the Company’s common stock in an aggregate value, not to exceed $1 billion, from time to time, in the open market or through privately negotiated transactions, in accordance with applicable securities laws. The share repurchase program will remain in effect for a two-year period terminating in November 2024. The share repurchase program does not obligate the Company to make any repurchases at any specific time. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors. As of March 31, 2023 approximately $590.7 million remain available under the Share Repurchase Program.

Special Dividends

On February 24, 2022, our board of directors authorized and declared a cash dividend (the "2022 Special Dividend") of $1.01 per share to the holders of our Class A common stock. The 2022 Special Dividend was paid on March 22, 2022 to holders of the Class A common stock of record as of the close of business on March 8, 2022. The Company funded the 2022 Special Dividend from cash distributions of approximately $2.0 billion by Holdings to all of its members, including the Company.

Revenue Recognition

Gain on sale of loans, net — includes all components related to the origination and sale of mortgage loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) the change in fair value of interest rate locks and loans held for sale, (5) the gain or loss on forward commitments hedging loans held for sale and interest rate lock commitments (IRLCs), and (6) the fair value of originated MSRs. An estimate of the Gain on sale of loans, net is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and mortgage loans held for sale are recognized in current period earnings. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings in Gain on sale of loans, net. Included in Gain on sale of loans, net is the Fair value of originated MSRs, which represents the estimated fair value of MSRs related to loans which we have sold and retained the right to service. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss), net in the fair value of MSRs.

Loan servicing (loss) income, net — includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSR asset as of the respective balance sheet date.
Interest income, net — includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Interest income is accrued and credited to income daily based on the unpaid principal balance outstanding. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

Other income — is derived primarily from closing fees, net appraisal revenue, net title insurance fees, personal finance subscription revenue, deposit interest income, real estate network referral fees, contact center revenue, personal loans business, professional service fees, and lead generation revenue.

The following revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder:

Amrock closing fees — The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $17,488 and $76,978 for the three months ended March 31, 2023 and 2022, respectively.

Amrock appraisal revenue, net — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net of intercompany eliminations, were $11,866 and $22,022 for the three months ended March 31, 2023 and 2022, respectively.

Rocket Money subscription revenue — The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $39,185 and $25,754 for the three months ended March 31, 2023 and 2022, respectively.

Rocket Homes real estate network referral fees — The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $6,971 and $11,398 for the three months ended March 31, 2023 and 2022, respectively.

Rock Connections and Rocket Auto contact center revenue — The Company recognizes contact center revenue for communication services including client support and sales. Consideration received mainly includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $522 and $9,315 for the three months ended March 31, 2023 and 2022, respectively.

Professional service fees — The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $2,187 and $3,004 for the three months ended March 31, 2023 and 2022, respectively, and were rendered entirely to related parties.
Core Digital Media lead generation revenue — The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $1,064 and $4,464 for the three months ended March 31, 2023 and 2022, respectively.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of March 31, 2023 and 2022 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond which subsequent to March 31, 2023 was no longer restricted.

March 31,
20232022
Cash and cash equivalents$893,383 $2,310,661 
Restricted cash64,307 77,027 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$957,690 $2,387,688 

Loans subject to repurchase right from Ginnie Mae

For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets defined criteria, including being delinquent more than 90 days. Once the Company has the unilateral right to repurchase the delinquent loan, the Company has effectively regained control over the loan and must re-recognize the loan on the Condensed Consolidated Balance Sheets and establish a corresponding finance liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the unpaid principal balance of the loan, which approximates its fair value.


Variable Interest Entities

Rocket Companies, Inc. is the managing member of Holdings with 100% of the management and voting power in Holdings. In its capacity as managing member, Rocket Companies, Inc. has the sole authority to make decisions on behalf of Holdings and bind Holdings to signed agreements. Further, Holdings maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights. Accordingly, management concluded that Holdings is a limited partnership or similar legal entity as contemplated in ASC 810, Consolidation.

Furthermore, management concluded that Rocket Companies, Inc. is Holdings’ primary beneficiary. As the primary beneficiary, Rocket Companies, Inc. consolidates the results and operations of Holdings for financial reporting purposes under the variable interest consolidation model guidance in ASC 810.

Rocket Companies, Inc.'s relationship with Holdings results in no recourse to the general credit of Rocket Companies, Inc. Holdings and its consolidated subsidiaries represents Rocket Companies, Inc.'s sole investment. Rocket Companies, Inc. shares in the income and losses of Holdings in direct proportion to Rocket Companies, Inc.'s ownership percentage. Further, Rocket Companies, Inc. has no contractual requirement to provide financial support to Holdings.

Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended March 31, 2023.

Recently Adopted Accounting Standards

There are no recently issued accounting pronouncements adopted for the period.
v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.

Fair value measurements are classified in the following manner:

Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.

Level 3—Valuation is based on the Company’s internal models using assumptions at the measurement date that a market participant would use.

In determining fair value measurement, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value.

The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2023 or December 31, 2022.

Mortgage loans held for sale: Loans held for sale that trade in active secondary markets are valued using Level 2 measurements derived from observable market data, including market prices of securities backed by similar mortgage loans adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk. Loans held for sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes and internal models.

IRLCs: The fair value of IRLCs is based on current market prices of securities backed by similar mortgage loans (as determined above under mortgage loans held for sale), net of costs to close the loans, subject to the estimated loan funding probability, or “pull-through factor”. Given the significant and unobservable nature of the pull-through factor, IRLCs are classified as Level 3.

MSRs: The fair value of MSRs is determined using an internal valuation model that calculates the present value of estimated net future cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income among others. MSRs are classified as Level 3.

Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy.

Investment Securities: Investment securities are available for sale debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and include highly rated municipal, government, and corporate bonds.
Non-mortgage loans held for sale: Non-mortgage loans held for sale are personal loans including loans to finance solar panel installation projects. The fair value of non-mortgage loans is determined using an internal valuation model that calculates the present value of estimated net future cash flows. Non-mortgage loans are classified as Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the three months ended March 31, 2023 or the year ended December 31, 2022.

Level 1Level 2Level 3Total
Balance at March 31, 2023
Assets:
Mortgage loans held for sale (1) $— $7,674,953 $763,761 $8,438,714 
IRLCs— — 182,112 182,112 
MSRs— — 6,669,939 6,669,939 
Forward commitments— 5,101 — 5,101 
Investment securities (2)— 38,201 — 38,201 
Non-mortgage loans held for sale (2)— — 32,490 32,490 
Total assets$— $7,718,255 $7,648,302 $15,366,557 
Liabilities:
Forward commitments$— $87,918 $— $87,918 
Total liabilities$— $87,918 $— $87,918 
Balance at December 31, 2022
Assets:
Mortgage loans held for sale (1)$— $6,260,745 $1,082,730 $7,343,475 
IRLCs— — 90,635 90,635 
MSRs— — 6,946,940 6,946,940 
Forward commitments— 22,444 — 22,444 
Total assets$— $6,283,189 $8,120,305 $14,403,494 
Liabilities:
Forward commitments$— $25,117 $— $25,117 
Total liabilities$— $25,117 $— $25,117 

(1)     As of March 31, 2023 and December 31, 2022, $315.2 million and $314.4 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were in non-accrual status.

(2)    These assets are included in Other assets on the Condensed Consolidated Balance Sheets.
The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
March 31, 2023December 31, 2022
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
65% - 100%
88 %
67% - 100%
86 %
IRLCs
Loan funding probability
0% - 100%
71 %
0% - 100%
68 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.5% - 12.5%
9.9 %
Conditional prepayment rate
6.2% - 28.6%
7.1 %
6.1% - 26.6%
6.9 %
Non-mortgage loans held for sale
Discount rate
6.2% - 8.5%
8.2 %N/AN/A
The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2023 and 2022. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.

Mortgage Loans Held for SaleIRLCsNon-Mortgage Loans Held for Sale
Balance at December 31, 2022
$1,082,730 $90,635 $— 
Transfers in (1)211,058 — 32,838 
Transfers out/principal reductions (1)(600,454)— — 
Net transfers and revaluation gains— 91,477 — 
Total gains (losses) included in net income70,427 — (348)
Balance at March 31, 2023$763,761 $182,112 $32,490 
Balance at December 31, 2021
$2,309,366 $538,861 $— 
Transfers in (1)522,640 — — 
Transfers out/principal reductions (1)(618,320)— — 
Net transfers and revaluation losses— (325,651)— 
Total losses included in net income(34,924)— — 
Balance at March 31, 2022$2,178,762 $213,210 $— 
(1)    Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.

Investment Securities

Investment securities consist of debt securities that are classified as available for sale. For any available for sale debt securities in an unrealized loss position, the Company assesses the intent and ability to sell and whether it is more likely than not we will be required to sell the security before recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the securities' unrealized losses are written down through Other income. As of March 31, 2023 neither of those criteria were met for any of the securities in an unrealized loss position, as the losses are a result of market rate conditions, but continue to pay as scheduled and accordingly do not effect the Company's intent or ability to sell.
The amortized cost and estimated fair value of available for sale investment securities as of March 31, 2023 consisted of the following:
Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury$23,902 $1 $(1,231)$22,672 
Corporate and Other15,888 36 (395)15,529 
Total$39,790 $37 $(1,626)$38,201 

Net unrealized losses on available for sale debt securities of $1,589 are recorded in Accumulated Other Comprehensive Income (Loss) within Condensed Consolidated Statements of Changes in Equity as of March 31, 2023. There were no transfers of available for sale debt securities during the three months ended March 31, 2023. There were no securities classified as held to maturity as of March 31, 2023.

The amortized cost and estimated fair value of investment in debt securities as of March 31, 2023 by contractual maturity is as follows:
U.S. TreasuryCorporate and Other
Amortized CostsFair ValueAmortized CostsFair Value
Less than 1 year$— $— $5,957 $5,838 
1-5 years23,902 22,672 8,955 8,716 
5-10 years— — 976 975 
10 years and beyond$— $— $— $— 

Fair Value Option

The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage and non-mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage and non-mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance:
Fair ValuePrincipal Amount Due Upon MaturityDifference (1)
Balance at March 31, 2023
Mortgage loans held for sale$8,438,714 $8,429,074 $9,640 
Non-mortgage loans held for sale$32,490 $32,838 $(348)
Balance at December 31, 2022$7,343,475 $7,424,223 $(80,748)
Mortgage loans held for sale
(1)    Represents the amount of gains (losses) included in Gain on sale of loans, net for Mortgage loans held for sale and Other income for Non-mortgage loans held for sale, due to changes in fair value of items accounted for using the fair value option.

Disclosures of the fair value of certain financial instruments are required when it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques.
The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
March 31, 2023December 31, 2022
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes, due 10/15/2026$1,142,003 $1,029,606 $1,141,432 $984,963 
Senior Notes, due 1/15/202861,363 58,700 61,330 57,039 
Senior Notes, due 3/1/2029744,066 645,188 743,815 595,493 
Senior Notes, due 3/1/20311,239,296 1,043,550 1,238,958 961,450 
Senior Notes, due 10/15/2033842,611 681,258 842,435 625,175 
Total Senior Notes, net$4,029,339 $3,458,302 $4,027,970 $3,224,120 
The fair value of Senior Notes was calculated using the observable bond price at March 31, 2023 and December 31, 2022, respectively. The Senior Notes are classified as Level 2 in the fair value hierarchy.
v3.23.1
Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2023
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
Mortgage servicing rights are recognized as assets on the Condensed Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSRs asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using an internal valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others.

The following table summarizes changes to the MSR assets:

Three Months Ended March 31,
20232022
Fair value, beginning of period$6,946,940 $5,385,613 
MSRs originated204,560 796,616 
MSRs sales(81,538)(253,997)
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)(217,802)767,271 
Due to collection/realization of cash flows(182,221)(285,215)
Total changes in fair value(400,023)482,056 
Fair value, end of period$6,669,939 $6,410,288 

(1)    Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale or the effects of contractual prepayment protection resulting from sales of MSRs.

The total UPB of mortgage loans serviced, excluding subserviced loans, at March 31, 2023 and December 31, 2022 was $481,325,241 and $486,540,840, respectively. The portfolio primarily consists of high-quality performing agency and government (FHA and VA) loans. As of March 31, 2023, delinquent loans (defined as 60-plus days past-due) were 1.10% of our total portfolio.
The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio:
March 31, 2023December 31, 2022
Discount rate9.9 %9.9 %
Prepayment speeds7.1 %6.9 %
Life (in years)7.978.08

The key assumptions used to estimate the fair value of MSRs are prepayment speeds and the discount rate. Increases in prepayment speeds generally have an adverse effect on the value of MSRs as the underlying loans prepay faster. In a declining interest rate environment, the fair value of MSRs generally decreases as prepayments increase and therefore, the estimated life of the MSRs and related cash flows decrease. Decreases in prepayment speeds generally have a positive effect on the value of MSRs as the underlying loans prepay less frequently. In a rising interest rate environment, the fair value of MSRs generally increases as prepayments decrease and therefore, the estimated life of the MSRs and related cash flows increase. Increases in the discount rate result in a lower MSRs value and decreases in the discount rate result in a higher MSRs value. MSRs uncertainties are hypothetical and do not always have a direct correlation with each assumption. Changes in one assumption may result in changes to another assumption, which might magnify or counteract the uncertainties.

The following table stresses the discount rate and prepayment speeds at two different data points:
Discount RatePrepayment Speeds
100 BPS Adverse Change200 BPS Adverse Change10% Adverse Change20% Adverse Change
March 31, 2023
Mortgage servicing rights
$(282,637)$(539,918)$(171,374)$(334,669)
December 31, 2022
Mortgage servicing rights$(295,754)$(565,704)$(171,297)$(334,664)
v3.23.1
Mortgage Loans Held for Sale
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Mortgage Loans Held for Sale Mortgage Loans Held for Sale
The Company sells substantially all of its originated mortgage loans into the secondary market. The Company retains the right to service a majority of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Condensed Consolidated Statements of Cash Flows is below:

Three Months Ended March 31,
20232022
Balance at the beginning of period$7,343,475 $19,323,568 
Disbursements of mortgage loans held for sale16,785,731 54,173,353 
Proceeds from sales of mortgage loans held for sale (1)(15,987,171)(63,180,565)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2)296,679 368,788 
Balance at the end of period
$8,438,714 $10,685,144 

(1)    The proceeds from sales of loans held for sale on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of personal loans.

(2)    The Gain on sale of loans excluding fair value of MSRs, net on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of personal loans, interest rate lock commitments, forward commitments, and provisions for investor reserves.
Credit Risk

The Company is subject to credit risk associated with mortgage loans that it purchases and originates during the period of time prior to the sale of these loans. The Company considers credit risk associated with these loans to be insignificant as it holds the loans for a short period of time, which for the three months ended March 31, 2023 is, on average, approximately 35 days from the date of borrowing, and the market for these loans continues to be highly liquid. The Company is also subject to credit risk associated with mortgage loans it has repurchased as a result of breaches of representations and warranties during the period of time between repurchase and resale.
v3.23.1
Borrowings
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company maintains various funding facilities and other non-funding debt as shown in the tables below. Interest rates typically have two main components; a base rate most commonly SOFR or LIBOR, which is sometimes subject to a minimum floor plus a spread. Some facilities have a commitment fee, which can be up to 50 basis points per year. The commitment fee charged by lenders is calculated based on the committed line amount multiplied by a negotiated rate. The Company is required to maintain certain covenants, including minimum tangible net worth, minimum liquidity, maximum total debt or liabilities to net worth ratio, pretax net income requirements, and other customary debt covenants, as defined in the agreements. The Company was in compliance with all covenants as of March 31, 2023.

The amount owed and outstanding on the Company’s loan funding facilities fluctuates based on its origination volume, the amount of time it takes the Company to sell the loans it originates, and the Company’s ability to use its cash to self-fund loans. In addition to self-funding, the Company may from time to time use surplus cash to “buy-down” the effective interest rate of certain loan funding facilities or to self-fund a portion of our loan originations. Buy-down funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. We have the ability to withdraw these funds at any time, unless a margin call has been made or a default has occurred under the relevant facilities. We will also deploy cash to self-fund loan originations, a portion of which can be transferred to a warehouse line or the early buy out line, provided that such loans meet the eligibility criteria to be placed on such lines. The remaining portion will be funded in normal course over a short period of time, generally less than 45 days.

The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) merge, consolidate or sell, transfer or lease assets, and; (2) create liens on assets.
Mortgage Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of March 31, 2023
Outstanding Balance as of December 31, 2022
Mortgage Loan funding:
1) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
10/20/2023$250,000 $50,000 $— $49,381 
2) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
11/30/20231,000,000 100,000 550,258 138,057 
3) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
8/9/20242,000,000 250,000 255,281 702,128 
4) Master Repurchase Agreement (1)(6)
Mortgage loans held for sale (5)
1/26/20241,500,000 550,000 754,210 917,621 
5) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
5/4/20241,000,000 250,000 649,929 493,029 
6) Master Repurchase Agreement (2)(6)
Mortgage loans held for sale (5)
9/9/20241,500,000 250,000 87,888 101,152 
7) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
9/22/20231,250,000 250,000 181,107 186,707 
8) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
9/27/2024750,000 100,000 544,729 171,642 
$9,250,000 $1,800,000 $3,023,402 $2,759,717 
Mortgage Loan Early Funding:
9) Early Funding Facility (3)(6)
Mortgage loans held for sale (5)
          (3)
$5,000,000 $— $1,262,204 $561,874 
10) Early Funding Facility (4)(6)
Mortgage loans held for sale (5)
(4)
2,000,000 — 932,128 227,108 
7,000,000 — 2,194,332 788,982 
Total Mortgage Funding Facilities$16,250,000 $1,800,000 $5,217,734 $3,548,699 
(1)    This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to March 31, 2023, this facility was extended to April 26, 2024.

(2)    This facility has an overall line size of $1,500,000. This facility also includes a $1,500,000 sublimit for MSR financing; Capacity is fully fungible and is not restricted by these allocations.

(3)    This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(4)    This facility has an overall line size of $2,000,000, which is reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(5)    The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest.    

(6)    The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022.
Other Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance Outstanding Balance as of March 31, 2023Outstanding Balance Outstanding Balance as of December 31, 2022
Personal Loan funding:
1) Revolving Credit and Security Agreement (1)
Personal loans held for sale
1/30/2025$75,000 $75,000 $18,300 $— 
Total Other Funding Facilities75,000 75,000 18,300 — 
Total Funding Facilities$16,325,000 $1,875,000 $5,236,034 $3,548,699 

(1)    The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022.

Financing Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance Outstanding Balance as of March 31, 2023Outstanding Balance Outstanding Balance as of December 31, 2022
Line of Credit Financing Facilities
1) Unsecured line of credit (1)
—7/27/2025$2,000,000 $— $— $— 
2) Unsecured line of credit (1)
—7/31/2025100,000 — — — 
3) Revolving credit facility (3)
—8/10/20251,000,000 1,000,000 — — 
4) MSR line of credit (3)
MSRs10/20/2023200,000 — — — 
5) MSR line of credit (2)(3)
MSRs9/9/20241,500,000 250,000 — — 
$4,800,000 $1,250,000 $— $— 
Early Buyout Financing Facility
6) Early buy out facility (3)
Loans/ Advances3/13/2024$1,500,000 $— $423,831 $672,882 
(1)    Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit.

(2)    This facility is a sublimit of Master Repurchase Agreement 6, found above in Mortgage Funding Facilities. Refer to Subfootnote 2, Mortgage Funding Facilities for additional details regarding this financing facility.

(3)    The interest rates charged by lenders on the financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 4.00% for the three months ended March 31, 2023 and the year ended December 31, 2022.

Unsecured Senior Notes
Facility TypeMaturityInterest RateOutstanding Principal March 31, 2023Outstanding Principal December 31, 2022
Unsecured Senior Notes (1)
10/15/20262.875 %$1,150,000 $1,150,000 
Unsecured Senior Notes (2)
1/15/20285.250 %61,985 61,985 
Unsecured Senior Notes (3)
3/1/20293.625 %750,000 750,000 
Unsecured Senior Notes (4)
3/1/20313.875 %1,250,000 1,250,000 
Unsecured Senior Notes (5)
10/15/20334.000 %850,000 850,000 
Total Senior Notes
$4,061,985 $4,061,985 
Weighted Average Interest Rate3.59 %3.59 %
(1)    The 2026 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,997 and $8,569 as of March 31, 2023 and December 31, 2022, respectively.

(2)    The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Condensed Consolidated Balance Sheets by $339 and $282 as of March 31, 2023, respectively, and $358 and $298, as of December 31, 2022, respectively.

(3)    The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $5,934 and $6,185 as of March 31, 2023 and December 31, 2022, respectively.

(4)    The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $10,705 and $11,040 as of March 31, 2023 and December 31, 2022, respectively.

(5)    The 2033 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $850,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,389 and $7,565 as of March 31, 2023 and December 31, 2022, respectively.

Refer to Note 2, Fair Value Measurements for information pertaining to the fair value of the Company’s debt as of March 31, 2023 and December 31, 2022.
v3.23.1
Transactions with Related Parties
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Transactions with Related Parties Transactions with Related Parties
The Company has entered into various transactions and agreements with RHI, its subsidiaries, certain other affiliates and related parties (collectively, “Related Parties”). These transactions include providing financing and services as well as obtaining financing and services from these Related Parties.

Financing Arrangements

On June 9, 2017, Rocket Mortgage and RHI entered into an unsecured line of credit, as further amended and restated on September 16, 2021 (“RHI Line of Credit”), pursuant to which Rocket Mortgage has a borrowing capacity of $2,000,000. The RHI Line of Credit matures on July 27, 2025. Borrowings under the line of credit bear interest at a rate per annum of the applicable base rate, plus a spread of 1.25%. The line of credit is uncommitted and RHI has sole discretion over advances. The RHI Line of Credit also contains negative covenants which restrict the ability of the Company to incur debt and create liens on certain assets. It also requires Rocket Mortgage to maintain a quarterly consolidated net income before taxes if adjusted tangible net worth meets certain requirements. Rocket Mortgage made no repayments during the three months ended March 31, 2023 and repaid $762, all attributable to accrued interest, during the three months ended March 31, 2022. There were no outstanding principal or interest amounts due to RHI as of March 31, 2023 and December 31, 2022, respectively.

RHI and ATI are parties to a surplus debenture, effective as of December 28, 2015, and as further amended and restated on December 31, 2019 (the “RHI/ATI Debenture”), pursuant to which ATI is indebted to RHI for an aggregate principal amount of $21,500. The RHI/ATI Debenture matures on December 31, 2030. Interest under the RHI/ATI Debenture accrues at an annual rate of 8%. Principal and interest under the RHI/ATI Debenture are due and payable quarterly, in each case subject to ATI achieving a certain amount of surplus and payments of all interest before principal payments begin. Any unpaid amounts of principal and interest shall be due and payable upon the maturity of the RHI/ATI Debenture. ATI repaid an aggregate of $250 for the three months ended March 31, 2023 and 2022, respectively. The total amount of interest accrued was $424 for the three months ended March 31, 2023 and 2022, respectively. The aggregate amount due to RHI was $30,255 and $30,081 as of March 31, 2023 and December 31, 2022, respectively.
On July 31, 2020, Holdings and RHI entered into an agreement for an uncommitted, unsecured revolving line of credit ("RHI 2nd Line of Credit’’), which will provide for financing from RHI to the Company of up to $100,000. The RHI 2nd Line of Credit matures on July 31, 2025. Borrowings under the line of credit will bear interest at a rate per annum of the applicable base rate plus a spread of 1.25%. The negative covenants of the line of credit restrict the ability of the Company to incur debt and create liens on certain assets. The line of credit also contains customary events of default. There were no draws on the RHI 2nd Line of Credit and no amounts outstanding as of March 31, 2023 and December 31, 2022, respectively.

The Notes receivable and due from affiliates was $8,073 and $10,796 as of March 31, 2023 and December 31, 2022, respectively. The Notes payable and due to affiliates was $30,451 and $33,463 as of March 31, 2023 and December 31, 2022, respectively.

Services, Products and Other Transactions

We have entered into transactions and agreements to provide certain services to Related Parties. We recognized revenue of $2,316 and $3,017 for the three months ended March 31, 2023 and 2022, respectively, for the performance of these services, which was included in Other income. We have also entered into transactions and agreements to purchase certain services, products and other transactions from Related Parties. We incurred expenses of $14,061 and $38,994 for the three months ended March 31, 2023 and 2022, respectively, for these products, services and other transactions, which are included in General and administrative expenses.

The Company has also entered into a Tax Receivable Agreement with RHI and our Chairman as described further in Note 7, Income Taxes. The Company has also guaranteed the debt of a related party as described further in Note 9, Commitments, Contingencies, and Guarantees.

Promotional Sponsorships

The Company incurred marketing and advertising costs related to the Rocket Mortgage Field House Naming Rights Contract, which is with a related party. The company incurred expenses of $2,169 and $2,477 for the three months ended March 31, 2023 and 2022, respectively, related to this arrangement.

Lease Transactions with Related Parties

The Company is a party to lease agreements for certain offices, including our headquarters in Detroit, with various affiliates of Bedrock Management Services LLC (“Bedrock”), a related party, and other related parties of the Company. The Company incurred expenses of $17,897 and $19,253 for the three months ended March 31, 2023 and 2022, respectively, related to these arrangements.
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company had an income tax benefit of $4,504 on Loss before income taxes of $415,987 for the three months ended March 31, 2023. The Company had income tax expense of $25,849 on Income before income taxes of $1,062,457 for the three months ended March 31, 2022.

The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. Rocket Companies owns a portion of the units of Holdings, which is treated as a partnership for U.S. federal tax purposes and in most applicable jurisdictions for state and local income tax purposes. The remaining portion of Holdings is owned by RHI and our Chairman ("LLC Members"). As a partnership, Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Holdings is passed through and included in the taxable income or loss of its members, including Rocket Companies, in accordance with the terms of the operating agreement of Holdings (the "Holdings Operating Agreement"). Rocket Companies is a C Corporation and is subject to U.S. federal, state, and local income taxes with respect to its allocable share of any taxable income of Holdings.
Several subsidiaries of Holdings, such as Rocket Mortgage, Amrock and other subsidiaries, are single member LLC entities. As single member LLCs of Holdings, all taxable income or loss generated by these subsidiaries will pass through and be included in the income or loss of Holdings. A provision for state and local income taxes is required for certain jurisdictions that tax single member LLCs as regarded entities. Other subsidiaries of Holdings, such as Amrock Title Insurance Co., LMB Mortgage Services and others, are treated as C Corporations and will separately file and pay taxes apart from Holdings in various jurisdictions including U.S. federal, state, local and Canada.

Tax Receivable Agreement

The Company expects to obtain an increase in its share of the tax basis in the net assets of Holdings when Holdings Units are redeemed from or exchanged by the LLC Members. The Company intends to treat any redemptions and exchanges of Holdings Units as direct purchases of Holdings Units for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

In connection with the reorganization completed prior to our IPO in 2020, the Company entered into a Tax Receivable Agreement (the "Tax Receivable Agreement") with the LLC Members that will obligate the Company to make payments to the LLC Members generally equal to 90% of the applicable cash tax savings that the Company actually realizes or in some cases is deemed to realize as a result of the tax attributes generated by (i) certain increases in our allocable share of the tax basis in Holdings’ assets resulting from (a) the purchases of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) from the LLC Members (or their transferees of Holdings Units or other assignees) using the net proceeds from our initial public offering or in any future offering, (b) exchanges by the LLC Members (or their transferees of Holdings Units or other assignees) of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) for cash or shares of our Class B common stock or Class A common stock, as applicable, or (c) payments under the Tax Receivable Agreement; (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the Tax Receivable Agreement and (iii) disproportionate allocations (if any) of tax benefits to Holdings as a result of section 704(c) of the Code that relate to the reorganization transactions. The Company will retain the benefit of the remaining 10% of these tax savings.

A payment of $35,697 was made to the LLC Members pursuant to the Tax Receivable Agreement during the three months ended March 31, 2023. A payment of $40,721 was made to the LLC Members pursuant to the Tax Receivable Agreement during the three months ended March 31, 2022.

The amounts payable under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of Rocket Companies in the future. Any such changes in these factors or changes in the Company’s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement could adjust the Tax receivable agreement liability recognized and recorded within earnings in future periods.

Tax Distributions

The holders of Holdings’ Units, including Rocket Companies Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Holdings. The Holdings Operating Agreement provides for pro rata cash distributions (“tax distributions”) to the holders of the Holdings Units in an amount generally calculated to provide each holder of Holdings Units with sufficient cash to cover its tax liability in respect of the Holdings Units. In general, these tax distributions are computed based on Holdings’ estimated taxable income, multiplied by an assumed tax rate as set forth in the Holdings Operating Agreement.

For the three months ended March 31, 2023, Holdings paid no tax distributions to holders of Holdings Units other than Rocket Companies. For the three months ended March 31, 2022, Holdings paid tax distributions totaling $160,629 to holders of Holdings Units other than Rocket Companies.
v3.23.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company enters into interest rate lock commitments ("IRLCs"), forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the Condensed Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments qualify for designation as accounting hedges. Changes in the fair value of the IRLCs and forward commitments to sell mortgage loans are recorded in current period earnings and are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) . Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) . Additional detail regarding derivative financial instruments is provided in Note 13, Derivative Financial Instruments in our 2022 10-K report.

Net hedging gains and losses were as follows:
Three Months Ended March 31,
20232022
Hedging (losses) gains (1)$(79,133)$1,533,145 

(1)    Includes the change in fair value related to derivatives economically hedging MSRs identified for sale.

Refer to Note 2, Fair Value Measurements, for additional information on the fair value of derivative financial instruments.

Notional and Fair Value

The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows:
Notional ValueDerivative AssetDerivative Liability
Balance at March 31, 2023:
IRLCs, net of loan funding probability (1)$7,105,543 $182,112 $— 
Forward commitments (2)$13,494,056 $5,101 $87,918 
Balance at December 31, 2022:
IRLCs, net of loan funding probability (1)$4,373,465 $90,635 $— 
Forward commitments (2)$10,963,989 $22,444 $25,117 

(1)    IRLCs are also discussed in Note 9, Commitments, Contingencies, and Guarantees.

(2)    Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale.

Counterparty agreements for forward commitments contain master netting agreements. The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Condensed Consolidated Balance Sheets. The Company had $41,178 and $24,102 of margin cash pledged to counterparties related to these forward commitments at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, there was zero and $959 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts Presented in the Condensed Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at March 31, 2023:
Forward commitments$9,978 $(4,877)$5,101 
Balance at December 31, 2022:
Forward commitments$71,484 $(49,040)$22,444 
Offsetting of Derivative Liabilities
Balance at March 31, 2023:
Forward commitments$(144,984)$57,066 $(87,918)
Balance at December 31, 2022:
Forward commitments$(69,007)$43,890 $(25,117)

Counterparty Credit Risk

Credit risk is defined as the possibility that a loss may occur from the failure of another party to perform in accordance with the terms of the contract, which exceeds the value of existing collateral, if any. The Company attempts to limit its credit risk by dealing with creditworthy counterparties and obtaining collateral where appropriate.

The Company is exposed to credit loss in the event of contractual nonperformance by its trading counterparties and counterparties to its various over-the-counter derivative financial instruments noted in the above Notional and Fair Value discussion. The Company manages this credit risk by selecting only counterparties that it believes to be financially strong, spreading the credit risk among many such counterparties, placing contractual limits on the amount of unsecured credit extended to any single counterparty, and entering into netting agreements with the counterparties as appropriate.

Certain counterparties have master netting agreements. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. Derivative assets in the Condensed Consolidated Balance Sheets represent derivative contracts in a gain position, net of loss positions with the same counterparty and, therefore, also represent the Company’s maximum counterparty credit risk. The Company incurred no credit losses due to nonperformance of any of its counterparties during the three months ended March 31, 2023 and 2022.
v3.23.1
Commitments, Contingencies, and Guarantees
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies, and Guarantees Commitments, Contingencies, and Guarantees
Interest Rate Lock Commitments

IRLCs are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each client’s creditworthiness on a case-by-case basis.

The number of days from the date of the IRLC to expiration of fixed and variable rate lock commitments outstanding at March 31, 2023 and December 31, 2022 was approximately 44 days and 48 days on average, respectively.

The UPB of IRLCs was as follows:
March 31, 2023December 31, 2022
Fixed RateVariable RateFixed RateVariable Rate
IRLCs$9,518,644 $421,972 $6,108,132 $326,638 
Commitments to Sell Mortgage Loans

In the ordinary course of business, the Company enters into contracts to sell existing mortgage loans held for sale into the secondary market at specified future dates. The amount of commitments to sell existing loans at March 31, 2023 and December 31, 2022 was $1,370,185 and $20,618, respectively.

Commitments to Sell Loans with Servicing Released

In the ordinary course of business, the Company enters into contracts to sell the MSRs of certain newly originated loans on a servicing released basis. In the event that a forward commitment is not filled and there has been an unfavorable market shift from the date of commitment to the date of settlement, the Company is contractually obligated to pay a pair-off fee on the undelivered balance. There were $256,632 and $223,314 of loans committed to be sold servicing released at March 31, 2023 and December 31, 2022, respectively.

Investor Reserves

The maximum exposure under the Company’s representations and warranties would be the outstanding principal balance and any premium received on all loans ever sold by the Company, less (i) loans that have already been paid in full by the mortgagee, (ii) loans that have defaulted without a breach of representations and warranties, (iii) loans that have been indemnified via settlement or make-whole, or (iv) loans that have been repurchased. Additionally, the Company may receive relief of certain representation and warranty obligations on loans sold to Fannie Mae or Freddie Mac on or after January 1, 2013 if Fannie Mae or Freddie Mac satisfactorily concludes a quality control loan file review or if the borrower meets certain acceptable payment history requirements within 12 or 36 months after the loan is sold to Fannie Mae or Freddie Mac. Investor reserves as of March 31, 2023 and December 31, 2022 were $107,134 and $110,147, respectively.

Escrow Deposits

As a service to its clients, the Company administers escrow deposits representing undisbursed amounts received for payment of property taxes, insurance, funds for title services, principal, and interest on mortgage loans held for sale. Escrow deposits for property taxes, insurance and settlement funds for title services was $4,594,238 and $3,471,913, and for principal and interest was $4,380,117 and $2,529,326 at March 31, 2023 and December 31, 2022, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the Condensed Consolidated Balance Sheets. The Company remains contingently liable for the disposition of these deposits.

Guarantees

As of March 31, 2023 and December 31, 2022, the Company guaranteed the debt of a related party consisting of three separate guarantees totaling $3,062 and $3,495, respectively. As of March 31, 2023 and December 31, 2022, the Company did not record a liability on the Condensed Consolidated Balance Sheets for these guarantees because it was not probable that the Company would be required to make payments under these guarantees.

Tax Receivable Agreement

As indicated in Note 7, Income Taxes, the Company is party to a Tax Receivable Agreement.
Legal

Rocket Companies’ subsidiaries, among other things, engage in mortgage lending, title and settlement services, and other financial technology services. Rocket Companies and its subsidiaries operate in highly regulated industries and are routinely subject to various legal and administrative proceedings concerning matters that arise in the normal and ordinary course of business, including inquiries, complaints, subpoenas, audits, examinations, investigations and potential enforcement actions from regulatory agencies and state attorney generals; state and federal lawsuits and putative class actions; and other litigation. Periodically, we assess our potential liabilities and contingencies in connection with outstanding legal and administrative proceedings utilizing the latest information available. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations, or cash flows in a future period. Rocket Companies accrues for losses when they are probable to occur and such losses are reasonably estimable. Legal costs are expensed as they are incurred.

As of March 31, 2023 and December 31, 2022, the Company had reserves related to potential damages in connection with any legal proceedings of $15,000. The ultimate outcome of these or other actions or proceedings, including any monetary awards against us, is uncertain and there can be no assurance as to the amount of any such potential awards. Rocket Companies will incur defense costs and other expenses in connection with the lawsuits. Plus, if a judgment for money that exceeds specified thresholds is rendered against us and we fail to timely pay, discharge, bond or obtain a stay of execution of such judgment, it is possible that we could be deemed in default of loan funding facilities and other agreements governing indebtedness. If the final resolution of any such litigation is unfavorable in one or more of these actions, it could have a material adverse effect on our business, liquidity, financial condition, cash flows and results of operations.
v3.23.1
Minimum Net Worth Requirements
 3 Months Ended
Mar. 31, 2023
Mortgage Banking [Abstract]  
Minimum Net Worth Requirements Minimum Net Worth Requirements
Certain secondary market investors and state regulators require the Company to maintain minimum net worth and capital requirements. To the extent that these requirements are not met, secondary market investors and/or the state regulators may utilize a range of remedies including sanctions, and/or suspension or termination of selling and servicing agreements, which may prohibit the Company from originating, securitizing or servicing these specific types of mortgage loans.

Rocket Mortgage is subject to certain minimum net worth, minimum capital ratio and minimum liquidity requirements established by the Federal Housing Finance Agency (“FHFA”) for Fannie Mae and Freddie Mac Seller/Servicers, and Ginnie Mae for single family issuers. Furthermore, refer to Note 5, Borrowings for additional information regarding compliance with all covenant requirements.

The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $1,500,000 as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company was in compliance with this requirement.
v3.23.1
Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments SegmentsThe Company’s Chief Executive Officer, who has been identified as its Chief Operating Decision Maker (“CODM”), has evaluated how the Company views and measures its performance. ASC 280, Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments - Direct to Consumer and Partner Network. The key factors used to identify these reportable segments are the Company’s internal operations and the nature of its marketing channels, which drive client acquisition into the mortgage platform. This determination reflects how its CODM monitors performance, allocates capital and makes strategic and operational decisions. The Company’s segments are described as follows:
Direct to Consumer

In the Direct to Consumer segment, clients have the ability to interact with Rocket Mortgage online and/or with the Company’s mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title insurance, appraisals and settlement services complementing the Company’s end-to-end mortgage origination experience. Servicing activities are fully allocated to the Direct to Consumer segment and are viewed as an extension of the client experience. Servicing enables Rocket Mortgage to establish and maintain long term relationships with our clients, through multiple touchpoints at regular engagement intervals.

Revenues in the Direct to Consumer segment are generated primarily from the gain on sale of loans, which includes loan origination fees, revenues associated with title insurance, appraisals and settlement services, and revenues from sales of loans into the secondary market, as well as the fair value of originated MSRs and hedging gains and losses. Loan servicing (loss) income consists of the contractual fees earned for servicing loans and other ancillary servicing fees, as well as changes in the fair value of MSRs due to changes in valuation assumptions and realization of cash flows.

Partner Network

The Rocket Professional platform supports our Partner Network segment, where we leverage our superior client service and widely recognized brand to grow marketing and influencer relationships, and our mortgage broker partnerships through Rocket Pro TPO ("third party origination"). Our marketing partnerships consist of well-known consumer-focused companies that find value in our award-winning client experience and want to offer their clients mortgage solutions with our trusted, widely recognized brand. These organizations connect their clients directly to us through marketing channels and a referral process. Our influencer partnerships are typically with companies that employ licensed mortgage professionals that find value in our client experience, technology and efficient mortgage process, where mortgages may not be their primary offering. We also enable clients to start the mortgage process through the Rocket platform in the way that works best for them, including through a local mortgage broker.

Revenues in the Partner Network segment are generated primarily from the gain on sale of loans, which includes loan origination fees, revenues associated with title insurance, appraisals and settlement services, and revenues from sales of loans into the secondary market, as well as the fair value of originated MSRs and hedging gains and losses.

Other Information About Our Segments

The Company measures the performance of the segments primarily on a contribution margin basis. The accounting policies applied by our segments are described in Note 1, Business, Basis of Presentation and Accounting Policies. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses and Other expenses, such as servicing costs and origination costs.

The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The Condensed Consolidated Balance Sheets is managed on a consolidated basis and is not used in the context of segment reporting.

The Company also reports an “All Other” category that includes operations from Rocket Homes, Rock Connections, Rocket Auto, Core Digital Media, Rocket Loans, Rocket Money and includes professional service fee revenues from related parties. These operations are neither significant individually nor in aggregate and therefore do not constitute a reportable segment.
Key operating data for our business segments for the periods ended:

Three Months Ended March 31, 2023Direct to
 Consumer		Partner
 Network		Segments
 Total		All OtherTotal
Revenues
Gain on sale$390,342 $71,993$462,335 $7,228 $469,563 
Interest income38,123 27,67265,795 949 66,744 
Interest expense on funding facilities(16,808)(12,198)(29,006)(54)(29,060)
Servicing fee income365,217 — 365,217 1,168 366,385 
Changes in fair value of MSRs(398,279)— (398,279)— (398,279)
Other income116,520 3,618120,138 70,577 190,715 
Total U.S. GAAP Revenue, net495,115 91,085 586,200 79,868 666,068 
Change in fair value of MSRs due to valuation assumptions, net of hedges216,058 —216,058 — 216,058 
Adjusted revenue711,173 91,085 802,258 79,868 882,126 
Less: Directly attributable expenses505,583 65,359 570,942 76,843 647,785 
Contribution margin$205,590 $25,726 $231,316 $3,025 $234,341 
Three Months Ended March 31, 2022Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$1,217,103 $258,056$1,475,159 $8,627 $1,483,786 
Interest income57,601 32,16889,769 771 90,540 
Interest expense on funding facilities(26,727)(14,969)(41,696)— (41,696)
Servicing fee income365,499 — 365,499 715 366,214 
Changes in fair value of MSRs454,380 — 454,380 — 454,380 
Other income167,027 16,477183,504 133,868 317,372 
Total U.S. GAAP Revenue, net2,234,883 291,732 2,526,615 143,981 2,670,596 
Change in fair value of MSRs due to valuation assumptions, net of hedges(739,217)—(739,217)— (739,217)
Adjusted revenue1,495,666 291,732 1,787,398 143,981 1,931,379 
Less: Directly attributable expenses869,210 120,034 989,244 118,872 1,108,116 
Contribution margin$626,456 $171,698 $798,154 $25,109 $823,263 
The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the three months ended:
Three Months Ended March 31,
20232022
Contribution margin, excluding change in MSRs due to valuation assumptions$234,341 $823,263 
Change in fair value of MSRs due to valuation assumptions, net of hedges(216,058)739,217 
Contribution margin, including change in MSRs due to valuation assumptions18,283 1,562,480 
Less expenses not allocated to segments:
Salaries, commissions and team member benefits220,883 244,044 
General and administrative expenses143,113 192,457 
Depreciation and amortization30,685 21,042 
Interest and amortization expense on non-funding debt38,333 38,664 
Other expenses1,256 3,816 
(Loss) income before income taxes$(415,987)$1,062,457 
v3.23.1
Non-controlling Interest
 3 Months Ended
Mar. 31, 2023
Noncontrolling Interest [Abstract]  
Non-controlling Interest Non-controlling Interest
The non-controlling interest balance represents the economic interest in Holdings held by our Chairman and RHI. The following table summarizes the ownership of Holdings Units in Holdings as of March 31, 2023 and December 31, 2022:

March 31, 2023December 31, 2022
Holdings UnitsOwnership PercentageHoldings UnitsOwnership Percentage
Rocket Companies, Inc.'s ownership of Holdings Units125,761,073 6.37 %123,491,606 6.26 %
Holdings Units held by our Chairman1,101,822 0.06 %1,101,822 0.06 %
Holdings Units held by RHI1,847,777,661 93.57 %1,847,777,661 93.68 %
Balance at end of period1,974,640,556 100.00 %1,972,371,089 100.00 %

The non-controlling interest holders have the right to exchange Holdings Units, together with a corresponding number of shares of our Class D common stock or Class C common stock (together referred to as “Paired Interests”), for, at our option, (i) shares of our Class B common stock or Class A common stock or (ii) cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock). As such, future exchanges of Paired Interests by non-controlling interest holders will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in-capital when Holdings has positive or negative net assets, respectively. As of March 31, 2023, our Chairman has not exchanged any Paired Interests.

As of March 31, 2023, Rocket Companies has repurchased 32,140,667 shares of Class A common stock under the Share Repurchase Program extended and renewed in November 2022.
v3.23.1
Share-based Compensation
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Restricted stock units and stock options are granted to team members and directors of the Company and its affiliates under the 2020 Omnibus Incentive Plan. Share-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant, with forfeitures recognized as they occur.

During the three months ended March 31, 2023, the Company granted approximately 4,000,000 restricted stock units with an estimated future expense of $34,700 that vest in December 2023 and granted approximately 2,500,000 restricted stock units with an estimated future expense of $21,500 that vest annually over a three-year period subject to the grantee’s employment or service with the Company through each applicable vesting date.

The Company has an employee stock purchase plan, also referred to as the Team Member Stock Purchase Plan ("TMSPP"), under which eligible team members may direct the Company to withhold up to 15% of their gross pay to purchase shares of common stock at a price equal to 85% of the closing market price on the exercise date. The TMSPP is a liability classified compensatory plan and the Company recognizes compensation expense over the offering period based on the fair value of the purchase discount. The number of shares purchased by team members through the TMSPP was 878,817 and 1,018,875, during the three months ended March 31, 2023 and 2022, respectively.

Additionally, we allocated costs associated with awards granted by Rock Holdings, Inc. (“RHI”) in the years prior to the reorganization and IPO and certain of our subsidiaries have individual compensation plans that include equity awards and stock appreciation rights.

The components of share-based compensation expense included in Salaries, commissions and team member benefits on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) is as follows:

Three Months Ended March 31,
20232022
Rocket Companies, Inc. sponsored plans
Restricted stock units$42,598 $42,492 
Stock options8,229 9,576 
Team Member Stock Purchase Plan1,128 2,098 
Subtotal Rocket Companies, Inc. sponsored plans$51,955 $54,166 
RHI restricted stock units— 12,775 
Subsidiary plans5 169 
Total share-based compensation expense$51,960 $67,110 
v3.23.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareThe Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program are included in the weighted-average Class A shares outstanding in the calculation of basic earnings per share once the units are fully vested.
Basic earnings per share of Class A common stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There was no Class B common stock outstanding as of March 31, 2023 or 2022. See Note 12, Non-controlling Interest for a description of Paired Interests and their potential impact on Class A and Class B share ownership.

The following table sets forth the calculation of the basic and diluted earnings per share for the period:

Three Months Ended March 31,
20232022
Net (loss) income$(411,483)$1,036,608 
Net loss (income) attributable to non-controlling interest392,960 (982,896)
Net (loss) income attributable to Rocket Companies(18,523)53,712 
Add: Reallocation of Net income attributable to vested, undelivered stock awards— 32 
Net (loss) income attributable to common shareholders$(18,523)$53,744 
Numerator:
Net (loss) income attributable to Class A common shareholders - basic$(18,523)$53,744 
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares (1)(295,767)744,379 
Add: Reallocation of net (loss) income attributable to dilutive impact of share-based compensation awards (2)(163)1,418 
Net (loss) income attributable to Class A common shareholders - diluted$(314,453)$799,541 
Denominator:
Weighted average shares of Class A common stock outstanding - basic124,732,722122,691,728
Add: Dilutive impact of conversion of Class D shares to Class A shares1,848,879,4831,848,879,483
Add: Dilutive impact of share-based compensation awards (3)1,017,6033,807,921
Weighted average shares of Class A common stock outstanding - diluted1,974,629,8081,975,379,132
(Loss) earnings per share of Class A common stock outstanding - basic$(0.15)$0.44 
(Loss) earnings per share of Class A common stock outstanding - diluted$(0.16)$0.40 

(1)    Net (loss) income calculated using the estimated annual effective tax rate of Rocket Companies, Inc.

(2)     Reallocation of net (loss) income attributable to dilutive impact of share-based compensation awards for the three months ended March 31, 2023 and 2022 comprised of $(155) and $1,356 related to restricted stock units and $(8) and $62 related to TMSPP, respectively.

(3)    Dilutive impact of share-based compensation awards for the three months ended March 31, 2023 and 2022 comprised of 969,848 and 3,640,391 related to restricted stock units and 47,755 and 167,530 related to TMSPP, respectively.

For the three months ended March 31, 2023 and 2022, 20,943,673 and 23,941,259 stock options, respectively, each weighted for the portion of the period for which they were outstanding, were excluded from the computation of diluted earnings per share as the effect was determined to be anti-dilutive.
v3.23.1
Business, Basis of Presentation and Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation
As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our Net (loss) income is allocated to Net loss (income) attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 12, Non-controlling Interest.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying condensed consolidated financial statements.

The Company's derivatives, IRLCs, MSRs, mortgage and non-mortgage loans held for sale, and available for sale investment securities are measured at fair value on a recurring basis. Additionally, other assets may be required to be measured at fair value in the condensed consolidated financial statements on a nonrecurring basis. Examples of such measurements are mortgage loans transferred between held for investment and held for sale, certain impaired loans, and other real estate owned. For further details of the Company's transactions refer to Note 2, Fair Value Measurements.

All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 6, Transactions with Related Parties.
Basis of Presentation Our condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Management Estimates Management EstimatesThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.
Subsequent Events
Subsequent Events

In preparing these condensed consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these condensed consolidated financial statements were issued. Refer to the Cash, Cash Equivalents and Restricted Cash section later in this footnote regarding the release of the restricted cash associated with the bond and Note 5, Borrowings for disclosures on changes to the Company's debt agreements that occurred subsequent to March 31, 2023.
Revenue Recognition
Revenue Recognition

Gain on sale of loans, net — includes all components related to the origination and sale of mortgage loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) the change in fair value of interest rate locks and loans held for sale, (5) the gain or loss on forward commitments hedging loans held for sale and interest rate lock commitments (IRLCs), and (6) the fair value of originated MSRs. An estimate of the Gain on sale of loans, net is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and mortgage loans held for sale are recognized in current period earnings. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings in Gain on sale of loans, net. Included in Gain on sale of loans, net is the Fair value of originated MSRs, which represents the estimated fair value of MSRs related to loans which we have sold and retained the right to service. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss), net in the fair value of MSRs.

Loan servicing (loss) income, net — includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSR asset as of the respective balance sheet date.
Interest income, net — includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Interest income is accrued and credited to income daily based on the unpaid principal balance outstanding. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

Other income — is derived primarily from closing fees, net appraisal revenue, net title insurance fees, personal finance subscription revenue, deposit interest income, real estate network referral fees, contact center revenue, personal loans business, professional service fees, and lead generation revenue.

The following revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder:

Amrock closing fees — The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $17,488 and $76,978 for the three months ended March 31, 2023 and 2022, respectively.

Amrock appraisal revenue, net — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net of intercompany eliminations, were $11,866 and $22,022 for the three months ended March 31, 2023 and 2022, respectively.

Rocket Money subscription revenue — The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $39,185 and $25,754 for the three months ended March 31, 2023 and 2022, respectively.

Rocket Homes real estate network referral fees — The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $6,971 and $11,398 for the three months ended March 31, 2023 and 2022, respectively.

Rock Connections and Rocket Auto contact center revenue — The Company recognizes contact center revenue for communication services including client support and sales. Consideration received mainly includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $522 and $9,315 for the three months ended March 31, 2023 and 2022, respectively.

Professional service fees — The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $2,187 and $3,004 for the three months ended March 31, 2023 and 2022, respectively, and were rendered entirely to related parties.
Core Digital Media lead generation revenue — The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $1,064 and $4,464 for the three months ended March 31, 2023 and 2022, respectively.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of March 31, 2023 and 2022 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond which subsequent to March 31, 2023 was no longer restricted.
Loans subject to repurchase right from Ginnie Mae
Loans subject to repurchase right from Ginnie Mae

For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets defined criteria, including being delinquent more than 90 days. Once the Company has the unilateral right to repurchase the delinquent loan, the Company has effectively regained control over the loan and must re-recognize the loan on the Condensed Consolidated Balance Sheets and establish a corresponding finance liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the unpaid principal balance of the loan, which approximates its fair value.
Variable Interest Entities
Variable Interest Entities

Rocket Companies, Inc. is the managing member of Holdings with 100% of the management and voting power in Holdings. In its capacity as managing member, Rocket Companies, Inc. has the sole authority to make decisions on behalf of Holdings and bind Holdings to signed agreements. Further, Holdings maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights. Accordingly, management concluded that Holdings is a limited partnership or similar legal entity as contemplated in ASC 810, Consolidation.

Furthermore, management concluded that Rocket Companies, Inc. is Holdings’ primary beneficiary. As the primary beneficiary, Rocket Companies, Inc. consolidates the results and operations of Holdings for financial reporting purposes under the variable interest consolidation model guidance in ASC 810.

Rocket Companies, Inc.'s relationship with Holdings results in no recourse to the general credit of Rocket Companies, Inc. Holdings and its consolidated subsidiaries represents Rocket Companies, Inc.'s sole investment. Rocket Companies, Inc. shares in the income and losses of Holdings in direct proportion to Rocket Companies, Inc.'s ownership percentage. Further, Rocket Companies, Inc. has no contractual requirement to provide financial support to Holdings.

Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended March 31, 2023.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

There are no recently issued accounting pronouncements adopted for the period.
Fair Value Measurements
Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.

Fair value measurements are classified in the following manner:

Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.

Level 3—Valuation is based on the Company’s internal models using assumptions at the measurement date that a market participant would use.

In determining fair value measurement, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value.

The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2023 or December 31, 2022.

Mortgage loans held for sale: Loans held for sale that trade in active secondary markets are valued using Level 2 measurements derived from observable market data, including market prices of securities backed by similar mortgage loans adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk. Loans held for sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes and internal models.

IRLCs: The fair value of IRLCs is based on current market prices of securities backed by similar mortgage loans (as determined above under mortgage loans held for sale), net of costs to close the loans, subject to the estimated loan funding probability, or “pull-through factor”. Given the significant and unobservable nature of the pull-through factor, IRLCs are classified as Level 3.

MSRs: The fair value of MSRs is determined using an internal valuation model that calculates the present value of estimated net future cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income among others. MSRs are classified as Level 3.

Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy.

Investment Securities: Investment securities are available for sale debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and include highly rated municipal, government, and corporate bonds.
Non-mortgage loans held for sale: Non-mortgage loans held for sale are personal loans including loans to finance solar panel installation projects. The fair value of non-mortgage loans is determined using an internal valuation model that calculates the present value of estimated net future cash flows. Non-mortgage loans are classified as Level 3.
Mortgage Servicing Rights Mortgage servicing rights are recognized as assets on the Condensed Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSRs asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using an internal valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. The key assumptions used to estimate the fair value of MSRs are prepayment speeds and the discount rate. Increases in prepayment speeds generally have an adverse effect on the value of MSRs as the underlying loans prepay faster. In a declining interest rate environment, the fair value of MSRs generally decreases as prepayments increase and therefore, the estimated life of the MSRs and related cash flows decrease. Decreases in prepayment speeds generally have a positive effect on the value of MSRs as the underlying loans prepay less frequently. In a rising interest rate environment, the fair value of MSRs generally increases as prepayments decrease and therefore, the estimated life of the MSRs and related cash flows increase. Increases in the discount rate result in a lower MSRs value and decreases in the discount rate result in a higher MSRs value. MSRs uncertainties are hypothetical and do not always have a direct correlation with each assumption. Changes in one assumption may result in changes to another assumption, which might magnify or counteract the uncertainties.
Income Taxes
Several subsidiaries of Holdings, such as Rocket Mortgage, Amrock and other subsidiaries, are single member LLC entities. As single member LLCs of Holdings, all taxable income or loss generated by these subsidiaries will pass through and be included in the income or loss of Holdings. A provision for state and local income taxes is required for certain jurisdictions that tax single member LLCs as regarded entities. Other subsidiaries of Holdings, such as Amrock Title Insurance Co., LMB Mortgage Services and others, are treated as C Corporations and will separately file and pay taxes apart from Holdings in various jurisdictions including U.S. federal, state, local and Canada.

Tax Receivable Agreement

The Company expects to obtain an increase in its share of the tax basis in the net assets of Holdings when Holdings Units are redeemed from or exchanged by the LLC Members. The Company intends to treat any redemptions and exchanges of Holdings Units as direct purchases of Holdings Units for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

In connection with the reorganization completed prior to our IPO in 2020, the Company entered into a Tax Receivable Agreement (the "Tax Receivable Agreement") with the LLC Members that will obligate the Company to make payments to the LLC Members generally equal to 90% of the applicable cash tax savings that the Company actually realizes or in some cases is deemed to realize as a result of the tax attributes generated by (i) certain increases in our allocable share of the tax basis in Holdings’ assets resulting from (a) the purchases of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) from the LLC Members (or their transferees of Holdings Units or other assignees) using the net proceeds from our initial public offering or in any future offering, (b) exchanges by the LLC Members (or their transferees of Holdings Units or other assignees) of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) for cash or shares of our Class B common stock or Class A common stock, as applicable, or (c) payments under the Tax Receivable Agreement; (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the Tax Receivable Agreement and (iii) disproportionate allocations (if any) of tax benefits to Holdings as a result of section 704(c) of the Code that relate to the reorganization transactions. The Company will retain the benefit of the remaining 10% of these tax savings.
Tax Distributions The holders of Holdings’ Units, including Rocket Companies Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Holdings. The Holdings Operating Agreement provides for pro rata cash distributions (“tax distributions”) to the holders of the Holdings Units in an amount generally calculated to provide each holder of Holdings Units with sufficient cash to cover its tax liability in respect of the Holdings Units. In general, these tax distributions are computed based on Holdings’ estimated taxable income, multiplied by an assumed tax rate as set forth in the Holdings Operating Agreement.
Derivative Financial Instruments The Company enters into interest rate lock commitments ("IRLCs"), forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the Condensed Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments qualify for designation as accounting hedges. Changes in the fair value of the IRLCs and forward commitments to sell mortgage loans are recorded in current period earnings and are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) . Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) . Additional detail regarding derivative financial instruments is provided in Note 13, Derivative Financial Instruments in our 2022 10-K report.
Earnings Per Share The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program are included in the weighted-average Class A shares outstanding in the calculation of basic earnings per share once the units are fully vested.Basic earnings per share of Class A common stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There was no Class B common stock outstanding as of March 31, 2023 or 2022.
v3.23.1
Business, Basis of Presentation and Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of March 31, 2023 and 2022 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond which subsequent to March 31, 2023 was no longer restricted.
March 31,
20232022
Cash and cash equivalents$893,383 $2,310,661 
Restricted cash64,307 77,027 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$957,690 $2,387,688 
Schedule of Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of March 31, 2023 and 2022 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond which subsequent to March 31, 2023 was no longer restricted.
March 31,
20232022
Cash and cash equivalents$893,383 $2,310,661 
Restricted cash64,307 77,027 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$957,690 $2,387,688 
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Statement Items Measured at Estimated Fair Value on a Recurring Basis
The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the three months ended March 31, 2023 or the year ended December 31, 2022.

Level 1Level 2Level 3Total
Balance at March 31, 2023
Assets:
Mortgage loans held for sale (1) $— $7,674,953 $763,761 $8,438,714 
IRLCs— — 182,112 182,112 
MSRs— — 6,669,939 6,669,939 
Forward commitments— 5,101 — 5,101 
Investment securities (2)— 38,201 — 38,201 
Non-mortgage loans held for sale (2)— — 32,490 32,490 
Total assets$— $7,718,255 $7,648,302 $15,366,557 
Liabilities:
Forward commitments$— $87,918 $— $87,918 
Total liabilities$— $87,918 $— $87,918 
Balance at December 31, 2022
Assets:
Mortgage loans held for sale (1)$— $6,260,745 $1,082,730 $7,343,475 
IRLCs— — 90,635 90,635 
MSRs— — 6,946,940 6,946,940 
Forward commitments— 22,444 — 22,444 
Total assets$— $6,283,189 $8,120,305 $14,403,494 
Liabilities:
Forward commitments$— $25,117 $— $25,117 
Total liabilities$— $25,117 $— $25,117 

(1)     As of March 31, 2023 and December 31, 2022, $315.2 million and $314.4 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were in non-accrual status.

(2)    These assets are included in Other assets on the Condensed Consolidated Balance Sheets.
Schedule of Quantitative Information About Fair Value Measurements of Level 3 Financial Instruments
The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
March 31, 2023December 31, 2022
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
65% - 100%
88 %
67% - 100%
86 %
IRLCs
Loan funding probability
0% - 100%
71 %
0% - 100%
68 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.5% - 12.5%
9.9 %
Conditional prepayment rate
6.2% - 28.6%
7.1 %
6.1% - 26.6%
6.9 %
Non-mortgage loans held for sale
Discount rate
6.2% - 8.5%
8.2 %N/AN/A
Schedule of Reconciliation of Level 3 Assets
The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2023 and 2022. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.

Mortgage Loans Held for SaleIRLCsNon-Mortgage Loans Held for Sale
Balance at December 31, 2022
$1,082,730 $90,635 $— 
Transfers in (1)211,058 — 32,838 
Transfers out/principal reductions (1)(600,454)— — 
Net transfers and revaluation gains— 91,477 — 
Total gains (losses) included in net income70,427 — (348)
Balance at March 31, 2023$763,761 $182,112 $32,490 
Balance at December 31, 2021
$2,309,366 $538,861 $— 
Transfers in (1)522,640 — — 
Transfers out/principal reductions (1)(618,320)— — 
Net transfers and revaluation losses— (325,651)— 
Total losses included in net income(34,924)— — 
Balance at March 31, 2022$2,178,762 $213,210 $— 
(1)    Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.
Available-for-Sale Investment Securities
The amortized cost and estimated fair value of available for sale investment securities as of March 31, 2023 consisted of the following:
Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury$23,902 $1 $(1,231)$22,672 
Corporate and Other15,888 36 (395)15,529 
Total$39,790 $37 $(1,626)$38,201 
The amortized cost and estimated fair value of investment in debt securities as of March 31, 2023 by contractual maturity is as follows:
U.S. TreasuryCorporate and Other
Amortized CostsFair ValueAmortized CostsFair Value
Less than 1 year$— $— $5,957 $5,838 
1-5 years23,902 22,672 8,955 8,716 
5-10 years— — 976 975 
10 years and beyond$— $— $— $— 
Schedule of Fair Value Option for Mortgage Loans Held For Sale
The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage and non-mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage and non-mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance:
Fair ValuePrincipal Amount Due Upon MaturityDifference (1)
Balance at March 31, 2023
Mortgage loans held for sale$8,438,714 $8,429,074 $9,640 
Non-mortgage loans held for sale$32,490 $32,838 $(348)
Balance at December 31, 2022$7,343,475 $7,424,223 $(80,748)
Mortgage loans held for sale
(1)    Represents the amount of gains (losses) included in Gain on sale of loans, net for Mortgage loans held for sale and Other income for Non-mortgage loans held for sale, due to changes in fair value of items accounted for using the fair value option.
Schedule of Liabilities not Recorded at Fair Value on a Recurring or Nonrecurring Basis
The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
March 31, 2023December 31, 2022
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes, due 10/15/2026$1,142,003 $1,029,606 $1,141,432 $984,963 
Senior Notes, due 1/15/202861,363 58,700 61,330 57,039 
Senior Notes, due 3/1/2029744,066 645,188 743,815 595,493 
Senior Notes, due 3/1/20311,239,296 1,043,550 1,238,958 961,450 
Senior Notes, due 10/15/2033842,611 681,258 842,435 625,175 
Total Senior Notes, net$4,029,339 $3,458,302 $4,027,970 $3,224,120 
v3.23.1
Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 2023
Transfers and Servicing [Abstract]  
Summary of Changes to MSR Assets
The following table summarizes changes to the MSR assets:

Three Months Ended March 31,
20232022
Fair value, beginning of period$6,946,940 $5,385,613 
MSRs originated204,560 796,616 
MSRs sales(81,538)(253,997)
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)(217,802)767,271 
Due to collection/realization of cash flows(182,221)(285,215)
Total changes in fair value(400,023)482,056 
Fair value, end of period$6,669,939 $6,410,288 

(1)    Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale or the effects of contractual prepayment protection resulting from sales of MSRs.
Schedule of Assumptions Used to Determine Fair Value of MSRs
The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio:
March 31, 2023December 31, 2022
Discount rate9.9 %9.9 %
Prepayment speeds7.1 %6.9 %
Life (in years)7.978.08
Summary of Discount Rate and Prepayment Speeds at Two Different Data Points
The following table stresses the discount rate and prepayment speeds at two different data points:
Discount RatePrepayment Speeds
100 BPS Adverse Change200 BPS Adverse Change10% Adverse Change20% Adverse Change
March 31, 2023
Mortgage servicing rights
$(282,637)$(539,918)$(171,374)$(334,669)
December 31, 2022
Mortgage servicing rights$(295,754)$(565,704)$(171,297)$(334,664)
v3.23.1
Mortgage Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Reconciliation of Changes in Mortgage Loans Held for Sale A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Condensed Consolidated Statements of Cash Flows is below:
Three Months Ended March 31,
20232022
Balance at the beginning of period$7,343,475 $19,323,568 
Disbursements of mortgage loans held for sale16,785,731 54,173,353 
Proceeds from sales of mortgage loans held for sale (1)(15,987,171)(63,180,565)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2)296,679 368,788 
Balance at the end of period
$8,438,714 $10,685,144 

(1)    The proceeds from sales of loans held for sale on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of personal loans.

(2)    The Gain on sale of loans excluding fair value of MSRs, net on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of personal loans, interest rate lock commitments, forward commitments, and provisions for investor reserves.
v3.23.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of March 31, 2023
Outstanding Balance as of December 31, 2022
Mortgage Loan funding:
1) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
10/20/2023$250,000 $50,000 $— $49,381 
2) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
11/30/20231,000,000 100,000 550,258 138,057 
3) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
8/9/20242,000,000 250,000 255,281 702,128 
4) Master Repurchase Agreement (1)(6)
Mortgage loans held for sale (5)
1/26/20241,500,000 550,000 754,210 917,621 
5) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
5/4/20241,000,000 250,000 649,929 493,029 
6) Master Repurchase Agreement (2)(6)
Mortgage loans held for sale (5)
9/9/20241,500,000 250,000 87,888 101,152 
7) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
9/22/20231,250,000 250,000 181,107 186,707 
8) Master Repurchase Agreement (6)
Mortgage loans held for sale (5)
9/27/2024750,000 100,000 544,729 171,642 
$9,250,000 $1,800,000 $3,023,402 $2,759,717 
Mortgage Loan Early Funding:
9) Early Funding Facility (3)(6)
Mortgage loans held for sale (5)
          (3)
$5,000,000 $— $1,262,204 $561,874 
10) Early Funding Facility (4)(6)
Mortgage loans held for sale (5)
(4)
2,000,000 — 932,128 227,108 
7,000,000 — 2,194,332 788,982 
Total Mortgage Funding Facilities$16,250,000 $1,800,000 $5,217,734 $3,548,699 
(1)    This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to March 31, 2023, this facility was extended to April 26, 2024.

(2)    This facility has an overall line size of $1,500,000. This facility also includes a $1,500,000 sublimit for MSR financing; Capacity is fully fungible and is not restricted by these allocations.

(3)    This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(4)    This facility has an overall line size of $2,000,000, which is reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(5)    The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest.    

(6)    The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022.
Schedule of Other Financing Facilities
Other Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance Outstanding Balance as of March 31, 2023Outstanding Balance Outstanding Balance as of December 31, 2022
Personal Loan funding:
1) Revolving Credit and Security Agreement (1)
Personal loans held for sale
1/30/2025$75,000 $75,000 $18,300 $— 
Total Other Funding Facilities75,000 75,000 18,300 — 
Total Funding Facilities$16,325,000 $1,875,000 $5,236,034 $3,548,699 

(1)    The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022.

Financing Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance Outstanding Balance as of March 31, 2023Outstanding Balance Outstanding Balance as of December 31, 2022
Line of Credit Financing Facilities
1) Unsecured line of credit (1)
—7/27/2025$2,000,000 $— $— $— 
2) Unsecured line of credit (1)
—7/31/2025100,000 — — — 
3) Revolving credit facility (3)
—8/10/20251,000,000 1,000,000 — — 
4) MSR line of credit (3)
MSRs10/20/2023200,000 — — — 
5) MSR line of credit (2)(3)
MSRs9/9/20241,500,000 250,000 — — 
$4,800,000 $1,250,000 $— $— 
Early Buyout Financing Facility
6) Early buy out facility (3)
Loans/ Advances3/13/2024$1,500,000 $— $423,831 $672,882 
(1)    Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit.

(2)    This facility is a sublimit of Master Repurchase Agreement 6, found above in Mortgage Funding Facilities. Refer to Subfootnote 2, Mortgage Funding Facilities for additional details regarding this financing facility.
(3)    The interest rates charged by lenders on the financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 4.00% for the three months ended March 31, 2023 and the year ended December 31, 2022.
Schedule of Unsecured Senior Notes
Unsecured Senior Notes
Facility TypeMaturityInterest RateOutstanding Principal March 31, 2023Outstanding Principal December 31, 2022
Unsecured Senior Notes (1)
10/15/20262.875 %$1,150,000 $1,150,000 
Unsecured Senior Notes (2)
1/15/20285.250 %61,985 61,985 
Unsecured Senior Notes (3)
3/1/20293.625 %750,000 750,000 
Unsecured Senior Notes (4)
3/1/20313.875 %1,250,000 1,250,000 
Unsecured Senior Notes (5)
10/15/20334.000 %850,000 850,000 
Total Senior Notes
$4,061,985 $4,061,985 
Weighted Average Interest Rate3.59 %3.59 %
(1)    The 2026 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,997 and $8,569 as of March 31, 2023 and December 31, 2022, respectively.

(2)    The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Condensed Consolidated Balance Sheets by $339 and $282 as of March 31, 2023, respectively, and $358 and $298, as of December 31, 2022, respectively.

(3)    The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $5,934 and $6,185 as of March 31, 2023 and December 31, 2022, respectively.

(4)    The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $10,705 and $11,040 as of March 31, 2023 and December 31, 2022, respectively.

(5)    The 2033 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $850,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,389 and $7,565 as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Hedging Gains and Losses
Net hedging gains and losses were as follows:
Three Months Ended March 31,
20232022
Hedging (losses) gains (1)$(79,133)$1,533,145 

(1)    Includes the change in fair value related to derivatives economically hedging MSRs identified for sale.
Schedule of Notional and Fair Values of Derivative Financial Instruments
The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows:
Notional ValueDerivative AssetDerivative Liability
Balance at March 31, 2023:
IRLCs, net of loan funding probability (1)$7,105,543 $182,112 $— 
Forward commitments (2)$13,494,056 $5,101 $87,918 
Balance at December 31, 2022:
IRLCs, net of loan funding probability (1)$4,373,465 $90,635 $— 
Forward commitments (2)$10,963,989 $22,444 $25,117 

(1)    IRLCs are also discussed in Note 9, Commitments, Contingencies, and Guarantees.

(2)    Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale.
Schedule of Gross Amounts of Recognized Assets Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Condensed Consolidated Balance Sheets. The Company had $41,178 and $24,102 of margin cash pledged to counterparties related to these forward commitments at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, there was zero and $959 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts Presented in the Condensed Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at March 31, 2023:
Forward commitments$9,978 $(4,877)$5,101 
Balance at December 31, 2022:
Forward commitments$71,484 $(49,040)$22,444 
Offsetting of Derivative Liabilities
Balance at March 31, 2023:
Forward commitments$(144,984)$57,066 $(87,918)
Balance at December 31, 2022:
Forward commitments$(69,007)$43,890 $(25,117)
Schedule of Gross Amounts of Recognized Liabilities Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Condensed Consolidated Balance Sheets. The Company had $41,178 and $24,102 of margin cash pledged to counterparties related to these forward commitments at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, there was zero and $959 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts Presented in the Condensed Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at March 31, 2023:
Forward commitments$9,978 $(4,877)$5,101 
Balance at December 31, 2022:
Forward commitments$71,484 $(49,040)$22,444 
Offsetting of Derivative Liabilities
Balance at March 31, 2023:
Forward commitments$(144,984)$57,066 $(87,918)
Balance at December 31, 2022:
Forward commitments$(69,007)$43,890 $(25,117)
v3.23.1
Commitments, Contingencies, and Guarantees (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of IRLC Unpaid Principal Balance The UPB of IRLCs was as follows:
March 31, 2023December 31, 2022
Fixed RateVariable RateFixed RateVariable Rate
IRLCs$9,518,644 $421,972 $6,108,132 $326,638 
v3.23.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Key Operating Data for Business Segments
Key operating data for our business segments for the periods ended:

Three Months Ended March 31, 2023Direct to
 Consumer		Partner
 Network		Segments
 Total		All OtherTotal
Revenues
Gain on sale$390,342 $71,993$462,335 $7,228 $469,563 
Interest income38,123 27,67265,795 949 66,744 
Interest expense on funding facilities(16,808)(12,198)(29,006)(54)(29,060)
Servicing fee income365,217 — 365,217 1,168 366,385 
Changes in fair value of MSRs(398,279)— (398,279)— (398,279)
Other income116,520 3,618120,138 70,577 190,715 
Total U.S. GAAP Revenue, net495,115 91,085 586,200 79,868 666,068 
Change in fair value of MSRs due to valuation assumptions, net of hedges216,058 —216,058 — 216,058 
Adjusted revenue711,173 91,085 802,258 79,868 882,126 
Less: Directly attributable expenses505,583 65,359 570,942 76,843 647,785 
Contribution margin$205,590 $25,726 $231,316 $3,025 $234,341 
Three Months Ended March 31, 2022Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$1,217,103 $258,056$1,475,159 $8,627 $1,483,786 
Interest income57,601 32,16889,769 771 90,540 
Interest expense on funding facilities(26,727)(14,969)(41,696)— (41,696)
Servicing fee income365,499 — 365,499 715 366,214 
Changes in fair value of MSRs454,380 — 454,380 — 454,380 
Other income167,027 16,477183,504 133,868 317,372 
Total U.S. GAAP Revenue, net2,234,883 291,732 2,526,615 143,981 2,670,596 
Change in fair value of MSRs due to valuation assumptions, net of hedges(739,217)—(739,217)— (739,217)
Adjusted revenue1,495,666 291,732 1,787,398 143,981 1,931,379 
Less: Directly attributable expenses869,210 120,034 989,244 118,872 1,108,116 
Contribution margin$626,456 $171,698 $798,154 $25,109 $823,263 
Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income Before Taxes
The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the three months ended:
Three Months Ended March 31,
20232022
Contribution margin, excluding change in MSRs due to valuation assumptions$234,341 $823,263 
Change in fair value of MSRs due to valuation assumptions, net of hedges(216,058)739,217 
Contribution margin, including change in MSRs due to valuation assumptions18,283 1,562,480 
Less expenses not allocated to segments:
Salaries, commissions and team member benefits220,883 244,044 
General and administrative expenses143,113 192,457 
Depreciation and amortization30,685 21,042 
Interest and amortization expense on non-funding debt38,333 38,664 
Other expenses1,256 3,816 
(Loss) income before income taxes$(415,987)$1,062,457 
v3.23.1
Non-controlling Interest (Tables)
 3 Months Ended
Mar. 31, 2023
Noncontrolling Interest [Abstract]  
Schedule of Non-controlling Interest The following table summarizes the ownership of Holdings Units in Holdings as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Holdings UnitsOwnership PercentageHoldings UnitsOwnership Percentage
Rocket Companies, Inc.'s ownership of Holdings Units125,761,073 6.37 %123,491,606 6.26 %
Holdings Units held by our Chairman1,101,822 0.06 %1,101,822 0.06 %
Holdings Units held by RHI1,847,777,661 93.57 %1,847,777,661 93.68 %
Balance at end of period1,974,640,556 100.00 %1,972,371,089 100.00 %
v3.23.1
Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The components of share-based compensation expense included in Salaries, commissions and team member benefits on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) is as follows:

Three Months Ended March 31,
20232022
Rocket Companies, Inc. sponsored plans
Restricted stock units$42,598 $42,492 
Stock options8,229 9,576 
Team Member Stock Purchase Plan1,128 2,098 
Subtotal Rocket Companies, Inc. sponsored plans$51,955 $54,166 
RHI restricted stock units— 12,775 
Subsidiary plans5 169 
Total share-based compensation expense$51,960 $67,110 
v3.23.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings per Share
The following table sets forth the calculation of the basic and diluted earnings per share for the period:

Three Months Ended March 31,
20232022
Net (loss) income$(411,483)$1,036,608 
Net loss (income) attributable to non-controlling interest392,960 (982,896)
Net (loss) income attributable to Rocket Companies(18,523)53,712 
Add: Reallocation of Net income attributable to vested, undelivered stock awards— 32 
Net (loss) income attributable to common shareholders$(18,523)$53,744 
Numerator:
Net (loss) income attributable to Class A common shareholders - basic$(18,523)$53,744 
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares (1)(295,767)744,379 
Add: Reallocation of net (loss) income attributable to dilutive impact of share-based compensation awards (2)(163)1,418 
Net (loss) income attributable to Class A common shareholders - diluted$(314,453)$799,541 
Denominator:
Weighted average shares of Class A common stock outstanding - basic124,732,722122,691,728
Add: Dilutive impact of conversion of Class D shares to Class A shares1,848,879,4831,848,879,483
Add: Dilutive impact of share-based compensation awards (3)1,017,6033,807,921
Weighted average shares of Class A common stock outstanding - diluted1,974,629,8081,975,379,132
(Loss) earnings per share of Class A common stock outstanding - basic$(0.15)$0.44 
(Loss) earnings per share of Class A common stock outstanding - diluted$(0.16)$0.40 

(1)    Net (loss) income calculated using the estimated annual effective tax rate of Rocket Companies, Inc.

(2)     Reallocation of net (loss) income attributable to dilutive impact of share-based compensation awards for the three months ended March 31, 2023 and 2022 comprised of $(155) and $1,356 related to restricted stock units and $(8) and $62 related to TMSPP, respectively.
(3)    Dilutive impact of share-based compensation awards for the three months ended March 31, 2023 and 2022 comprised of 969,848 and 3,640,391 related to restricted stock units and 47,755 and 167,530 related to TMSPP, respectively.
v3.23.1
Business, Basis of Presentation and Accounting Policies - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 01, 2022
USD ($)
Feb. 24, 2022
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
segment
$ / shares
Dec. 31, 2022
$ / shares
Mar. 31, 2022
USD ($)
Basis of Presentation [Line Items]          
Number of segments | segment     2    
Share repurchase program authorization $ 1,000,000   $ 590,700    
Share repurchase program period in effect 2 years        
U.S. Treasury          
Basis of Presentation [Line Items]          
Bond in restricted cash     $ 25   $ 25
Holdings          
Basis of Presentation [Line Items]          
Management and voting interest as managing member in Holdings (in percent)     100.00%    
Holdings          
Basis of Presentation [Line Items]          
Cash distribution   $ 2,000,000      
Class A common stock          
Basis of Presentation [Line Items]          
Common stock, par value (in dollars per share) | $ / shares     $ 0.00001 $ 0.00001  
Common stock dividend declared (in dollars per share) | $ / shares   $ 1.01      
v3.23.1
Business, Basis of Presentation and Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Closing fees    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer $ 17,488 $ 76,978
Appraisal revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 11,866 22,022
Subscription revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 39,185 25,754
Real estate network referral fees    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 6,971 11,398
Contact center    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 522 9,315
Professional services fees    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 2,187 3,004
Core Digital Media lead generation revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer $ 1,064 $ 4,464
v3.23.1
Business, Basis of Presentation and Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Reconciliation (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 893,383 $ 722,293 $ 2,310,661  
Restricted cash 64,307 66,806 77,027  
Total cash, cash equivalents, and restricted cash in the statement of cash flows $ 957,690 $ 789,099 $ 2,387,688 $ 2,211,597
v3.23.1
Fair Value Measurements - Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Assets:        
Mortgage loans held for sale $ 8,438,714 $ 7,343,475    
MSRs 6,669,939 6,946,940 $ 6,410,288 $ 5,385,613
Liabilities:        
Derivative Liability 87,918 25,117    
IRLCs        
Assets:        
Derivative Asset 182,112 90,635    
Forward commitments        
Assets:        
Derivative Asset 5,101 22,444    
Level 3 | Financial Asset, Equal to or Greater than 90 Days Past Due        
Liabilities:        
Financing receivable, nonaccrual 315,200 314,400    
Recurring        
Assets:        
Mortgage loans held for sale 8,438,714 7,343,475    
MSRs 6,669,939 6,946,940    
Total assets 15,366,557 14,403,494    
Liabilities:        
Total liabilities 87,918 25,117    
Recurring | IRLCs        
Assets:        
Derivative Asset 182,112 90,635    
Recurring | Forward commitments        
Assets:        
Derivative Asset 5,101 22,444    
Liabilities:        
Derivative Liability 87,918 25,117    
Recurring | Investment securities        
Assets:        
Derivative Asset 38,201      
Recurring | Non-Mortgage Loans Held for Sale        
Assets:        
Derivative Asset 32,490      
Recurring | Level 1        
Assets:        
Mortgage loans held for sale 0 0    
MSRs 0 0    
Total assets 0 0    
Liabilities:        
Total liabilities 0 0    
Recurring | Level 1 | IRLCs        
Assets:        
Derivative Asset 0 0    
Recurring | Level 1 | Forward commitments        
Assets:        
Derivative Asset 0 0    
Liabilities:        
Derivative Liability 0 0    
Recurring | Level 1 | Investment securities        
Assets:        
Derivative Asset 0      
Recurring | Level 1 | Non-Mortgage Loans Held for Sale        
Assets:        
Derivative Asset 0      
Recurring | Level 2        
Assets:        
Mortgage loans held for sale 7,674,953 6,260,745    
MSRs 0 0    
Total assets 7,718,255 6,283,189    
Liabilities:        
Total liabilities 87,918 25,117    
Recurring | Level 2 | IRLCs        
Assets:        
Derivative Asset 0 0    
Recurring | Level 2 | Forward commitments        
Assets:        
Derivative Asset 5,101 22,444    
Liabilities:        
Derivative Liability 87,918 25,117    
Recurring | Level 2 | Investment securities        
Assets:        
Derivative Asset 38,201      
Recurring | Level 2 | Non-Mortgage Loans Held for Sale        
Assets:        
Derivative Asset 0      
Recurring | Level 3        
Assets:        
Mortgage loans held for sale 763,761 1,082,730    
MSRs 6,669,939 6,946,940    
Total assets 7,648,302 8,120,305    
Liabilities:        
Total liabilities 0 0    
Recurring | Level 3 | IRLCs        
Assets:        
Derivative Asset 182,112 90,635    
Recurring | Level 3 | Forward commitments        
Assets:        
Derivative Asset 0 0    
Liabilities:        
Derivative Liability 0 $ 0    
Recurring | Level 3 | Investment securities        
Assets:        
Derivative Asset 0      
Recurring | Level 3 | Non-Mortgage Loans Held for Sale        
Assets:        
Derivative Asset $ 32,490      
v3.23.1
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Level 3
Mar. 31, 2023
Dec. 31, 2022
Model pricing | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 0.65 0.67
Model pricing | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 1 1
Model pricing | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 0.88 0.86
Loan funding probability | IRLCs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 0 0
Loan funding probability | IRLCs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 1 1
Loan funding probability | IRLCs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 0.71 0.68
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Non-mortgage loans held for sale 0.082  
Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.095 0.095
Non-mortgage loans held for sale 0.062  
Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.125 0.125
Non-mortgage loans held for sale 0.085  
Discount rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.099 0.099
Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.062 0.061
Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.286 0.266
Conditional prepayment rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.071 0.069
v3.23.1
Fair Value Measurements - Reconciliation of Level 3 Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mortgage Loans Held for Sale    
Reconciliation of Level 3 Assets:    
Beginning balance $ 1,082,730 $ 2,309,366
Transfers in 211,058 522,640
Transfers out/principal reductions (600,454) (618,320)
Net transfers and revaluation gains 0 0
Total gains (losses) included in net income 70,427 (34,924)
Ending balance 763,761 2,178,762
IRLCs    
Reconciliation of Level 3 Assets:    
Beginning balance 90,635 538,861
Transfers in 0 0
Transfers out/principal reductions 0 0
Net transfers and revaluation gains 91,477 (325,651)
Total gains (losses) included in net income 0 0
Ending balance 182,112 213,210
Non-Mortgage Loans Held for Sale    
Reconciliation of Level 3 Assets:    
Beginning balance 0 0
Transfers in 32,838 0
Transfers out/principal reductions 0 0
Net transfers and revaluation gains 0 0
Total gains (losses) included in net income (348) 0
Ending balance $ 32,490 $ 0
v3.23.1
Fair Value Measurements - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Fair Value Disclosures [Abstract]  
Unrealized loss $ 1,589
v3.23.1
Fair Value Measurements - Investment Securities (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Amortized Cost $ 39,790
Gross Unrealized Gains 37
Gross Unrealized Losses (1,626)
Fair Value 38,201
U.S. Treasury  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Amortized Cost 23,902
Gross Unrealized Gains 1
Gross Unrealized Losses (1,231)
Fair Value 22,672
Corporate and Other  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Amortized Cost 15,888
Gross Unrealized Gains 36
Gross Unrealized Losses (395)
Fair Value $ 15,529
v3.23.1
Fair Value Measurements - Contractual Maturity (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
U.S. Treasury  
Amortized Costs  
Less than 1 year $ 0
1-5 years 23,902
5-10 years 0
10 years and beyond 0
Fair Value  
Less than 1 year 0
1-5 years 22,672
5-10 years 0
10 years and beyond 0
Corporate and Other  
Amortized Costs  
Less than 1 year 5,957
1-5 years 8,955
5-10 years 976
10 years and beyond 0
Fair Value  
Less than 1 year 5,838
1-5 years 8,716
5-10 years 975
10 years and beyond $ 0
v3.23.1
Fair Value Measurements - Fair Value Option for Mortgage and Non-Mortgage Loans Held for Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale $ 8,438,714 $ 7,343,475
Mortgage Loans Held for Sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 8,438,714 7,343,475
Principal Amount Due Upon Maturity 8,429,074 7,424,223
Difference 9,640 $ (80,748)
Non-Mortgage Loans Held for Sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 32,490  
Principal Amount Due Upon Maturity 32,838  
Difference $ (348)  
v3.23.1
Fair Value Measurements - Liabilities not Recorded at Fair Value on Recurring or Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net $ 4,029,339 $ 4,027,970
Carrying Amount | 2026 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 1,142,003 1,141,432
Carrying Amount | 2028 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 61,363 61,330
Carrying Amount | 2029 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 744,066 743,815
Carrying Amount | 2031 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 1,239,296 1,238,958
Carrying Amount | 2033 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 842,611 842,435
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 3,458,302 3,224,120
Estimated Fair Value | 2026 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 1,029,606 984,963
Estimated Fair Value | 2028 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 58,700 57,039
Estimated Fair Value | 2029 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 645,188 595,493
Estimated Fair Value | 2031 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net 1,043,550 961,450
Estimated Fair Value | 2033 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Senior Notes, net $ 681,258 $ 625,175
v3.23.1
Mortgage Servicing Rights - Changes to MSR Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Changes to MSR Assets    
Fair value, beginning of period $ 6,946,940 $ 5,385,613
MSRs originated 204,560 796,616
MSRs sales (81,538) (253,997)
Changes in fair value:    
Due to changes in valuation model inputs or assumptions (217,802) 767,271
Due to collection/realization of cash flows (182,221) (285,215)
Total changes in fair value (400,023) 482,056
Fair value, end of period $ 6,669,939 $ 6,410,288
Servicing asset, fair value, change in fair value, other, statement of income or comprehensive income Gain (Loss) on Sales of Loans, Net Gain (Loss) on Sales of Loans, Net
v3.23.1
Mortgage Servicing Rights - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Transfers and Servicing [Abstract]    
UPB of mortgage loans serviced $ 481,325,241 $ 486,540,840
Delinquent loans as a percentage of total portfolio (in percent) 1.10%  
v3.23.1
Mortgage Servicing Rights - Fair Value Assumptions (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Transfers and Servicing [Abstract]    
Discount rate 9.90% 9.90%
Prepayment speeds 7.10% 6.90%
Life (in years) 7 years 11 months 19 days 8 years 29 days
v3.23.1
Mortgage Servicing Rights - Discount Rate and Prepayment Speeds at Two Different Data Points (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Discount Rate    
100 BPS Adverse Change $ (282,637) $ (295,754)
200 BPS Adverse Change (539,918) (565,704)
Prepayment Speeds    
10% Adverse Change (171,374) (171,297)
20% Adverse Change $ (334,669) $ (334,664)
v3.23.1
Mortgage Loans Held for Sale (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mortgage loans held for sale    
Balance at the beginning of period $ 7,343,475 $ 19,323,568
Disbursements of mortgage loans held for sale 16,785,731 54,173,353
Proceeds from sales of mortgage loans held for sale (15,987,171) (63,180,565)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net 296,679 368,788
Balance at the end of period $ 8,438,714 $ 10,685,144
Mortgage loans held for sale average holding period 35 days  
v3.23.1
Borrowings - Narrative (Details)
 3 Months Ended
Mar. 31, 2023
Funding facilities and Other financing facilities  
Debt Instrument [Line Items]  
Commitment fees (in percent) 0.50%
v3.23.1
Borrowings - Funding Facilities (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
May 09, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]      
Total funding facilities $ 5,236,034,000   $ 3,548,699,000
Funding Facilities      
Line of Credit Facility [Line Items]      
Line Amount 16,250,000,000    
Committed Line Amount 1,800,000,000    
Total funding facilities 5,217,734,000   3,548,699,000
Funding Facilities | MRA funding      
Line of Credit Facility [Line Items]      
Line Amount 9,250,000,000    
Committed Line Amount 1,800,000,000    
Outstanding balance 3,023,402,000   2,759,717,000
Funding Facilities | Master Repurchase Agreement Due Oct 20 2023      
Line of Credit Facility [Line Items]      
Line Amount 250,000,000    
Committed Line Amount 50,000,000    
Outstanding balance 0   49,381,000
Funding Facilities | Master Repurchase Agreement Due Nov 30 2023      
Line of Credit Facility [Line Items]      
Line Amount 1,000,000,000    
Committed Line Amount 100,000,000    
Outstanding balance 550,258,000   138,057,000
Funding Facilities | Master Repurchase Agreement Due Aug 9 2024      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 250,000,000    
Outstanding balance 255,281,000   702,128,000
Funding Facilities | Master Repurchase Agreement Due Jan 26 2024      
Line of Credit Facility [Line Items]      
Line Amount 1,500,000,000    
Committed Line Amount 550,000,000    
Outstanding balance $ 754,210,000   917,621,000
Facility term 12 months    
Extension term 3 months    
Timing option for extending facility 3 months    
Funding Facilities | Master Repurchase Agreement Due May 4 2024      
Line of Credit Facility [Line Items]      
Line Amount $ 1,000,000,000    
Committed Line Amount 250,000,000    
Outstanding balance 649,929,000   493,029,000
Funding Facilities | Master Repurchase Agreement Due Sep 9 2024      
Line of Credit Facility [Line Items]      
Line Amount 1,500,000,000    
Committed Line Amount 250,000,000    
Outstanding balance 87,888,000   101,152,000
Funding Facilities | Master Repurchase Agreement Due Sep 9 2024 | Subsequent Event      
Line of Credit Facility [Line Items]      
Line Amount   $ 1,500,000  
Committed Line Amount   $ 1,500,000  
Funding Facilities | Master Repurchase Agreement Due Sep 22 2023      
Line of Credit Facility [Line Items]      
Line Amount 1,250,000,000    
Committed Line Amount 250,000,000    
Outstanding balance 181,107,000   186,707,000
Funding Facilities | Master Repurchase Agreement Due Sep 27 2024      
Line of Credit Facility [Line Items]      
Line Amount 750,000,000    
Committed Line Amount 100,000,000    
Outstanding balance 544,729,000   171,642,000
Funding Facilities | Early Funding      
Line of Credit Facility [Line Items]      
Line Amount 7,000,000,000    
Committed Line Amount 0    
Early funding facilities 2,194,332,000   788,982,000
Funding Facilities | Early Funding Facility, one      
Line of Credit Facility [Line Items]      
Line Amount 5,000,000,000    
Committed Line Amount 0    
Early funding facilities 1,262,204,000   561,874,000
Funding Facilities | Early Funding Facility, two      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 0    
Early funding facilities $ 932,128,000   $ 227,108,000
Timing for review of agreement 90 days    
v3.23.1
Borrowings - Other Financing Facilities (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Early Buyout Financing Facility $ 423,831,000 $ 672,882,000
Funding Facility    
Line of Credit Facility [Line Items]    
Line Amount 16,325,000,000  
Committed Line Amount 1,875,000,000  
Line of Credit Financing Facilities 5,236,034,000 3,548,699,000
Revolving Credit Facility and Security Agreement    
Line of Credit Facility [Line Items]    
Line Amount 75,000,000  
Committed Line Amount 75,000,000  
Line of Credit Financing Facilities $ 18,300,000 $ 0
Revolving Credit Facility and Security Agreement | Base rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.00% 1.00%
Revolving Credit Facility and Security Agreement | Base rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.80% 1.85%
Revolving Credit Facility and Security Agreement | Personal Loans Held for Sale Maturing Jan 30 2025    
Line of Credit Facility [Line Items]    
Line Amount $ 75,000,000  
Committed Line Amount 75,000,000  
Line of Credit Financing Facilities 18,300,000 $ 0
Line of Credit Financing Facilities    
Line of Credit Facility [Line Items]    
Line Amount 4,800,000,000  
Committed Line Amount 1,250,000,000  
Line of Credit Financing Facilities $ 0 $ 0
Line of Credit Financing Facilities | Base rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.45% 1.45%
Line of Credit Financing Facilities | Base rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 4.00% 4.00%
Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | Affiliated entity    
Line of Credit Facility [Line Items]    
Line Amount $ 2,000,000,000  
Committed Line Amount 0  
Line of Credit Financing Facilities 0 $ 0
Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI | Affiliated entity    
Line of Credit Facility [Line Items]    
Line Amount 100,000,000  
Committed Line Amount 0  
Line of Credit Financing Facilities 0 0
Line of Credit | MSRs line of credit, maturing Oct 20 2023    
Line of Credit Facility [Line Items]    
Line Amount 200,000,000  
Committed Line Amount 0  
Line of Credit Financing Facilities 0 0
Line of Credit | MSRs line of credit, maturing Sep 9 2024    
Line of Credit Facility [Line Items]    
Line Amount 1,500,000,000  
Committed Line Amount 250,000,000  
Line of Credit Financing Facilities 0 0
Revolving Credit Facility | Revolving credit facility due Aug 10 2025    
Line of Credit Facility [Line Items]    
Line Amount 1,000,000,000  
Committed Line Amount 1,000,000,000  
Line of Credit Financing Facilities 0 0
Early Buyout Financing Facility    
Line of Credit Facility [Line Items]    
Line Amount 1,500,000,000  
Committed Line Amount 0  
Early Buyout Financing Facility $ 423,831,000 $ 672,882,000
Early Buyout Financing Facility | Base rate | Minimum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 1.45% 1.45%
Early Buyout Financing Facility | Base rate | Maximum    
Line of Credit Facility [Line Items]    
Basis spread on variable rate 4.00% 4.00%
v3.23.1
Borrowings - Unsecured Senior Notes (Details) - Unsecured Senior Notes - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Outstanding principal $ 4,061,985 $ 4,061,985
Weighted Average Interest Rate 3.59% 3.59%
2026 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate 2.875%  
Outstanding principal $ 1,150,000 $ 1,150,000
Unamortized debt issuance costs $ 7,997 8,569
2028 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate 5.25%  
Outstanding principal $ 61,985 61,985
Unamortized debt issuance costs 339 358
Unamortized discounts $ 282 298
2029 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate 3.625%  
Outstanding principal $ 750,000 750,000
Unamortized debt issuance costs $ 5,934 6,185
2031 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate 3.875%  
Outstanding principal $ 1,250,000 1,250,000
Unamortized debt issuance costs $ 10,705 11,040
2033 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate 4.00%  
Outstanding principal $ 850,000 850,000
Unamortized debt issuance costs $ 7,389 $ 7,565
v3.23.1
Transactions with Related Parties (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 16, 2021
Jul. 31, 2020
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Related Party Transaction [Line Items]          
Notes receivable and due from affiliates     $ 8,073,000   $ 10,796,000
Notes payable and due to affiliates     30,451,000   33,463,000
Marketing and advertising expense     181,604,000 $ 328,058,000  
Affiliated entity | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI          
Related Party Transaction [Line Items]          
Line amount     2,000,000,000    
Lines of credit     0   0
Affiliated entity | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI          
Related Party Transaction [Line Items]          
Line amount     100,000,000    
Lines of credit     0   0
Affiliated entity | RHI credit agreement          
Related Party Transaction [Line Items]          
Surplus debenture with related party     30,255,000   30,081,000
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI          
Related Party Transaction [Line Items]          
Line amount $ 2,000,000,000        
Aggregate repayments     0 762,000  
Lines of credit     0   0
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | Base rate          
Related Party Transaction [Line Items]          
Basis spread on variable rate 1.25%        
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI          
Related Party Transaction [Line Items]          
Line amount   $ 100,000,000      
Lines of credit     0   0
Draws on line of credit     0   $ 0
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI | Base rate          
Related Party Transaction [Line Items]          
Basis spread on variable rate   1.25%      
Affiliated entity | RHI and Amrock Title Insurance Company Debenture          
Related Party Transaction [Line Items]          
Aggregate repayments     250,000 250,000  
Surplus debenture with related party     $ 21,500,000    
Interest rate (in percent)     8.00%    
Interest accrued     $ 424,000 424,000  
Affiliated entity | Services, products and other transactions          
Related Party Transaction [Line Items]          
Revenue from related parties     2,316,000 3,017,000  
General and administrative expenses from transactions with related parties     14,061,000 38,994,000  
Affiliated entity | Promotional sponsorships          
Related Party Transaction [Line Items]          
Marketing and advertising expense     2,169,000 2,477,000  
Affiliated entity | Bedrock lease agreements          
Related Party Transaction [Line Items]          
Expenses from transaction with related parties     $ 17,897,000 $ 19,253,000  
v3.23.1
Income Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]    
Income tax (benefit) expense $ (4,504,000) $ 25,849,000
(Loss) income before income taxes $ (415,987,000) 1,062,457,000
Percentage of applicable tax savings payable per tax receivable agreement 90.00%  
Percentage of applicable tax savings retained by the Company per tax receivable agreement 10.00%  
Payments pursuant to tax receivable agreement $ 35,697,000 40,721,000
Tax distributions to holders of holdings units $ 0 $ 160,629,000
v3.23.1
Derivative Financial Instruments - Net Hedging Gains And Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Forward commitments    
Derivative Instruments, Gain (Loss) [Line Items]    
Hedging (losses) gains $ (79,133) $ 1,533,145
v3.23.1
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Derivative Liability $ 87,918 $ 25,117
IRLCs, net of loan funding probability    
Derivative [Line Items]    
Derivative Asset 182,112 90,635
Derivative Liability 0 0
Forward commitements    
Derivative [Line Items]    
Derivative Asset 5,101 22,444
Derivative Liability 87,918 25,117
Not Designated | IRLCs, net of loan funding probability    
Derivative [Line Items]    
Notional Value 7,105,543 4,373,465
Not Designated | Forward commitements    
Derivative [Line Items]    
Notional Value $ 13,494,056 $ 10,963,989
v3.23.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash pledged to counterparties $ 41,178,000   $ 24,102,000
Cash pledged from counterparties 0   $ 959,000
Credit losses due to nonperformance of counterparty $ 0 $ 0  
v3.23.1
Derivative Financial Instruments - Gross Amounts Recognized Subject to Master Netting Agreements (Details) - Not Designated - Forward commitments - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Gross amount of recognized assets $ 9,978 $ 71,484
Gross Amounts Offset in the Condensed Consolidated Balance Sheets (4,877) (49,040)
Net assets presented in the condensed consolidated balance sheets 5,101 22,444
Gross amount of recognized liabilities (144,984) (69,007)
Gross Amounts Offset in the Condensed Consolidated Balance Sheets 57,066 43,890
Net liabilities presented in the condensed consolidated balance sheets $ (87,918) $ (25,117)
v3.23.1
Commitments, Contingencies, and Guarantees - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
guarantee
Dec. 31, 2022
USD ($)
guarantee
Other Commitments [Line Items]    
Investor reserves $ 107,134 $ 110,147
Administrated escrow deposits for property taxes, insurance and settlement funds 4,594,238 3,471,913
Administrated escrow deposits for principal and interest 4,380,117 2,529,326
Recorded reserves related to potential damages in connection with legal proceedings 15,000 15,000
Financial guarantee    
Other Commitments [Line Items]    
Guaranteed debt total amount $ 3,062 $ 3,495
Number of separate guarantees | guarantee 3 3
IRLCs    
Other Commitments [Line Items]    
Average number of days until expiration of interest rate lock commitments 44 days 48 days
Mortgages    
Other Commitments [Line Items]    
Commitments to sell loans $ 1,370,185 $ 20,618
MSRs with Servicing Released    
Other Commitments [Line Items]    
Commitments to sell loans $ 256,632 $ 223,314
v3.23.1
Commitments, Contingencies, and Guarantees - Interest Rate Lock Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
IRLCs UPB, fixed rate $ 9,518,644 $ 6,108,132
IRLCs UPB, variable rate $ 421,972 $ 326,638
v3.23.1
Minimum Net Worth Requirements (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mortgage Banking [Abstract]    
Minimum adjusted net worth balance $ 1,500,000 $ 1,500,000
v3.23.1
Segments - Key Operating Data for Business Segments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
segment
Mar. 31, 2022
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 2  
Segment Reporting Information [Line Items]    
Gain on sale $ 469,563 $ 1,483,786
Interest income 66,744 90,540
Interest expense on funding facilities (29,060) (41,696)
Servicing fee income 366,385 366,214
Changes in fair value of MSRs (398,279) 454,380
Other income 190,715 317,372
Total U.S. GAAP Revenue, net 666,068 2,670,596
Plus/Less: Decrease (increase) in MSRs due to valuation assumptions (net of hedges) 216,058 (739,217)
Adjusted revenue 882,126 1,931,379
Less: Directly attributable expenses 647,785 1,108,116
Contribution margin 234,341 823,263
Reportable Segments    
Segment Reporting Information [Line Items]    
Gain on sale 462,335 1,475,159
Interest income 65,795 89,769
Interest expense on funding facilities (29,006) (41,696)
Servicing fee income 365,217 365,499
Changes in fair value of MSRs (398,279) 454,380
Other income 120,138 183,504
Total U.S. GAAP Revenue, net 586,200 2,526,615
Plus/Less: Decrease (increase) in MSRs due to valuation assumptions (net of hedges) 216,058 (739,217)
Adjusted revenue 802,258 1,787,398
Less: Directly attributable expenses 570,942 989,244
Contribution margin 231,316 798,154
Reportable Segments | Direct to Consumer    
Segment Reporting Information [Line Items]    
Gain on sale 390,342 1,217,103
Interest income 38,123 57,601
Interest expense on funding facilities (16,808) (26,727)
Servicing fee income 365,217 365,499
Changes in fair value of MSRs (398,279) 454,380
Other income 116,520 167,027
Total U.S. GAAP Revenue, net 495,115 2,234,883
Plus/Less: Decrease (increase) in MSRs due to valuation assumptions (net of hedges) 216,058 (739,217)
Adjusted revenue 711,173 1,495,666
Less: Directly attributable expenses 505,583 869,210
Contribution margin 205,590 626,456
Reportable Segments | Partner Network    
Segment Reporting Information [Line Items]    
Gain on sale 71,993 258,056
Interest income 27,672 32,168
Interest expense on funding facilities (12,198) (14,969)
Servicing fee income 0 0
Changes in fair value of MSRs 0 0
Other income 3,618 16,477
Total U.S. GAAP Revenue, net 91,085 291,732
Plus/Less: Decrease (increase) in MSRs due to valuation assumptions (net of hedges) 0 0
Adjusted revenue 91,085 291,732
Less: Directly attributable expenses 65,359 120,034
Contribution margin 25,726 171,698
All Other    
Segment Reporting Information [Line Items]    
Gain on sale 7,228 8,627
Interest income 949 771
Interest expense on funding facilities (54) 0
Servicing fee income 1,168 715
Changes in fair value of MSRs 0 0
Other income 70,577 133,868
Total U.S. GAAP Revenue, net 79,868 143,981
Plus/Less: Decrease (increase) in MSRs due to valuation assumptions (net of hedges) 0 0
Adjusted revenue 79,868 143,981
Less: Directly attributable expenses 76,843 118,872
Contribution margin $ 3,025 $ 25,109
v3.23.1
Segments - Reconciliation of Segment Contribution Margin to U.S. GAAP Net Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment reporting reconciliation [Line Items]    
Contribution margin, excluding change in MSRs due to valuation assumptions $ 234,341 $ 823,263
Change in fair value of MSRs due to valuation assumptions, net of hedges (216,058) 739,217
Contribution margin, including change in MSRs due to valuation assumptions 18,283 1,562,480
Salaries, commissions and team member benefits 603,775 853,915
General and administrative expenses 195,390 275,857
Depreciation and amortization 30,685 21,042
Interest and amortization expense on non-funding debt 38,333 38,664
Other expenses 32,268 90,603
(Loss) income before income taxes (415,987) 1,062,457
Expenses not allocated to segments    
Segment reporting reconciliation [Line Items]    
Salaries, commissions and team member benefits 220,883 244,044
General and administrative expenses 143,113 192,457
Depreciation and amortization 30,685 21,042
Interest and amortization expense on non-funding debt 38,333 38,664
Other expenses $ 1,256 $ 3,816
v3.23.1
Non-controlling Interest - Summary of Ownership (Details) - Holdings - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Line Items]    
Holdings units (in shares) 1,974,640,556 1,972,371,089
Ownership percentage 100.00% 100.00%
Rocket Companies Inc.    
Noncontrolling Interest [Line Items]    
Holdings units (in shares) 125,761,073 123,491,606
Ownership percentage 6.37% 6.26%
Chairman    
Noncontrolling Interest [Line Items]    
Holdings units (in shares) 1,101,822 1,101,822
Ownership percentage 0.06% 0.06%
RHI    
Noncontrolling Interest [Line Items]    
Holdings units (in shares) 1,847,777,661 1,847,777,661
Ownership percentage 93.57% 93.68%
v3.23.1
Non-controlling Interest - Narrative (Details)
 3 Months Ended
Mar. 31, 2023
shares
Class A common stock  
Noncontrolling Interest [Line Items]  
Shares repurchased (in shares) 32,140,667
v3.23.1
Share-based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
TMSPP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of gross pay eligible for utilization 15.00%  
Percentage of closing market price for purchases 85.00%  
Shares purchased under the TMSPP (in shares) 878,817,000 1,018,875,000
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 4,000,000  
Estimated future expense $ 34,700  
Additional awards granted (in shares) 2,500,000  
Additional estimated future expenses $ 21,500  
Restricted stock units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 3 years  
v3.23.1
Share-based Compensation -Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense $ 51,960 $ 67,110
Rocket Companies, Inc sponsored plans    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense 51,955 54,166
Rocket Companies, Inc sponsored plans | Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense 42,598 42,492
Rocket Companies, Inc sponsored plans | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense 8,229 9,576
Rocket Companies, Inc sponsored plans | Team Member Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense 1,128 2,098
RHI and subsidiary plans | Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense 0 12,775
RHI and subsidiary plans | Subsidiary plans    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total share-based compensation expense $ 5 $ 169
v3.23.1
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share Reconciliation    
Net (loss) income $ (411,483) $ 1,036,608
Net loss (income) attributable to non-controlling interest 392,960 (982,896)
Net (loss) income attributable to Rocket Companies (18,523) 53,712
Add: Reallocation of Net income attributable to vested, undelivered stock awards 0 32
Net (loss) income attributable to common shareholders (18,523) 53,744
Numerator:    
Net (loss) income attributable to Class A common shareholders - basic (18,523) 53,744
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares (295,767) 744,379
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (163) 1,418
Net (loss) income attributable to Class A common shareholders - diluted $ (314,453) $ 799,541
Denominator:    
Weighted average shares of Class A common stock outstanding - basic (in shares) 124,732,722 122,691,728
Add: Dilutive impact of conversion of Class D shares to Class A shares (in shares) 1,848,879,483 1,848,879,483
Add: Dilutive impact of share-based compensation awards (in shares) 1,017,603 3,807,921
Weighted average shares of Class A common stock outstanding - diluted (in shares) 1,974,629,808 1,975,379,132
(Loss) earnings per share of Class A common stock outstanding - basic (in dollars per share) $ (0.15) $ 0.44
(Loss) earnings per share of Class A common stock outstanding - diluted (in dollars per share) $ (0.16) $ 0.40
Restricted stock units    
Numerator:    
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards $ (155) $ 1,356
Denominator:    
Add: Dilutive impact of share-based compensation awards (in shares) 969,848 3,640,391
TMSPP    
Numerator:    
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards $ (8) $ 62
Denominator:    
Add: Dilutive impact of share-based compensation awards (in shares) 47,755 167,530
v3.23.1
Earnings Per Share - Narrative (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Stock options      
Class of Stock [Line Items]      
Antidilutive securities excluded from computation of diluted EPS (in shares) 20,943,673 23,941,259  
Class B common stock      
Class of Stock [Line Items]      
Common stock outstanding (in shares) 0 0 0