Audit Information |
12 Months Ended |
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Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Detroit, Michigan |
| Auditor Firm ID | 42 |
Business, Basis of Presentation and Significant Accounting Policies |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Rocket Companies, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company”, “Rocket Companies”, “we”, “us” and “our”) was incorporated in Delaware on February 26, 2020. We are a Detroit‑based fintech company including mortgage, real estate and personal finance businesses with a mission to Help Everyone Home. We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership ecosystem. Our full suite of products empowers our clients across home search, mortgage finance and servicing, title and closing, financial wellness and personal loans. We believe our widely recognized “Rocket” brand is synonymous with simple, fast and trusted digital experiences. Our business operations are organized into the following two reportable segments: (1) Direct to Consumer and (2) Partner Network, refer to Note 17, Segments for further information. Rocket Companies, Inc. is a holding company. Its primary material assets are the equity interests held in Rocket LP, LLC (“Limited Partner of Rocket Limited Partnership”), Rocket GP, LLC (“General Partner of Rocket Limited Partnership”), and Redfin Corporation (“Redfin”). Rocket Limited Partnership is a Michigan limited partnership and wholly owns the following entities: Rocket Mortgage, LLC, and its subsidiaries, Nationstar Sub 1, LLC and Nationstar Sub 2 LLC, Amrock Holdings, LLC (“Rocket Close”), Rocket Title Insurance Company (“RTIC”), LMB HoldCo LLC (“Core Digital Media”), Rocket Homes Real Estate LLC (“Rocket Homes”), RockLoans Holdings LLC (“Rocket Loans”), Rocket Money, Inc. (“Rocket Money”), Lendesk Canada Holdings Inc. (“Lendesk Technologies”) and Woodward Capital Management LLC. As used herein, “Rocket Mortgage” refers to either the Rocket Mortgage brand or platform, or the Rocket Mortgage business, as the context allows. On July 1, 2025, Rocket Companies completed the acquisition of Redfin, including its direct and indirect subsidiaries, which will continue as a wholly-owned subsidiary of the Company. Refer to Note 2, Acquisitions for further details of the Redfin Acquisition. On October 1, 2025, Rocket Companies completed the acquisition of Mr. Cooper Group Inc., including its direct and indirect subsidiaries. Pursuant to the Mr. Cooper Acquisition, Mr. Cooper merged with and into Maverick Merger 2, LLC (a wholly-owned subsidiary of the Company) where Maverick Merger Sub 2, LLC was the surviving entity, which will continue as an indirect wholly-owned subsidiary of the Company. Refer to Note 2, Acquisitions for further details of the Mr. Cooper Acquisition. Subsequent to December 31, 2025 Maverick Merger Sub 2, LLC was merged into Rocket Mortgage LLC. Up-C Collapse On June 30, 2025, the Company completed a series of transactions to simplify its organizational and capital structure by collapsing its Up-C structure. Previously, the Company and RHI held variable economic interests in Holdings LLC and the Company was controlled by RHI. As part of the Up-C Collapse, RHI contributed all of its assets and liabilities, excluding its common limited liability company interests in Holdings LLC (“Holdings LLC Units”), its shares of Class D common stock, and certain immaterial ancillary net assets, to a newly formed legal entity. Through a series of transaction steps, Rocket GP, LLC acquired RHI, resulting in Rocket GP, LLC continuing as the surviving entity. In connection with these transactions, the previously outstanding Class D common shares and Holdings LLC Units were exchanged and retired for newly created Class L common stock of the Company. Concurrently, the Company eliminated its Class B common stock and Class C common stock. Following the Up-C Collapse, only Class A common stock and Class L common stock are issued and outstanding. As a result of the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership. Class A common stock and Class L common stock have identical rights with respect to dividends and residual net assets on a per share basis, and each carry one vote per share. The Company's public shareholders continue to hold Class A common stock, while Mr. Daniel Gilbert and former shareholders of RHI now hold shares of both Class A common stock and Class L common stock directly in the Company. The Up-C Collapse was accounted for as a common control transaction, which results primarily in the exchange of non-controlling interests in Holdings LLC for Class L common stock. The collapse of the Up-C structure triggered deferred tax impacts as well as certain assumptions reflected in the estimate of the Tax Receivable Agreement liability. The Company has presented financial information reflecting the Up-C Collapse prospectively. Refer to Note 12, Income Taxes for further details regarding the amendment of the Tax Receivable Agreement and the deferred tax impacts resulting from the collapse of the Up-C structure. Refer to Note 18, Non-controlling Interest for further details around the conversion of Holdings LLC to Rocket Limited Partnership and elimination of non-controlling interests as of the effective date of the Up-C Collapse. Refer to Note 20, Earnings Per Share for further details on the updates to the basic and diluted earnings per share calculations as of the effective date. Basis of Presentation and Consolidation As of December 31, 2025, the Company's Consolidated Financial Statements reflect the Company's wholly-owned subsidiaries and VIE in which the Company is the primary beneficiary. Prior to the Up-C Collapse, the Company was the sole managing member of Holdings LLC, therefore the Company operated and controlled all of the business affairs of Holdings LCC, and through Holdings LLC and its subsidiaries, conducted its business. Holdings LLC was considered a VIE and we consolidated the financial results of Holdings LLC under the guidance of the FASB ASC 810, Consolidation. A portion of our Net (loss) income was allocated to Net loss (income) attributable to non-controlling interest. As a result of the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership and therefore consolidates Rocket Limited Partnership with no further non-controlling interest. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. Investments in certain companies over which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period. For further details, refer to Note 18, Non-controlling Interest. For further details on the Company's other consolidated VIEs, refer below to Variable Interest Entities. All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying Consolidated Financial Statements. The Company measures certain assets and liabilities at fair value on a recurring basis. Additionally, other assets and liabilities may be required to be measured at fair value in the Consolidated Financial Statements on a nonrecurring basis. For further details of the Company’s transactions refer to Note 3, Fair Value Measurements. All transactions and accounts between 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 8, Transactions with Related Parties. Our Consolidated Financial Statements are audited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the SEC. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. Management Estimates The preparation of 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. Management is not aware of any factors that would significantly change its estimates and assumptions as of December 31, 2025. Actual results may differ from these estimates. Subsequent Events In preparing these Consolidated Financial Statements, the Company evaluated events and transactions for potential recognition or disclosure through the date the accompanying Consolidated Financial Statements were issued. Refer to Note 7, Borrowings for disclosure of changes to the Company’s debt agreements that occurred subsequent to December 31, 2025. Special Dividend In connection with the Up-C Collapse, on March 10, 2025, our board of directors authorized and declared a cash dividend (the “2025 Special Dividend”) of $0.80 per share to the holders of our Class A common stock. The 2025 Special Dividend of $120.1 million was paid on April 3, 2025 to holders of the Class A common stock of record as of the close of business on March 20, 2025. This amount is reflected within (Distributions to) contributions from other unit holders (members) and Class A shareholders in the Consolidated Statements of Cash Flows and within Special Dividend to Class A Shareholders, net of forfeitures in the Consolidated Statements of Changes in Equity. 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 December 31, 2025, 2024 and 2023 consisted of cash on deposit for a repurchase facility, collected funds pledged to certain financing facilities, client application deposits, title premiums collected from the insured that are due to the underwriter, and principal and interest received in collection accounts for purchased assets. Restricted cash is included in on the Consolidated Balance Sheets.
Mortgage Loans Held for Sale The Company has elected the fair value option for accounting for MLHFS. The Company estimates fair value of MLHFS using a market approach by utilizing either: (i) the fair value 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 or (ii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. Included in MLHFS are loans originated as held for sale that are expected to be sold into the secondary market, generally on a servicing-retained basis, and loans that have been previously sold and repurchased from investors that management intends to resell into the secondary market. Refer to Note 5, Mortgage Loans Held for Sale, for further information. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to interest rate risks related to the Pipeline and MSRs. These items are accounted for as free-standing derivatives and are included on the Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments are designated as accounting hedges. Derivative instruments utilized by the Company primarily include IRLCs, LPCs, TBA MBS purchase and sale commitments, and Treasury futures. IRLCs and LPCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, respectively, whereby the interest rate and loan amount are set prior to closing. The Company has the ability and intent to close the loan for purpose of selling in the secondary market, accordingly upon closing, these IRLCs or LPCs will be MLHFS for which the Company has selected the fair value option. IRLCs and LPCs are subject to changes in interest rates from the date of the commitment through loan origination and subsequent sale in the secondary market. As a result, the Company is exposed to interest rate risk during the period from the date of the lock commitment through (i) the lock commitment cancellation or expiration date; or (ii) the date of sale into the secondary mortgage market. IRLCs are considered freestanding derivatives and are recorded at fair value at inception inclusive of the inherent value of servicing, SRP. Changes in fair value subsequent to inception are based on changes in the fair value of the underlying loan, SRP, and adjustments for the estimated pull-through rate. Any changes in fair value are recorded in earnings as a component of Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and consolidated statements of cash flows. Included in MLHFS are loans originated by the Company or purchased from lenders that have been committed under a sales agreement with a third-party investor. These loans are valued at committed value which approximates fair value. Although considered a derivative, the fair value of these committed loans is also included in MLHFS, and changes in the fair value of these derivatives are reflected in earnings as a component of Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) consistent with IRLCs and LPCs. The Company uses other derivative financial instruments, primarily TBA purchase and sale commitments, and Treasury futures, to manage exposure to interest rate risk and changes in the fair value of the Pipeline and MSRs. These derivatives are recorded at fair value based on pricing of similar instruments in the secondary market. The changes in value of all derivative financial instruments related to the Pipeline are recorded as Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The changes in the value of all derivative financial instruments economically hedging the MSR portfolio are recorded in Change in fair value of MSRs, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). In addition, the respective cash flows are included within the Gain on sale of loans excluding fair value of MSRs, net and Other operating activities in the Consolidated Statements of Cash Flows. Refer to Note 14, Derivative Financial Instruments for further information. The Company may elect to purchase other derivative instruments, such as Treasury futures to mitigate exposure to interest rate risk related to cash flows on securitized mortgage borrowings. See Note 14, Derivative Financial Instruments, for more information. Mortgage Servicing Rights The Company recognizes the rights to service mortgage loans for others, or MSRs, whether acquired or as a result of the sale of loans the Company originates with servicing retained, as assets on the Consolidated Balance Sheets. The Company initially records all MSRs at fair value and has elected to subsequently measure MSRs at fair value in accordance with ASC 860-50. The fair value of the MSRs is based upon the present value of the expected future net cash flows related to servicing the underlying loans. The Company determines the fair value of the MSRs using a discounted cash flow model which incorporates prepayment speeds, OAS, costs to service, delinquencies, ancillary revenues, recapture rates and other assumptions that management believes are consistent with the assumptions that other similar market participants use in valuing the MSRs. The credit quality and stated interest rates of the loans underlying the MSRs also affect the assumptions used in the discounted cash flow model. The Company obtains independent third-party valuations and industry surveys quarterly to assess the reasonableness of the assumptions used and the fair value calculated by the discounted cash flow model. Beginning in the fourth quarter of 2025, the Company implemented a stochastic OAS valuation technique, replacing its former static discount rate approach, refer to Note 3, Fair Value Measurements for further information. MSRs are initially recognized as a component of gain on sale of loans when loans are sold and the associated servicing rights are retained, specifically Fair value of originated MSRs in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Subsequent MSR fair value adjustments are recorded within Change in fair value of MSRs, net. Refer to Note 3, Fair Value Measurements and Note 4, Mortgage Servicing Rights and Related Liabilities for further information. Advance receivables, net The Company advances funds to or on behalf of the investors when the customer fails to meet contractual payments or there are shortfalls due to timing (e.g., loan principal and interest, property taxes, insurance) in accordance with terms of its servicing agreements. Advances of principal and interest are referred to as P&I advances and advances of property tax and/or insurance are referred to as escrow or T&I advances. The Company may also advance funds to maintain and market underlying loan collateral through foreclosure and ultimate liquidation on behalf of the investors, referred to as corporate advances. Advances are recovered from customers for performing loans and from the investors and loan proceeds for non-performing loans. The Company may also acquire servicer advances in connection with the acquisition of MSRs through asset acquisitions or business combinations. These advances are recorded at their relative fair value amounts upon acquisition, which may result in a purchase discount or premium. The Company records receivables upon determining that collection of amounts due from loan proceeds, investors, mortgage insurers, or prior servicers is probable. Advance receivables, net are valued at their net realizable value after taking into consideration purchase discounts or premiums and reserves. Reserves for Advance Receivables The Company records reserves for advance receivables and evaluates the sufficiency of such reserves through internal models considering expected recovery rates on claims filed with government agencies, GSEs, vendors, prior servicer and other counterparties. Key assumptions used in the models include but are not limited to expected recovery rates by loan types, which are derived from historical recovery rates, and aging of the receivable. Recovery of advance receivables is subject to judgment and estimates based on the Company’s assessment of its compliance with servicing guidelines, its ability to produce the necessary documentation to support claims, its ability to support amounts from third-parties and to effectively negotiate settlements, as needed. Management reviews recorded advance receivables, and upon determination that no further recourse for recovery is available from all means known to management, the recorded balances associated with these receivables (including any purchase discount or premium) are written off against the reserve. Reserves for advance receivables associated with loans in the MSR portfolio are considered within the MSR valuation, and the provision for such advances is recorded in the mark-to-market adjustment in Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Such valuation considers the expected cash outflows and inflows for advances and other receivables in accordance with the fair value framework. As loans serviced transfer out of the MSR portfolio, any negative MSR value associated with the loans transferred is reclassified from the MSR to the reserve within Advance receivables, net to the extent such reserves continue to be required for balances remaining on the Consolidated Balance Sheets. Management evaluates reserves for sufficiency each reporting period and any additional reserve requirements are recorded as a provision in Other expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) as needed. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is generally computed on a straight-line basis over the estimated useful lives of the assets. Amortization of leasehold improvements is computed on a straight-line basis over the shorter of the estimated useful lives or the remaining lease terms. Depreciation is not recorded on projects-in-process until the project is complete and the associated assets are placed into service or are ready for the intended use. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is credited or charged to operations. Costs of maintenance and repairs are charged to expense as incurred. Refer to Note 6, Property and Equipment for further information. Loans subject to repurchase right from Ginnie Mae For certain loans originated and sold to Ginnie Mae, the Company, as transferor and 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 Consolidated Balance Sheets and establish a corresponding liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the UPB of the loan, which approximates its fair value. Intangible Assets Definite-lived intangible assets primarily consist of customer relationships, technology and trade names acquired through business combinations and are recorded at their estimated fair value at the date of acquisition. These assets are amortized on a straight-line basis over their estimated useful lives and are tested for impairment only if events or circumstances indicate that the assets might be impaired. Indefinite-lived intangible assets consist of licenses to perform title insurance services acquired through business combinations and are recorded at their estimated fair value at the date of acquisition. The Company tests indefinite-lived intangible assets consistent with the policy described below for goodwill. Goodwill Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. Goodwill impairment testing is performed at the reporting unit level. The Company may elect to perform either a qualitative test or a quantitative test to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude the goodwill is not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit. Refer to Note 10, Goodwill and Intangible Assets, for further information on the goodwill attributable to the Acquisitions. Equity Investments in Unconsolidated Entities The Company accounts for equity investments in unconsolidated entities using the equity method when the Company holds a significant, but less than controlling, ownership interest and has the ability to exercise significant influence over operating and financial decisions of the investee. Under the equity method of accounting, investments are initially recorded at cost and subsequently adjusted for additional investments, distributions and the proportionate share of earnings or losses of the investee. The Company evaluates the equity method investments for impairment when events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. For equity investments in unconsolidated entities in which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee, the Company evaluates whether to account for the investment at cost or fair value. For such investments where the fair value option has been elected, the Company records the investments at fair value and recognizes changes in fair value in Other expenses within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). However, the Company may elect a measurement alternative for equity investments that (1) do not have readily available determinable fair values and (2) do not qualify for the practical expedient in ASC 820, Fair Value Measurement, to measure fair value at net asset value. Under the measurement alternative, the Company (as an investor) records the investment at cost less any impairment in Other expenses within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Convertible Senior Notes The Company accounts for convertible debt in accordance with the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (ASU 2020-06). Any issuance costs capitalized are amortized to expense over the respective term of the convertible senior notes using the effective interest method. For conversions prior to the maturity of the notes, the Company will settle using cash, shares of common stock, or a combination of cash and shares of common stock, at our election. The carrying amount of the instrument (including unamortized debt issuance costs, if any) is reduced by cash and other assets transferred, with the difference reflected as a reduction to additional paid-in capital. The indenture governing the convertible senior notes allow the Company, under certain circumstances, to irrevocably fix the method for settling conversions of the applicable notes by giving notice to the noteholders. The election to irrevocably fix the settlement method could affect the calculation of diluted earnings per share when applicable. The Company has no plans to exercise its rights to fix the settlement method. If the Company repurchases a portion of its convertible senior notes, it will derecognize the liability, accelerate the amortization of remaining debt issuance costs, and record in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) a gain or loss on extinguishment dependent on the repurchase price. See Note 7, Borrowings for additional information. Excess Spread Financing In conjunction with the acquisition of certain MSRs on various pools of residential mortgage loans (the “Portfolios”), the Company entered into sale and assignment agreements related to its right to servicing fees, under which the Company sells to third parties the right to receive a portion of the excess cash flow generated from certain MSRs after receipt of a fixed base servicing fee per loan. The excess cash flow payments to third parties are considered counterparty payments, which are recorded as an adjustment to Loan servicing income, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The sale of these rights is accounted for as a secured borrowing under ASC 860, Transfers and Servicing, with the total proceeds received being recorded as a component of on the Consolidated Balance Sheets. The Company determines the effective interest rate on these liabilities and allocates total repayments between interest expense and the outstanding liability. Related interest expense is recorded in Interest and amortization expense on non-funding debt in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company has elected to measure the outstanding financings related to the excess spread financing agreements at fair value with all changes in fair value recorded to Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The fair value on excess spread financing is based on the present value of future expected discounted cash flows. The cash flow assumptions used in the model are based on various factors, with the key assumptions being mortgage prepayment speeds and OAS. Changes to excess spread financing, other than payments and fair value measurements, include accretion, which results from changes in the portfolio. Changes related to accretion are recorded to Change in fair value of MSRs, net with an offset to excess spread financing liability on the Consolidated Balance Sheets. Leases As the Company enters into arrangements containing a lease or lease components, the lease will be accounted for under ASC 842, Leases. At the lease commencement date, the Company recognizes a leased ROU asset and corresponding lease liability based on the present value of the lease payments over the lease term. The Company elected not to recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. Refer to Note 9, Leases for additional information. Non-controlling interests As a result of the Up-C Collapse, Rocket Limited Partnership no longer has any non-controlling interests. Refer to Note 18, Non-controlling Interest for more information. Revenue Recognition Gain on sale of loans, net — consists of the following: Gain on sale of loans excluding fair value of originated MSRs, 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) unrealized change in fair value of the Pipeline, and (5) realized and unrealized change in fair value of Pipeline hedges. An estimate of the gains and/or losses is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in current period earnings. Fair value of originated MSRs — represents the capitalization of originated MSRs at fair value upon sale of loans on a servicing-retained basis. MSR assets are created at the time MLHFS are securitized and sold to investors for cash, while the Company retains the right to service the loan. Loan servicing income, net — consists of the following: Servicing fee income — includes contractual servicing fees, late charges, prepayment penalties and other ancillary fees and such fees are recorded as income as earned upon collection of payments from borrowers. The Company also acts as a sub-servicer for certain parties that own the underlying servicing rights for loans and receives sub-servicing fees, which are generally a stated monthly fee per loan that varies based upon loan type and loan status. Sub-servicing fees are accrued in the period that services are performed. Change in fair value of MSRs, net — includes adjustments for the fair value measurement, as of the respective balance sheet date, of MSR assets, derivative financial instruments economically hedging the MSR portfolio, and excess spread financing. Refer to Note 4, Mortgage Servicing Rights and Related Liabilities for information related to the gain/(loss) on changes in the fair value of MSRs and excess spread financing. Refer to Note 14, Derivative Financial Instruments for further information on the derivative financial instruments gain/(loss). Interest income, net — includes interest income earned on funded loans, both MLHFS and mortgage loans held for investment, net of the interest expense paid on our 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 UPB outstanding. The accrual of Interest income is generally discontinued when a loan becomes 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Other income — includes revenue earned on deposits including custodial deposits, Rocket Close (title, closing and appraisal fees), Rocket Money (subscription revenue and other service-based fees), Real estate services revenue (commission-based brokerage revenue and real estate network referral fees), Rocket Loans (personal loan interest earned and other income) and Other (additional subsidiary and miscellaneous revenue). The following significant revenue streams fall within the scope of ASC 606, Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate. 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 $351, $267 and $179 for the years ended December 31, 2025, 2024 and 2023 respectively. Rocket Close closing fee revenue — The Company recognizes closing fees for nonrecurring 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 $139, $106 and $78 for the years ended December 31, 2025, 2024 and 2023, respectively. Rocket Close appraisal revenue — 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 was $41, $36 and $40 for the years ended December 31, 2025, 2024 and 2023, respectively. Real estate brokerage services revenue — Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right under ASC 606. Brokerage revenue is affected by the number of brokerage transactions we close, the mix of brokerage transactions, home-sale prices, commission rates, and the amount we give to customers. Brokerage revenue was $341 for the year ended December 31, 2025. Real estate referral services revenue — The Company recognizes referral services 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. Referral services revenue was $56, $54, and $50 for the years ended December 31, 2025, 2024 and 2023, respectively. Real estate exchange revenue — Exchange revenue includes fees earned on a proprietary digital exchange for selling foreclosed, real estate owned, and seller-owned property. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those products. Exchange revenue was $12 for the year ended December 31, 2025. Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined for accounting purposes. The combined contract contains a single integrated performance obligation to provide content license and lead generation services to Zillow. The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after the acquisition date of Redfin, which approximates the pattern of satisfaction of our performance obligation. The variable consideration related to the per-lead fees will be recognized over time based on the actual number of leads generated and the Company does not believe that it is probable that a significant reversal will occur. Total revenue from these Zillow agreements was $68 for the year ended December 31, 2025. Marketing and Advertising Costs Marketing and advertising costs for direct and non-direct response advertising are expensed as incurred. The costs of brand marketing and advertising are expensed in the period the advertising space or airtime is used. Share-based Compensation Equity based awards include RSUs, PSUs and stock options granted to team members and directors of the Company. The RSUs are valued at the fair market value of the Company’s common stock on the grant date and recognized as an expense over the requisite employee service period primarily on a straight-line basis. The PSUs feature a combination of market, performance and/or service conditions. Market conditions are valued using option pricing models while performance conditions are assessed for the probability of achievement on a quarterly basis. The PSUs are expensed over the requisite employee service period based on the award's vesting schedule. Share-based compensation expense is recorded as a component of Salaries, commissions and team member benefits. Refer to Note 19, Share-based Compensation and Team Member Benefit Plan for additional information. Income taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes predominantly in the United States and Canada. These tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgments about how to interpret and apply these complex tax laws to numerous transactions and business events, as well as make judgments regarding the timing of when certain items may affect taxable income in the United States and Canada. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. In determining the deferred income tax asset and liability balances attributable to our investments in partnership, we apply an accounting policy that looks through our investment in partnership. The application of this policy resulted in no deferred income taxes being provided on a portion of our investment in partnership for the difference between the book and tax basis related to nontax-deductible goodwill and other attributes within the partnership. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable. Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates and disputes may occur regarding its view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain income tax positions in income tax expense. For additional information regarding our provision for income taxes refer to Note 12, Income Taxes. Tax Receivable Agreement We are party to a Tax Receivable Agreement, dated as of August 5, 2020, with RHI and Mr. Gilbert that provides for the payment by us to RHI and Mr. Gilbert (or their transferees of Holdings LLC Units of Holdings LLC or other assignees) of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize (computed using simplifying assumptions to address the impact of state and local taxes) as a result of: (i) certain increases in our allocable share of the tax basis in Holdings LLC’s assets resulting from (a) the purchases of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) from RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) using the net proceeds from our IPO or in any future offering (subject to the terms of the Tax Receivable Agreement Amendment (as defined above)), (b) exchanges by RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) for cash or shares of Class B common stock or Class A common stock, as applicable (subject to the terms of the Tax Receivable Agreement Amendment), 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 LLC as a result of section 704(c) of the Code, as amended, that relate to the reorganization transactions undertaken at the time of our IPO. The Tax Receivable Agreement makes certain simplifying assumptions regarding the determination of the cash savings that we realize or are deemed to realize from the covered tax attributes, which may result in payments pursuant to the Tax Receivable Agreement in excess of those that would result if such assumptions were not made. For additional information regarding our Tax Receivable Agreement, refer to Note 12, Income Taxes. The Company recognized a liability for the Tax Receivable Agreement based upon the estimate of future TRA payments. 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. As part of RHI’s internal reorganization, RHI contributed its rights to receive payments under the Tax Receivable Agreement in respect of RHI’s prior exchanges to RHI II, and RHI II completed a joinder to become a party to the Tax Receivable Agreement. As part of the Up-C Collapse, (i) Mr. Gilbert exchanged all of his Holdings LP Units and Class D common stock in exchange for shares of Class L common stock and (ii) the Tax Receivable Agreement was amended to provide that the terms of the Tax Receivable Agreement will not apply to any exchanges, including, for the avoidance of doubt, any fully paid and nonassessable Holdings LP Units exchanged as part of the Up-C Collapse (such as those exchanged by Mr. Gilbert), that occur, or are deemed to occur, on or following March 9, 2025. Variable Interest Entities As of December 31, 2025, the Company's Consolidated Financial Statements reflect the Company's wholly-owned subsidiaries and VIEs in which the Company is the primary beneficiary. Refer to the Basis of Presentation and Consolidation above for further details on the Company's structure prior to the Up-C Collapse. Refer to Note 13, Variable Interest Entities for additional information. Asset-Backed Financing Arrangements In the normal course of business, the Company enters into asset-backed financing arrangements with SPEs, which primarily consist of limited liability companies and trusts established for a limited purpose. Through these arrangements, the Company has transferred financial assets or beneficial interests in financial assets to SPEs in exchange for cash under the terms of its facility or financing agreements. The Company evaluated and concluded that the SPEs meet the criteria as a VIE and the Company is the primary beneficiary. The Company consolidates the SPE's financial position and results of operations under the variable interest consolidation model guidance in ASC 810, Consolidation as the primary beneficiary. These VIEs obtain financing, including through the issuance of debt or repurchase arrangements, supported by collections on the underlying financial assets. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have limited to no recourse against the Company. Consolidation of the Collateralized Financing Entity In the normal course of business, the Company transfers financial assets to a trust for which the Company holds a variable interest. The Company has power to direct activities impacting the trust’s economic performance and has an economic interest in the entity that could result in benefits or losses, and therefore is the primary beneficiary of the trust. As the primary beneficiary, the Company consolidates the trust's financial position and results of operations under ASC 810. The Company has elected to account for the assets and liabilities of the VIE as a CFE. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. Basic and Diluted Earnings Per Share The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Participating Common Stock, which consists of Class A common stock, in addition to Class L common stock after the Up-C Collapse. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Participating Common Stock. The holders of the Participating 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. Holders of the Participating Common Stock also have equal priority in liquidation. Through June 30, 2025, the effective date of the Up-C Collapse, shares of Class D common stock do not participate in earnings of Rocket Companies, Inc. and as a result, are not considered participating securities included in the weighted-average shares outstanding for purposes of earnings per share. RSUs, PSUs and stock options are included in the weighted-average shares outstanding of Participating Common Stock in the calculation of basic earnings per share once the units are fully vested. Refer to Note 19, Share-based Compensation and Team Member Benefit Plan and Note 20, Earnings Per Share for more information. Business Combinations Acquisitions that qualify as a business combination in accordance with ASC 805, Business Combinations, are accounted for using the acquisition method of accounting. The fair value of consideration transferred for an acquisition is allocated to the assets acquired and liabilities assumed based on their fair value as of the acquisition date. The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. The Company estimates the fair value of the intangible assets using forms of the income approach and cost approach, which use forecasts of expected future cash flows or replacement costs. The Company engages third-party valuation firms to assist in determining the fair value determination of assets acquired, including intangible assets. Acquisition-related expenses and transaction costs associated with business combinations are expensed as incurred. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The new guidance requires additional disclosures relating to the tax rate reconciliation and the income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company adopted the update in 2025 on a prospective basis, resulting in expanded disclosures in Note 12, Income Taxes. Accounting Standards Issued but Not Yet Adopted In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) – Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption. In September 2025, the FASB issued ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The new guidance updates the requirements for capitalizing software costs. The guidance is effective for fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which is expected to result in changes to the Company's policy for capitalizing software costs.
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions During 2025, the Company completed two strategic acquisitions intended to expand and integrate its residential real estate and mortgage capabilities across the homeownership lifecycle. The acquisitions of Redfin and Mr. Cooper enhance the Company’s homeownership ecosystem by combining Redfin’s home search portal and digital real estate brokerage and Mr. Cooper’s mortgage servicing operations and the Company’s mortgage financing operations. Redfin Acquisition Effective July 1, 2025, the Company acquired 100% of the outstanding shares of Redfin, a residential real estate brokerage company headquartered in Seattle and incorporated in Delaware, in an all-stock transaction. The Company included the financial results of Redfin in its Consolidated Financial Statements from the date of acquisition. The transaction costs associated with the Redfin Acquisition were approximately $22 for the year ended December 31, 2025, and were recorded in General and administrative expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The acquisition-date fair value of the consideration transferred for the acquisition of Redfin was approximately $1,742, which consisted of the following:
(1) Value of Rocket Class A common stock issued on the date of close is based on 130,446,226 shares of outstanding common stock of Redfin as of June 30, 2025 each being exchanged for 0.7926 of a share of Rocket Class A common stock issued at $14.18, the closing share price on June 30, 2025. (2) Certain unvested equity awards of Redfin were replaced by Rocket’s equity awards with similar terms at closing. The vested portion of those awards, as well as awards that fully vested prior to the closing date, are included as consideration applying the same exchange ratio and share price as above. (3) Cash paid at or shortly after closing to settle Redfin’s outstanding term loan principal, accrued interest, and a 1% prepayment premium as a result of the Redfin Acquisition. The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition with the excess of consideration transferred over the fair value of net assets acquired recorded as goodwill. The following table summarizes the preliminary purchase price allocation to our Consolidated Balance Sheets as of the acquisition date:
(1) The fair value of receivables acquired is $45, with the gross contractual amount being $53. The Company estimates $8 to be uncollectible as of the acquisition date. (2) Subsequent to the acquisition date, funding facilities were voluntarily paid off and terminated during the third quarter 2025. (3) Refer to Note 7, Borrowings for details regarding Senior Notes following consummation of the acquisition. The resulting goodwill is primarily attributed to the assembled workforce, synergies from integrating Redfin’s brokerage and home search platform with Rocket’s mortgage and real estate ecosystem and opportunities for future market expansion. Goodwill generated as a result of the Redfin Acquisition is not expected to be deductible for tax purposes. The tax-related liabilities and other contingencies are preliminary and are subject to change as additional information becomes available and certain tax matters are finalized. Additional information that existed as of the acquisition date but at the time was unknown to the Company may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date, may result in adjustments to the preliminary amounts recognized. Refer to Note 10, Goodwill and Intangible Assets for information regarding the preliminary allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments. Identifiable Intangible Assets Acquired The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
The fair value of Redfin’s intangible assets was determined primarily using forms of the income approach and the cost approach, which require forecasts of expected future cash flows or replacement costs. The fair value measurements were primarily based on significant assumptions that are not observable in the market and thus represent Level 3 measurement of the fair value hierarchy as defined in ASC 820, Fair Value Measurements. The following valuation methodologies applied to identifiable intangible assets acquired are summarized below: •Developed technology and other were valued using the replacement cost method, a form of the cost approach. The replacement cost method estimates the value of Redfin’s proprietary technology based on the cost required to recreate it, including opportunity costs and development expenses. Additionally, the RFR method, a form of income approach, was used to further corroborate the developed technology value. Significant assumptions used in estimating the developed technology fair value include forecasted revenue growth, royalty rate and cumulative obsolescence factor. •Trade names were valued using the RFR method. The RFR method estimates the fair value of Redfin’s established brand names based on the hypothetical royalty payments Redfin avoids by not having to license the names. The fair value equals the present value of avoided royalty payments (i.e., the economic benefit of owning the asset outright). Significant assumptions used in estimating the trade name fair value include forecasted revenue growth and royalty rate. •Customer relationships were valued using the MEEM, and the with and without method, both forms of the income approach. The MEEM method isolates the net cash flows expected to be generated from existing partner and customer relationships after considering contributory asset charges, with the fair value equal to the present value of these cash flows over the asset’s economic life. The with and without method estimates the fair value of prior home buyer relationship asset based on the present value of the cash flows Redfin is expected to generate with and without the relationships in place, with the difference representing the cash flows attributed to the asset. Share-based Compensation In connection with the Redfin Acquisition, each issued and outstanding option, RSU, and PSU was converted into the Rocket equivalent awards (with PSUs converted into time-based awards at the level of achievement determined prior to closing). As a result, Rocket issued 1.4 million replacement stock options, 7.5 million replacement RSUs, and 1.2 million replacement PSUs, which were replaced with an equivalent number of RSUs. The portion of the fair value related to pre-combination services of $24 was included in consideration transferred, with no incremental fair value recognized upon conversion. The future unrecognized expense related to the outstanding converted options, RSUs and PSUs will be recognized over the remaining requisite service periods. Mr. Cooper Acquisition Effective October 1, 2025, the Company acquired 100% of the outstanding shares of Mr. Cooper Group, the country's largest residential mortgage servicer headquartered in Coppell, Texas and incorporated in Delaware, in an all-stock transaction. The Company included the financial results of Mr. Cooper in its Consolidated Financial Statements from the date of acquisition. The transaction costs associated with the Mr. Cooper Acquisition were approximately $52 for the year ended December 31, 2025 and were recorded in General and administrative expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The acquisition-date fair value of the consideration transferred for the acquisition of Mr. Cooper was approximately $16,973, which consisted of the following:
(1) Value of Rocket Class A common stock issued on the date of close is based on 64,109,583 shares of outstanding common stock of Mr. Cooper as of September 30, 2025 each being exchanged for 11.00 shares of Rocket Class A common stock issued at $19.38, the closing share price on September 30, 2025. (2) Certain unvested equity awards of Mr. Cooper were replaced by Rocket’s equity awards with similar terms at closing. The vested portion of those awards, as well as awards that fully vested prior to the closing date, are included as consideration applying the same exchange ratio and share price as above. (3) Cash paid at or shortly after closing to settle Mr. Cooper's outstanding unsecured senior notes due 2026 through 2028 and outstanding unsecured senior notes due 2030 through 2031, accrued interest, and other fees, as a result of the Mr. Cooper Acquisition. Refer to Note 7, Borrowings for further details on the settlement and refinancing of historical Mr. Cooper senior notes. The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition with the excess of consideration transferred over the fair value of net assets acquired recorded as goodwill. The following table summarizes the preliminary purchase price allocation to our Consolidated Balance Sheets as of the acquisition date:
(1) The gross contractual amount of Advance receivables acquired is $1,171. The Company estimates $128 to be uncollectible as of the acquisition date. (2) The fair value of other receivables acquired is $6, with the gross contractual amount being $7. The Company estimates $1 to be uncollectible as of the acquisition date. (3) Restricted cash acquired was $185 recorded in Other Assets, as of the acquisition date. (4) In accordance with ASC 450, Contingencies, the Company estimated and recorded a liability of $58 as of the acquisition date related to certain legal claims involving Mr. Cooper. See Note 15, Commitments and Contingencies for further information. The resulting goodwill is primarily attributed to the assembled workforce, anticipated synergies from integrating Mr. Cooper’s loan servicing and mortgage origination operations with Rocket’s mortgage and real estate ecosystem, and opportunities for future market expansion. Goodwill generated as a result of the Mr. Cooper Acquisition is not expected to be deductible for tax purposes. The tax-related liabilities and other contingencies are preliminary and subject to change as additional information becomes available and certain tax matters are finalized. Additional information that existed as of the acquisition date but at the time was unknown to the Company may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date, may result in adjustments to the preliminary amounts recognized. Refer to Note 10, Goodwill and Intangible Assets for information regarding the preliminary allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments. Identifiable Intangible Assets Acquired The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
The fair value of Mr. Cooper’s intangible assets was determined primarily using forms of the income approach and the cost approach, which require forecasts of expected future cash flows or replacement costs. The fair value measurements were primarily based on significant assumptions that are not observable in the market and thus represent Level 3 measurement of the fair value hierarchy as defined in ASC 820, Fair Value Measurements. The following valuation methodologies applied to identifiable intangible assets acquired are summarized below: •Customer relationships were valued using the MEEM, a form of the income approach. The MEEM method isolates the net cash flows expected to be generated from existing partner and customer relationships after considering contributory asset charges, with the fair value equal to the present value of these cash flows over the asset’s economic life. Significant assumptions used in estimating the fair value of customer relationships include forecasted revenue growth, attrition rate, profitability measures such as EBIT or EBITDA margin, as well as the discount rate. •Developed technology was valued using the replacement cost method, a form of the cost approach. The replacement cost method estimates the value of Mr. Cooper’s proprietary technology based on the cost required to recreate it, including opportunity costs and development expenses. •The trade name was valued using the RFR method, a form of the income approach. The RFR method estimates the fair value of Mr. Cooper’s established brand name based on the hypothetical royalty payments Mr. Cooper avoids by not having to license the name. The fair value equals the present value of avoided royalty payments (i.e., the economic benefit of owning the asset outright). Share-based Compensation In connection with the Mr. Cooper Acquisition, each RSU and PSU was converted into the Rocket equivalent awards (with PSUs converted into time-based awards at the target level of performance as determined prior to closing). As a result, Rocket issued 9.2 million replacement RSUs and 9.8 million replacement PSUs, which were replaced with an equivalent number of RSUs. The portion of the fair value related to pre-combination services of $193 was included in consideration transferred, with no incremental fair value recognized upon conversion. The future unrecognized expense related to the converted RSUs and PSUs will be recognized over the remaining requisite service periods. Senior Notes The Company completed the exchange offers and consent solicitations related to Nationstar Mortgage Holdings Inc.’s $750 aggregate principal amount of outstanding 6.500% Senior Notes due 2029 (the “Existing 2029 Notes”) and $1,000 aggregate principal amount of outstanding 7.125% Senior Notes due 2032 (the “Existing 2032 Notes”). In the Exchange Offers, $738, or approximately 98.4% of the Existing 2029 Notes and $955, or approximately 95.5% of the Existing 2032 Notes were validly tendered. Accordingly, on October 1, 2025, the Company issued $738 of 6.500% Senior Notes due 2029 and $955 of 7.125% Senior Notes due 2032. In connection with the internal reorganization, Rocket Mortgage, LLC assumed all remaining notes that were not validly tendered. Additionally, the Company completed the tender offers and consent solicitations related to Nationstar Mortgage Holdings Inc.’s $650 aggregate principal amount of 5.125% Senior Notes due 2030 and $600 aggregate principal amount of 5.750% Senior Notes due 2031. In these offers, $574, or approximately 88.4%, of the 2030 Notes and $536, or approximately 89.3%, of the 2031 Notes were validly tendered. On October 1, 2025, the Company accepted for purchase the notes validly tendered, funded by proceeds from the Company’s June 2025 unsecured notes issuance. In connection with the internal reorganization, Rocket Mortgage, LLC assumed all remaining notes that were not validly tendered. Furthermore, the Company redeemed all of Nationstar Mortgage Holdings Inc.’s $500 aggregate principal amount of 5.000% Senior Notes due 2026, $600 aggregate principal amount of 6.000% Senior Notes due 2027, and $850 aggregate principal amount of 5.500% Senior Notes due 2028, funded by proceeds from the Company’s June 2025 unsecured notes issuance. Unaudited Pro Forma Financial Information Revenue and net income since the acquisition dates of Redfin and Mr. Cooper were not provided as it is impracticable for the Company to distinguish legacy Redfin and Mr. Cooper information due to the ongoing integration and system conversion efforts. The following unaudited pro forma financial information summarizes the combined results of operations for Rocket, Redfin, and Mr. Cooper, as if the Acquisitions had both been consummated on January 1, 2024. The unaudited pro forma financial information was as follows:
The unaudited pro forma financial information presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the Acquisitions were both consummated on January 1, 2024, and is not indicative of future operating results. The unaudited pro forma information for all periods presented includes the following adjustments, where applicable, for business combination accounting effects resulting from the Acquisitions: (i) incremental amortization of acquisition-related intangibles and reversal of contract asset amortization, (ii) net share-based compensation expense from Rocket replacement equity awards, (iii) interest and amortization expense on non-funding debt related to the assumed notes from the Acquisitions and the refinancing of certain historical Mr. Cooper notes with new Rocket notes, and (iv) the related tax effects. The significant nonrecurring adjustments reflected in the unaudited pro forma consolidated information above include the impact of of $74, the third party fees related to the Mr. Cooper notes assumed by Rocket Companies of $15, and the one-time discretionary payments of $10 made to certain former Redfin employees, all of which have been included in the earliest period presented.
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Fair Value Measurements |
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| 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 for the year ended December 31, 2025, except the fair value measurements determined as part of the part of the Acquisitions as discussed in Note 2, Acquisitions. There were no material items recorded at fair value on a nonrecurring basis as of December 31, 2024. Money market funds — Money market funds are highly liquid and are valued using quoted market prices for identical assets in active markets, which are classified as Level 1. 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: (i) 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, and (ii) recent observable market trades from similar loans, adjusted for credit risk and other individual loan characteristics. 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 internal models using assumptions at the measurement date that a market participant would use. Derivative assets and liabilities: IRLCs and LPCs — The fair values of IRLCs and LPCs are based on observable current market prices of securities backed by similar mortgage loan held for sale (discussed above), net of costs to close the loans, subject to adjustments for the estimated loan funding probability, or “pull-through factor” and the inherent value of servicing. Given the significant and unobservable nature of the pull-through factor and value of servicing, IRLCs and LPCs are classified as Level 3. Forward commitments and Treasury futures — The Company's Forward commitments are valued based on quoted prices for similar assets and liabilities in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy. The Company's Treasury futures are valued based on quoted prices for similar assets and liabilities in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy. MSRs — The Company estimates the fair value of its MSRs on a recurring basis using a process that combines the use of a discounted cash flow model and analysis of current market data to arrive at an estimate of fair value. The discounted cash flow model includes estimates of prepayment speeds, OAS, cost to service, delinquencies, ancillary revenues, recapture rates and other assumptions. The key assumptions to determine fair value include prepayment speeds, OAS and cost to service. MSRs are classified as Level 3. Beginning in the fourth quarter of 2025, the Company completed the following two refinements to its estimation process for determining the fair value of MSRs. First, the Company implemented a stochastic OAS valuation technique, replacing its former static discount rate approach. Under this technique, OAS represents the incremental spread added to the risk-free rate to reflect embedded prepayment optionality and other risk inherent in the MSRs and is used to discount projected cash flows across simulated interest-rate paths. Second, the Company incorporated an explicit estimate of future cash flows from loans that are expected to be recaptured. The estimate of recapture cash flows is consistent with pricing and data observed from various market participants, including the Company’s independent third-party valuation firms. As a result of incorporating these additional recapture cash flows, the Company adjusted its OAS assumption to ensure that the fair value of MSRs remained consistent with current market participant pricing and is reflective of an exit price. The net impact of these refinements were not significant to the overall estimate of MSR fair value for the year ended December 31, 2025. Furthermore, the Company’s estimated MSR fair value was corroborated as of December 31, 2025 with benchmark valuations from two independent third-party firms. Investment securities — Investment securities are trading 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. Equity investments — As part of the Mr. Cooper Acquisition, the Company acquired equity investments from a previously divested title and field services businesses. The fair value of this equity interest is measured quarterly based on the minimum exit value established at the time of the transaction, together with observable market indicators. Because of the nature of the unobservable inputs, the Company classifies these investments as Level 3. Non-mortgage loans held for sale — Non-mortgage loans held for sale are personal loans. 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 of the consolidated CFE — Assets and liabilities represent non-mortgage loans and investment debt certificates at the consolidated CFE, respectively. The Company has elected the fair value option and measures both the assets and liabilities of the consolidated CFE using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The Company determined inputs to the fair value measurement of the financial assets to be more observable. The fair value of the assets and liabilities of the consolidated CFE are determined using an internal valuation model that calculates the present value of estimated net future cash flows and are classified as Level 3. The net equity in the consolidated CFE represents the fair value of the Company’s beneficial interest in the entity. Excess spread financing — As part of the Mr. Cooper Acquisition, the Company assumed excess spread financing. The fair value of excess spread financing is determined using a stochastic OAS on a recurring basis based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. Excess spread financing liabilities are classified as Level 3. Mortgage servicing rights financing liability — As part of the Mr. Cooper Acquisition, the Company assumed MSRs financing liabilities. The fair value of MSRs financing liabilities is determined using an internal valuation model that calculates the present value of estimated net future cash flows. MSRs financing liabilities 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 years ended December 31, 2025 or December 31, 2024.
(1) As of December 31, 2025 and 2024, $167 and $115 of UPB of the level 3 MLHFS were 90 days or more delinquent and were considered in non-accrual status, respectively. The fair value of these level 3 MLHFS was $137 and $100 as of December 31, 2025 and 2024, respectively. The following tables present the quantitative information for significant unobservable inputs used in the fair value measurements of material recurring Level 3 fair value financial instruments as of:
(1) The inputs are weighted by investor. (2) OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. (3) Presented in whole dollar amounts. (4) This is for informational purposes only. The table below presents a reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024. MSRs are also classified as a Level 3 asset measured at fair value on a recurring basis. The related reconciliation is found in Note 4, Mortgage Servicing Rights and Related Liabilities. The Company had immaterial equity investments and LPCs assets and liabilities as of December 31, 2025.
(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 or transferred to third parties and loans paid in full. Fair Value Option The following is the estimated fair value and UPB of MLHFS, non-mortgage loans held for sale and assets of the consolidated CFE that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for these assets as the Company believes fair value best reflects their expected future economic performance:
(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 in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), 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, Advance receivables, net, Loans subject to repurchase right from Ginnie Mae, Funding facilities and Other financing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value.
The fair value of Senior Notes was calculated using the observable bond price at December 31, 2025 and 2024, respectively. The Senior Notes are classified as Level 2 in the fair value hierarchy.
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Mortgage Servicing Rights and Related Liabilities |
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| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights and Related Liabilities | Mortgage Servicing Rights and Related Liabilities The following table sets forth the carrying value of the Company's MSRs and the related liabilities, which are recorded at fair value as described in Note 3, Fair Value Measurements. MSR related liabilities are recorded in in the Company's Consolidated Balance Sheets.
The following table summarizes changes to the MSR assets:
(1) As discussed in Note 2, Acquisitions, the Company recorded MSRs of $2 and $11,604 in connection with the acquisition of Redfin and Mr. Cooper, respectively. (2) Amounts primarily represent negative fair values reclassified from the MSR asset to Advance reserves as underlying loans are removed from the MSR and other reclassification adjustments. (3) Reflects changes in market interest rates and assumptions, including OAS, prepayment speeds, cost to service per loan, and the gains or losses on sales of MSRs during the period. It does not include the change in fair value of derivatives that economically hedge MSRs, the change in fair value of excess spread financing or the effects of contractual prepayment protection resulting from sales or purchases of MSRs. In connection with the Mr. Cooper Acquisition, the Company acquired certain subservicing relationships associated with MSRs previously sold by Mr. Cooper. Following the Mr. Cooper Acquisition, the Company may periodically sell MSRs and retain subservicing for the related loans. The Company evaluates these transactions, including its continued involvement as subservicer to determine whether they meet the requirements for sale accounting. During the year ended December 31, 2025, the Company sold $1,164 in UPB of MSRs, of which $914 were retained by the Company as subservicer. The Company’s MSR portfolio is comprised of both loans it has originated and sold servicing-retained and MSR’s acquired through acquisitions. The total UPB of mortgage loans serviced, excluding subserviced loans, at December 31, 2025 and 2024 was $1,290,325 and $525,518, respectively. The portfolio primarily consists of high-quality performing agency and government (FHA and VA) loans. As of December 31, 2025 and 2024, delinquent loans (defined as 60-plus days past-due) were 1.50% and 1.54%, respectively, of our total portfolio. The key assumptions used to estimate the fair value of MSRs are prepayment speeds, the OAS and cost to service per loan. 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 OAS generally result in a lower MSRs value and decreases in the OAS generally result in a higher MSRs value. Increases in the cost to service per loan generally have an adverse effect on the value of MSRs, as higher servicing expenses reduce the net cash flows associated with the asset, while decreases in the cost to service per loan generally have a positive effect on the value of MSRs, as lower expenses enhance expected cash flows and overall profitability. 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. Refer to Note 3, Fair Value Measurements for further discussion. The following sensitivity analysis shows the potential impact on the fair value of the Company’s MSRs based on hypothetical changes in key assumptions, including the OAS, prepayment speeds and cost to service per loan for the year ended December 31, 2025:
(1) Beginning in the fourth quarter of 2025, the Company valued MSRs using a stochastic OAS instead of a static discount rate. Refer to Note 3, Fair Value Measurements, for further discussion. (2) Beginning in the fourth quarter of 2025, the Company valued MSRs using a cost to service per loan that had not previously been explicitly considered as a key input in measuring the fair value of MSRs. Refer to Note 3, Fair Value Measurements, for further discussion. The following sensitivity analysis shows the potential impact on the fair value of the Company’s MSRs based on hypothetical changes in key assumptions, including the discount rate and prepayment speeds for the year ended December 31, 2024:
Excess Spread Financing As part of the Mr. Cooper Acquisition, the Company assumed certain of Mr. Cooper's agreements with third parties that include the right to receive a specified percentage of the excess cash flow generated from the portfolios in excess of a fixed base servicing fee per loan. The Company retains all the base servicing fees, ancillary income and interest float earnings on custodial deposits, and also incurs costs to service the specified pool. The Company is the legal owner and the servicer of the portfolios and provides all servicing and advancing functions. In connection with the above transactions, the Company assumed refinanced loan obligations with third parties that require the Company to transfer the new loan or a replacement loan of similar economic characteristics into the respective portfolio if the Company refinances any loan in the portfolio. The new or replacement loan will be governed by the same terms set forth in the agreements described above. The Company had excess spread financing liability of $337, related to the UPB of $59,695, as of December 31, 2025. Refer to Note 3, Fair Value Measurements, for key weighted-average inputs and assumptions used in the valuation of excess spread financing liability.
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Mortgage Loans Held for Sale |
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| Mortgage Loans Held for Sale | Mortgage Loans Held for Sale The Company sells substantially all of its originated mortgage loans into the secondary market. MLHFS are loans originated that are expected to be sold into the secondary market. MLHFS are carried at fair value, which includes the UPB and any related mark-to-market adjustment. Refer to Note 3, Fair Value Measurements for additional detail. The following is a roll forward of the activity in mortgage loans held for sale:
(1) As discussed in Note 2, Acquisitions, the Company recorded Mortgage loans held for sale, at fair value of $165 and $2,720 in connection with the acquisition of Redfin and Mr. Cooper, respectively. (2) The Gain on sale of loans excluding fair value of MSRs, net in the Consolidated Statements of Cash Flows includes income related to IRLCs, forward commitments and provision 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 minimal as it holds the loans for a short period of time, which for the year ended December 31, 2025 is generally less than 45 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.
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| Property and Equipment | Property and Equipment Property and equipment are depreciated over lives primarily ranging from 3 to 10 years for office furniture, equipment, computer software and leasehold improvements. Property and equipment consist of the following:
The Company recorded Depreciation and amortization expense on property and equipment of $104, $89 and $88 for the years ended December 31, 2025, 2024 and 2023 respectively.
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Borrowings |
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| Borrowings | Borrowings The Company maintains various funding facilities, financing facilities and unsecured senior notes, as shown in the tables below. Interest rates typically have two main components; a base rate - most commonly SOFR, 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 December 31, 2025 and 2024. The amount owed and outstanding on the Company’s mortgage 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 use surplus cash to “buy-down” the effective interest rate of certain mortgage 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 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 mortgage loan funding facility 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. Funding Facilities
(1) This facility has an overall line size of $1,000, of which $150 is a sublimit for early buy out financing. (2) This facility was voluntarily terminated in June 2025. (3) 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 December 31, 2025 this facility was extended to January 25, 2027. (4) This facility has an overall line size of $3,000, of which $3,000 is a sublimit for early buy out financing. Capacity is fully fungible and is not restricted by these allocations. (5) This facility has an overall line size of $1,200, of which $950 is a sublimit for MSR financing. (6) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated. (7) This facility has an overall line size of $200, of which $30 is a sublimit for Advance financing. (8) This facility has an overall line size of $750, of which $750 is a sublimit for early buy out financing. Capacity is fully fungible and not restricted by these allocations. (9) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000 (10) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000. (11) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated. (12) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (13) This facility will be 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. (14) This facility was voluntarily terminated in March 2025. (15) The interest rates charged by lenders on mortgage funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.63% for the year ended December 31, 2025 and 1.00% to 1.80% for the year ended December 31, 2024 (16) The interest rates charged by lenders on personal loan funding facilities included the applicable base rate plus a spread ranging from 0.80% to 2.50% for the year ended December 31, 2025 and 1.15% for the year ended December 31, 2024. Financing Facilities
(1) Refer to Note 8, Transactions with Related Parties for additional details regarding this unsecured line of credit. These facilities were voluntarily terminated in June 2025. (2) This facility is a sublimit of Master Repurchase Agreement 5, found above in Funding Facilities. Subsequent to December 31, 2025, this facility sublimit was voluntarily terminated. (3) This facility is a sublimit of Master Repurchase Agreement 12, found above in Funding Facilities. Refer to subfootnote 5, Funding Facilities for additional details regarding this financing facility. (4) Subsequent to December 31, 2025, this facility was voluntarily terminated. (5) Subsequent to December 31, 2025, this facility was amended to decrease the total facility size to $875, fully committed. (6) Total capacity for this facility is $2,000, of which $500 is internally allocated for Advance financing and $1,500 is internally allocated for MSR financing. Capacity is fully fungible and is not restricted by these allocations. (7) This facility is a sublimit of Master Repurchase Agreement 14, found above in Funding Facilities. Refer to subfootnote 7, Funding Facilities for additional details regarding this financing facility. (8) The interest rates charged by lenders on financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 3.25% for the years ended December 31, 2025 and December 31, 2024. Unsecured Senior Notes The Company's Senior Notes listed below are unsecured obligation notes with no requirement to pledge collateral for the borrowings.
(1) The indentures provide that the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. (2) The 2027 Convertible Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. For the year ended December 31, 2025, the contractual interest expenses incurred were $1. The effective interest rate on the 2027 Convertible Senior Notes is 0.54%. The 2027 Convertible Senior Notes are convertible to cash, shares of the Company's common stock, or a combination thereof, at our election. The conversion rate is 8.47 shares of common stock per $1 principal amount. The free conversion date is January 1, 2027. (3) In October 2025, the Company completed the offering of $2,000 of unsecured senior notes due 2030. (4) In October 2025, the Company completed the offering of $2,000 unsecured senior notes due 2033. The following table outlines the contractual maturities (by UPB) of unsecured senior notes (excluding interest and debt discount and premiums) for the years ended as follows:
Refer to Note 3, Fair Value Measurements for information pertaining to the fair value of the Company’s debt as of December 31, 2025 and 2024.
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Transactions with Related Parties |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Parties | Transactions with Related Parties The Company has entered into various transactions and agreements with Related Parties. These transactions include providing financing and services as well as obtaining financing and services from these Related Parties. Financing Arrangements During the year ended December 31, 2025, the Company terminated two lines of credit with RHI. The lines of credit had a borrowing capacity of $2,000 and $100, respectively. The Company did not draw on the lines and there were no outstanding amounts due as of December 31, 2025 and 2024. During the year ended December 31, 2025, the Company terminated their surplus debenture between RHI and RTIC. The aggregate amount outstanding was paid in full. RTIC repaid an aggregate of $29 and $3 for the years ended December 31, 2025 and 2024, respectively. The aggregate amount due to RHI was $29 as of December 31, 2024 and the total amount of interest accrued was $2 for the year ended December 31, 2024. The Notes receivable and due from affiliates was $5 and $14 as of December 31, 2025 and 2024, respectively. The Notes payable and due to affiliates was zero and $31 as of December 31, 2025 and 2024, respectively. Services, Products and Other Transactions We have entered into transactions and agreements to provide certain services to Related Parties. We recognized revenue of $4, $6 and $9 for the years ended December 31, 2025, 2024 and 2023 respectively for the performance of these services, which was included in Other income in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). We have also entered into transactions and agreements to purchase certain services, products and other transactions from Related Parties. We incurred expenses of $3, $3 and $2, which are included in Salaries, commissions and team member benefits; $40, $50 and $53, which are included in General and administrative expenses; and $13, $11 and $12, which are included in Marketing and advertising expenses, for the years ended December 31, 2025, 2024 and 2023, respectively, in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company has also entered into an amended Tax Receivable Agreement with a related party as described further in Note 12, Income Taxes. 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, a related party and other related parties of the Company. The Company incurred expenses related to these arrangements of $75, $75 and $74 for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are included in General and administrative expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company enters into lease arrangements with independent third parties and with related parties. The Company determines whether an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at the commencement date of the lease, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company’s operating leases, in which the Company is the lessee, include real estate for our office facilities and a significant portion of operating lease expense is paid to a related party. The Company currently does not have any finance leases. Refer to Note 8, Transactions with Related Parties for information regarding lease transaction expenses with related parties. For lease arrangements where the Company is the lessee, the Company does not separate non-lease components of a contract from the lease component to which they relate. The Company elected that leases with an initial term of 12 months or less are expensed on a straight-line basis over the lease term in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and not recorded on the Consolidated Balance Sheets. Some leases include options to extend or terminate the lease at the Company’s sole discretion on a lease-by-lease basis, and the Company evaluates whether those options are “reasonably certain” of being exercised considering contractual and economic-based factors. The Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. The components of lease expense are presented in the table below:
(1) Variable lease payments are expensed in the period in which the obligation for those payments is incurred. These variable lease costs are payments that vary in amount beyond commencement date, for reasons other than passage of time. The Company’s variable payments mainly include common area maintenance and building utility fees. Supplemental cash flow information related to leases:
During the years ended December 31, 2025 and 2024, the ROU assets that were recorded for new and modified operating leases at the time of their commencement were $15 and $13, respectively. Supplemental balance sheet information related to leases recorded in and on the Consolidated Balance Sheets:
When applying the requirements of ASC 842, Leases, the Company made assumptions about the determination of whether a contract contains a lease and the determination of the discount rate for the lease. Lessor While the Company is the sublessor in certain leasing arrangements, the majority of such lease arrangements are intercompany and eliminated in consolidation.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill As of December 31, 2025 and 2024, there was approximately $10,611 and $1,136 of goodwill recorded in Goodwill on our Consolidated Balance Sheets, respectively. The changes to the amount of goodwill for the year ended December 31, 2025 by reportable segment were as follows:
(1) Amounts reflect the Company’s preliminary allocation of goodwill resulting from the Acquisitions. (2) In connection with the Acquisitions, management approved a restructuring plan that included the wind down of the Rocket Homes business. Based on this restructuring, the Company recorded a goodwill impairment charge of $9, representing a full impairment of the Rocket Homes reporting unit. The reporting unit did not hold any other long-lived assets to be assessed for impairment. The impairment charge was included in Other expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The following table summarizes the carrying value of goodwill:
(1) Refer to subfootnote (2) above for details about the impairment loss in 2025. Goodwill Impairment Test The Company completed a qualitative impairment assessment of goodwill for each reporting unit as of October 1, 2025. The qualitative assessment did not identify indicators of impairment except for Rocket Homes which is described above. The Company concluded that it was more likely than not that each respective reporting unit had a fair value in excess of its carrying value. As such, further impairment assessment was not necessary. Intangible Assets As of December 31, 2025 and 2024, there was $2,224 and $91 of intangible assets recorded in Intangible assets, net on our Consolidated Balance Sheets, respectively, which primarily consist of trade names, customer relationships and developed technology recorded in connection with the Acquisitions. The following table summarizes the carrying value of intangible assets:
(1) As of December 31, 2025 these amounts include identifiable intangible assets acquired from the Acquisitions. Refer to Note 2, Acquisitions for further information. The weighted average remaining amortization period for each definite-lived intangible asset category is as follows:
Aggregate amortization expense was $186, $24 and $22 during the years ended December 31, 2025, 2024 and 2023, respectively. The following table outlines the estimated remaining aggregate amortization expense of intangible assets that existed as of December 31, 2025:
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Other Assets |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | Other Assets Other assets consist of the following:
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes (Loss) income before income taxes consists of the following:
Provision for (benefit from) income taxes consists of the following:
The reconciliation of the U.S. Federal statutory corporate income tax rate to the Company's effective tax rate consists of the following:
(1) The states that contribute to the majority of the tax effect in this category include California, Michigan, New York, Illinois, and New Jersey.
For the years ended December 31, 2025, 2024 and 2023, the Company’s effective tax rate varies from the U.S. Federal statutory tax rate due to its organizational structure, state and local taxes inclusive of updates in its state and local deferred tax rate and valuation allowances for deferred tax benefits the Company does not believe are more likely than not to be realized. The Company accounts for the Global Intangible Low-Taxed Income tax expense in the period in which it is incurred. Rocket Limited Partnership is a partnership for U.S. federal tax purposes and in most applicable jurisdictions for state and local income tax purposes. As a partnership, Rocket Limited Partnership is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Rocket Limited Partnership is passed through and included in the taxable income or loss of its members, including Rocket Companies, in accordance with the terms of the limited partner agreement of Rocket Limited Partnership. 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 Rocket Limited Partnership. Prior to the Up-C Collapse, Rocket Companies owned only a portion of Holdings LLC Units. Through the Up-C Collapse and conversion of Holdings LLC to Rocket Limited Partnership, Rocket Companies acquired the Holdings Units held by Rocket Companies’ chairman and RHI which have a book basis that is higher than the tax basis in the investment of Holdings. As of June 30, 2025, the date of the Up-C Collapse, this basis difference decreased the Company’s Deferred tax asset, net of valuation allowance by $397 and increased the Company’s Deferred tax liability by $894, resulting in a corresponding adjustment to Additional paid-in capital of $1,291 as a direct result of the transaction. After the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership. Redfin is a direct wholly owned subsidiary of Rocket Companies and as a C Corporation is included in the Rocket Companies consolidated federal tax return after the acquisition. Redfin is subject to state and local income taxes. Included within Redfin's opening balance sheet is $21 of uncertain tax positions related to prior year tax positions that have been netted against the applicable deferred tax asset on the opening balance sheet. Mr. Cooper is an indirect wholly owned subsidiary of Rocket Companies and is included in the Rocket Limited Partnership federal tax return after the acquisition. Mr. Cooper is subject to state and local income taxes. Included within Mr. Cooper's opening balance sheet is $13 of uncertain tax positions related to prior year tax positions on the opening balance sheet. Several subsidiaries of Rocket Limited Partnership, such as Rocket Mortgage, Rocket Close and other subsidiaries, are single member LLC entities. As single member LLCs of Rocket Limited Partnership, all taxable income or loss generated by these subsidiaries passes through and is included in the income or loss of Rocket Limited Partnership. A provision for state and local income taxes is required for certain jurisdictions that tax single member LLCs as regarded entities. Other subsidiaries of Rocket Limited Partnership, such as RTIC, LMB Mortgage Services and others, are treated as C Corporations and separately file and pay taxes apart from Rocket Limited Partnership in various jurisdictions including but not limited to U.S. federal, state, local and Canada. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. The Company’s deferred tax (liabilities) assets arise from the following components of temporary differences and carryforwards:
Deferred income taxes are presented on the Consolidated Balance Sheets based on their tax jurisdictions as follows:
As of December 31, 2025, the Company has a deferred tax asset before any valuation allowance of $82 and a deferred tax liability of $850. As of December 31, 2024, the Company had a deferred tax asset before any valuation allowance of $680 and a deferred tax liability of $18. The Company's deferred tax (liability) asset relates primarily to the difference in the tax and book basis of Rocket Companies’ investment in Holdings. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. After considering all those factors, as of December 31, 2025 and 2024, respectively, management has recorded $74 and $158 of a valuation allowance for certain deferred tax assets the Company has determined are not more likely than not to be realized. Changes in the deferred tax (liability) asset, net of valuation allowance for the investment in partnership recorded against Additional Paid-in Capital that occurred during the years ended December 31, 2025 and 2024 are included within Change in controlling interest of investment, net and Share-based compensation, net in the Consolidated Statements of Changes in Equity. Of the $643 deferred tax assets related to the net operating loss and credit carryforwards at December 31, 2025, there are deferred tax assets related to federal net operating loss and credit carryforwards of $536 of which $119 will expire between 2026 and 2045 and $417 has no expiration, deferred tax assets related to state and local net operating loss and credit carryforwards of $89 of which $72 will expire between 2026 and 2045 and $17 has no expiration, and deferred tax assets related to foreign net operating loss and credit carryforwards of $18 which will expire between 2037 and 2045. The Company recognizes uncertain income tax positions when it is not more likely than not a tax position will be sustained upon examination. As of December 31, 2025 and 2024, the Company has not recognized any material uncertain tax positions in operations. The Company has recorded uncertain tax positions related to the opening balance sheets of Redfin and Mr. Cooper. The Company accrues interest and penalties related to uncertain tax positions as a component of the income tax provision. No interest or penalties were recognized in income tax expense in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company recognized $5 and zero of interest and penalties related to uncertain tax positions recognized on the Consolidated Balance Sheets as of December 31, 2025 and 2024. The total amount of uncertain tax positions that, if recognized, would impact the effective income tax rate were $10 and zero as of December 31, 2025 and 2024, respectively. Tax positions taken in tax years that remain open under the statute of limitations will be subject to examinations by tax authorities. With few exceptions, the Company is no longer subject to examinations by tax authorities for tax years ended December 31, 2017 or prior. Below is a reconciliation of the changes in the federal and state uncertain tax position balances, exclusive of interest and penalties.
The following represents the taxes paid by jurisdiction:
Tax Receivable Agreement We are party to a Tax Receivable Agreement, dated as of August 5, 2020, with RHI II that provides for the payment by us to RHI and Mr. Gilbert (or their transferees of Holdings LLC Units of Holdings LLC or other assignees) of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize (computed using simplifying assumptions to address the impact of state and local taxes) as a result of: (i) certain increases in our allocable share of the tax basis in Holdings LLC’s assets resulting from (a) the purchases of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) from RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) using the net proceeds from our IPO or in any future offering (subject to the terms of the Tax Receivable Agreement Amendment (as defined above)), (b) exchanges by RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) for cash or shares of Class B common stock or Class A common stock, as applicable (subject to the terms of the Tax Receivable Agreement Amendment), 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 LLC as a result of section 704(c) of the Code, as amended, that relate to the reorganization transactions undertaken at the time of our IPO. The Tax Receivable Agreement makes certain simplifying assumptions regarding the determination of the cash savings that we realize or are deemed to realize from the covered tax attributes, which may result in payments pursuant to the Tax Receivable Agreement in excess of those that would result if such assumptions were not made. As part of RHI’s internal reorganization, RHI contributed its rights to receive payments under the Tax Receivable Agreement in respect of RHI’s prior exchanges to RHI II, and RHI II completed a joinder to become a party to the Tax Receivable Agreement. As part of the Up-C Collapse, (i) Mr. Gilbert exchanged all of his Holdings LP Units and Class D common stock in exchange for shares of Class L common stock and (ii) the Tax Receivable Agreement was amended to provide that the terms of the Tax Receivable Agreement will not apply to any exchanges, including, for the avoidance of doubt, any fully paid and nonassessable Holdings LP Units exchanged as part of the Up-C Collapse (such as those exchanged by Mr. Gilbert), that occur, or are deemed to occur, on or following March 9, 2025. As of December 31, 2025 and 2024, the Company had a liability for the Tax Receivable Agreement of $590 and $581, respectively, included within on the Consolidated Balance Sheets. A payment of $1 was made to RHI pursuant to the Tax Receivable Agreement during the year ended December 31, 2025. No payment was made to RHI pursuant to the Tax Receivable Agreement during the year ended December 31, 2024. Subsequent to December 31, 2025, a payment of $6 was made to RHI II pursuant to the Tax Receivable Agreement. 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. In addition, the Tax Receivable Agreement provides that in the case of a change in control of the Company or a material breach of our obligations under the Tax Receivable Agreement, we are required to make a payment to RHI II and Dan Gilbert in an amount equal to the present value of future payments (calculated using a discount rate equal to the lesser of 6.50% or a rate based on the benchmark rate used to determine pricing or interest rates in a majority of our then-outstanding repurchase or warehouse agreements or other financing arrangements providing for the financing of mortgage loans plus 100 basis points, which may differ from our, or a potential acquirer’s, then-current cost of capital) under the Tax Receivable Agreement, which payment would be based on certain assumptions, including those relating to our future taxable income. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our, or a potential acquirer’s, liquidity and could have the effect of delaying, deferring, modifying or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. These provisions of the Tax Receivable Agreement may result in situations where RHI II, having assumed RHI’s rights under the Tax Receivable Agreement, and Dan Gilbert have interests that differ from or are in addition to those of our other stockholders. In addition, we could be required to make payments under the Tax Receivable Agreement that are substantial, significantly in advance of any potential actual realization of such further tax benefits, and in excess of our, or a potential acquirer’s, actual cash savings in income tax. Furthermore, Rocket Companies may elect to terminate the Tax Receivable Agreement early by making an immediate payment equal to the present value of the anticipated future cash tax savings (calculated using a discount rate equal to the lesser of 6.50% or the applicable base rate plus 100 basis points). In determining such anticipated future cash tax savings, the Tax Receivable Agreement includes several assumptions, including that (i) any Holdings Units that have not been exchanged are deemed exchanged for the market value of the shares of Class A common stock at the time of termination, (ii) Rocket Companies will have sufficient taxable income in each future taxable year to fully realize all potential tax savings, (iii) Rocket Companies will have sufficient taxable income to fully utilize any remaining net operating losses subject to the Tax Receivable Agreement in the taxable year of the election or future taxable years, (iv) the tax rates for future years will be those specified in the law as in effect at the time of termination and (v) certain non-amortizable assets are deemed disposed of within specified time periods. As a result of the change in control provisions and the early termination right, Rocket Companies could be required to make payments under the Tax Receivable Agreement that are greater than or less than the specified percentage of the actual cash tax savings that Rocket Companies realizes in respect of the tax attributes subject to the Tax Receivable Agreement (although any such overpayment would be taken into account in calculating future payments, if any, under the Tax Receivable Agreement) or that are prior to the actual realization, if any, of such future tax benefits. Also, the obligations of Rocket Companies would be automatically accelerated and be immediately due and payable in the event that Rocket Companies breaches any of its material obligations under the agreement and in certain events of bankruptcy or liquidation. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity. Tax Distributions Prior to the Up-C Collapse, the holders of Holdings LLC Units, including Rocket Companies Inc., incurred U.S. federal, state and local income taxes on their share of any taxable income of Holdings LLC. The operating agreement of Holdings LLC provided for pro rata cash distributions (“tax distributions”) to the holders of the Holdings LLC Units in an amount generally calculated to provide each holder of Holdings LLC Units with sufficient cash to cover its tax liability in respect of the Holdings LLC Units. In general, these tax distributions were computed based on Holdings LLC’s estimated taxable income, multiplied by an assumed tax rate as set forth in the operating agreement of Holdings LLC. As a result of the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership and will be taxed on all taxable income at Rocket Limited Partnership. Any future tax distributions after the Up-C Collapse would remain within the consolidated financial reporting group. For the years ended December 31, 2025 and 2024, Holdings paid tax distributions totaling $114 and $14, respectively, to holders of Holdings Units other than Rocket Companies.
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Variable Interest Entities |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Variable Interest Entities Asset-Backed Financing Arrangements In the normal course of business, the Company enters into various types transactions with SPEs. The Company acquired additional SPEs in connection with the Mr. Cooper Acquisition. The SPEs were established for a limited purpose and are determined to be VIEs. Generally, these SPEs are formed for asset-backed financing purposes, either through the issuance of debt or repurchase arrangements, supported by collections on the underlying financial assets. The Company has determined that the SPEs created in connection with certain asset-backed financing arrangements should be consolidated as the Company is the primary beneficiary of each of these entities. The assets and liabilities of the Company’s transactions with consolidated VIEs included in the Company’s Consolidated Financial Statements were as follows:
(1) Refer to Note 11, Other Assets, for additional information on restricted cash and non-mortgage loans held for sale. (2) Refer to Note 7, Borrowings, for additional information on Funding facilities and MSR and advance facilities. Collateralized Financing Entities In the normal course of business, the Company transfers financial assets to a trust for which the Company holds a variable interest. The Company has elected to account for the assets and liabilities of the VIE as a CFE. Refer to Note 1, Business, Basis of Presentation and Significant Accounting Policies and Note 3, Fair Value Measurements for additional information on CFEs.
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Derivative Financial Instruments |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure or hedge to interest rate risks related to MLHFS and IRLCs, including certain LPCs and the MSR portfolio. The Company economically hedges the Pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, Forward commitments, and Treasury futures. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period Net (loss) income. Unrealized and realized hedging gains and losses are included in Gain on sale of loans, net and Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The cash flows related to forward commitments to sell and purchase mortgage loans are included within the Gain on sale of loans excluding fair value of originated MSRs, net and Other operating activities in the Consolidated Statements of Cash Flows. Net hedging (losses) gains were as follows:
Refer to Note 3, 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 were as follows:
(1) IRLCs are also discussed in Note 15, Commitments and Contingencies. As of December 31, 2025, the Company held $238 and $30 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2024, the Company held zero and $63 in collateral deposits and collateral obligations on derivative instruments, respectively. Collateral deposits and collateral obligations are recorded in and , respectively, in the Company’s Consolidated Balance Sheets, and are included in Net cash (used in) provided by operating activities within the Consolidated Statements of Cash Flows. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the Consolidated Balance Sheets. 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 agreements with the counterparties as appropriate. The Company incurred no credit losses due to nonperformance of any of its counterparties during the years ended December 31, 2025, 2024 and 2023.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies 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 December 31, 2025 and 2024 was 40 days, on average. The UPB of IRLCs was as follows:
Commitments to Sell Mortgage Loans In the ordinary course of business, the Company enters into contracts to sell existing MLHFS into the secondary market at specified future dates. 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. The fair value of MLHFS commitments to sell existing loans as of December 31, 2025 and 2024 was $53 and $1, respectively. Investor Reserves The following presents the activity in the 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. Purchase Commitments Future purchase commitments include various non-cancelable agreements primarily related to our apps and websites, cloud computing services, network infrastructure for data operations and certain marketing arrangements. As of December 31, 2025, future purchase commitments primarily span a four year period, from 2027 through 2030, and aggregate to $914 in total. Tax Receivable Agreement As indicated in Note 12, Income Taxes, the Company is party to an amended Tax Receivable Agreement. Legal Rocket Companies and its subsidiaries engage in, among other things, mortgage origination and servicing, title and settlement services, and other financial technology services and products. The Company operates 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 attorneys general; state and federal lawsuits and putative collective and class actions; arbitrations; 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 currently 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. The company accrues for losses when they are probable to occur and such losses are reasonably estimable. Legal costs are expensed as they are incurred. Rocket Close, formerly known as Title Source, Inc., is currently involved in civil litigation related to a business dispute between Rocket Close and HouseCanary, Inc. (“HouseCanary”) in Bexar County, Texas. The lawsuit was filed on April 12, 2016, by Rocket Close and included claims against HouseCanary for breach of contract and fraudulent inducement stemming from a contract between Rocket Close and HouseCanary whereby HouseCanary was obligated to provide Rocket Close with appraisal and valuation software and services. HouseCanary filed counterclaims against Rocket Close for, among other things, breach of contract, fraud and misappropriation of trade secrets. On March 14, 2018, following trial of the claims in the lawsuit, a jury awarded damages in favor of HouseCanary and rejected Rocket Close's claims against HouseCanary. The district court entered judgment for HouseCanary on its misappropriation and fraud claims. On appeal, the Fourth Court of Appeals in San Antonio affirmed judgment of no-cause on Rocket Close’s claim for breach of contract, but reversed judgment on HouseCanary’s misappropriation of trade secrets and fraud claims and remanded the case for a new trial on HouseCanary’s claims. In November 2020, HouseCanary filed a petition requesting the Supreme Court of Texas review the court of appeals’ decision. The Supreme Court denied the petition on June 17, 2022, and the case was remanded to district court for a new trial. The outcome of this matter remains uncertain, and the ultimate resolution of the litigation may be several years in the future. At the new trial, Rocket Close intends to present new evidence, including evidence revealed by whistleblowers who came forward after the conclusion of the original trial and to vigorously defend this case and any subsequent actions. Rocket Mortgage and Rocket Homes are defending themselves against a tag-along lawsuit filed by HouseCanary that also includes claims for misappropriation of trade secrets. That case is in its early stages and is stayed pending a resolution of Rocket Mortgage and Rocket Homes’ dispositive motion. Since October 2023, a number of class action lawsuits have been filed on behalf of putative classes of home buyers and home sellers against the NAR, local real estate associations, MLS, and various residential real estate brokerages. Some of those lawsuits named Redfin Corp. as a defendant, including: Don Gibson, et al. v. NAR, et al., in the U.S. District Court for the Western District of Missouri; Mya Batton et al. v. Compass, Inc., et al., in the U.S. District Court for the Northern District of Illinois; Daniel Umpa v. NAR, et al., in the U.S. District Court for the Western District of Missouri; Nathaniel Whaley v. NAR, in the U.S. District Court for the District of Nevada; Angela Boykin v. NAR, et al., in the U.S. District Court for the District of Nevada; and Rajninder Jutla, et al. v. Redfin Corporation, et al., in the U.S. District Court for the Western District of Washington. These lawsuits allege a conspiracy to fix prices stemming from an NAR rule alleged to require brokers to make an offer of buyer broker compensation when listing a property on a multiple listing service. The plaintiffs generally seek injunctive relief, unspecified damages under federal antitrust law, and unspecified damages under various state laws. The Judicial Panel on Multidistrict Litigation denied a motion to consolidate some of these cases as In re Real Estate Commission Antitrust Litigation, MDL No. 3100 on April 12, 2024. On May 3, 2024, Redfin entered into a settlement term sheet (the “Proposed Settlement”) and on June 26, 2024, executed a settlement agreement (the “Settlement Agreement”) to resolve, on a nationwide basis, all claims asserted in the Gibson and the Umpa actions. The Settlement Agreement resolves all claims against Redfin in these two actions and similar claims on behalf of home sellers on a nationwide basis. Under the Settlement Agreement, Redfin paid $9.25 into a qualified settlement fund on August 26, 2024, and agreed to implement or continue certain practices. On July 15, 2024, the U.S. District Court for the Western District of Missouri granted preliminary approval of the Settlement Agreement and the court granted final approval of the Settlement Agreement on November 4, 2024. On December 3, 2024, a member of the Proposed settlement class appealed the court’s order granting final approval of the Settlement Agreement. On December 16, 2024, additional members of the settlement class separately appealed. The appeals are currently pending before the U.S. Court of Appeals for the Eighth Circuit. On November 3, 2023, a putative class action lawsuit was filed against Mr. Cooper Group, Inc. in the U.S. District Court for the Northern District of Texas, on behalf of a class of persons purportedly impacted by a cyber attack against Mr. Cooper that occurred on October 31, 2023. The Company is vigorously defending this case. The complaint, filed by plaintiff Jennifer Cabezas, alleged that Mr. Cooper did not employ reasonable and adequate security measures to protect certain customer personal information accessed by the cyber attackers. Between November 2023 and February 7, 2024, 26 additional putative class actions were filed against Mr. Cooper and related entities asserting substantially similar claims and allegations; the cases were subsequently consolidated into a single class action. On July 15, 2024, 22 plaintiffs filed a consolidated complaint on behalf of themselves and an alleged putative nationwide class of “All individuals residing in the United States whose PII was accessed and/or acquired as a result of the Data Breach announced by Mr. Cooper in or around November 2023,” as well as 15 putative state subclasses. Plaintiffs asserted claims for breach of express contract, breach of implied contract, negligence, negligence per se, unjust enrichment, invasion of privacy, breach of confidence, and 19 state law claims. The consolidated complaint seeks damages, injunctive relief, disgorgement and restitution, and an award of costs, attorney fees and expenses, among other relief. On September 13, 2024, Mr. Cooper filed a motion to dismiss the consolidated complaint. On July 7, 2025, the Court granted the motion to dismiss as to the breach of express contract, unjust enrichment, invasion of privacy, and breach of confidence claims, denied the motion as to the breach of implied contract and negligence claims, and deferred ruling on the negligence per se and individual state law claims. The Company is also in discussions with various state regulators and attorneys general regarding ongoing investigations into the October 2023 cyber attack against Mr. Cooper. As of December 31, 2025 and 2024, we have recorded reserves in accordance with ASC 450 related to potential damages in connection with legal and administrative proceedings of $74 and $5, respectively. For matters for which a loss is reasonably possible in future periods, an estimate may not be possible due to the early stage of the proceedings, the significant factual issues to be resolved, and/or the lack of specific damages requests. Generally, the less progress that has been made in the proceedings or the broader the range of potential results, the harder it is for the Company to estimate losses or ranges of losses that are reasonably possible the Company could incur. The ultimate outcome of these or other actions or proceedings, including any monetary awards against Rocket Companies or one or more of its subsidiaries, is uncertain and there can be no assurance as to the amount of any such potential awards. Rocket Companies and its subsidiaries will incur defense costs and other expenses in connection with these proceedings. Plus, if a judgment for money that exceeds specified thresholds is rendered against Rocket Companies or any of its subsidiaries and it or they fail to timely pay, discharge, bond or obtain a stay of execution of such judgment, it is possible that one or more of the companies could be deemed in default of loan funding facilities and other agreements governing indebtedness. If the final resolution in one or more of these proceedings is unfavorable, it could have a material adverse effect on the business, liquidity, financial condition, cash flows, and results of operations of Rocket Companies.
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Regulatory Minimum Net Worth, Capital Ratio and Liquidity Requirements |
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| Mortgage Banking [Abstract] | |
| Regulatory Minimum Net Worth, Capital Ratio and Liquidity Requirements | Regulatory Minimum Net Worth, Capital Ratio and Liquidity Requirements Certain secondary market investors and state regulators require the Company to maintain minimum net worth, liquidity 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 and Nationstar Mortgage are subject to certain minimum net worth, capital ratio and liquidity requirements and risk-based capital ratio established by the FHFA for the GSEs Seller/Servicers and Ginnie Mae for single family issuers. The effective requirements as of December 31, 2025 are listed below. Furthermore, refer to Note 7, Borrowings for additional information regarding compliance with all funding and financing facilities related covenant requirements. As of December 31, 2025 and 2024, Rocket Mortgage was in compliance with these requirements. Minimum Net Worth The minimum net worth requirement for Fannie Mae and Freddie Mac is defined as follows: • Base of $2.5 plus 25 basis points of total GSE Residential First Lien Mortgage Servicing UPB, plus 25 basis points of total non-agency single family outstanding servicing portfolio, plus 35 basis points of the Ginnie Mae Residential First Lien Mortgage Servicing UPB. • Adjusted/Tangible Net Worth is defined as total equity less goodwill and other intangible assets (excluding MSRs), affiliate receivables, deferred tax assets net of associated deferred tax liabilities and pledged assets net of associated liabilities. The minimum net worth requirement for Ginnie Mae is defined as follows: • Base of $2.5, plus 35 basis points of the Ginnie Mae total single-family effective outstanding obligations, plus 25 basis points of total GSE single-family outstanding servicing portfolio balance, plus 25 basis points of total non-agency single-family outstanding serving portfolio. • Adjusted Net Worth is defined as total equity less goodwill and other intangible assets, affiliate receivables net of associated liabilities, deferred tax assets net of associated deferred tax liabilities and valuation adjustment of certain assets. Minimum Capital/Leverage Ratio The minimum capital ratio requirement for Fannie Mae and Freddie Mac is defined as follows: • The Company is also required to hold a ratio of Adjusted/Tangible Net Worth to Total Assets greater than 6%. The minimum leverage ratio requirement for Ginnie Mae is defined as follows: • The Company is also required to hold a ratio of Adjusted Net Worth to Total Assets greater than 6%. Ginnie Mae Total Assets excludes the Ginnie Mae loans eligible for repurchase. Risk Based Capital Ratio (RBCR) The minimum risk-based capital ratio requirement for Ginnie Mae is defined as follows: • The Company is also required to maintain a RBCR of Adjusted Net Worth less excess MSRs to total Risk-Based Assets greater than 6%. • For purpose of RBCR only, excess MSRs are defined as MSRs in excess of the Company’s Adjusted Net Worth. • Total Risk-Based Assets are defined as total assets that are risk weighted according to the following: 0% of the Company's cash and cash equivalents, Ginne Mae Loans eligible for repurchase, prepaid expenses and leases and items deducted from equity to compute adjusted net worth. 20% of the government loans and conforming loans held for sale, 50% of other loans held for sale, 250% of gross MSRs (not to exceed Adjusted Net Worth) and 100% of all other assets not included. Minimum Total Liquidity The minimum liquidity requirement for Fannie Mae and Freddie Mac is defined as follows: • Base liquidity; 7 basis points of the portion of the servicing UPB for GSEs if the Company remits interest or principal, or both, as scheduled, regardless of whether interest or principal has been collected from the borrower, plus 3.5 basis points of total UPB of GSE servicing if the Company remits interest and principal as actually collected, plus 3.5 basis points of our other servicing UPB, plus 10 basis points of our servicing UPB for Ginnie Mae. • Origination liquidity; 50 basis points of the sum of MLHFS at lower cost or market, MLHFS at fair value and UPB of IRLCs after fallout adjustment. • Supplemental liquidity; 2 basis points of our UPB serviced for GSEs, plus 5 basis points of our UPB serviced for Ginnie Mae. • Allowable assets for liquidity may include cash and cash equivalents (unrestricted), unpledged available for sale or held for trading investment grade securities (limited to Agency MBS, Obligations of GSEs, US Treasury Obligations) and 50% of committed/unused Agency Mortgage Servicing advance lines of credit. The minimum liquidity requirement for Ginnie Mae is defined as follows: • 7 basis points of the portion of the servicing UPB for GSEs if the Company remits interest or principal, or both, as scheduled, plus 3.5 basis points of total UPB of GSE servicing if the Company remits interest and principal as actually collected, plus 3.5 basis points of our non-agency servicing UPB, plus 10 basis points of our servicing UPB for Ginnie Mae, plus 50 basis points of the sum of loans held for sale and UPB of IRLCs after fallout adjustment. • Allowable assets for liquidity may include cash and cash equivalents (unrestricted), available for sale or held for trading investment grade securities (e.g., Agency MBS, Obligations of GSEs, US Treasury Obligations) and outstanding principal and interest, taxes and insurance and foreclosure servicing advances. Since Rocket Mortgage’s and Nationstar Mortgage's single-family servicing portfolios exceed $150,000 in UPB, we are also required to obtain an external primary servicer rating or master servicing rating and long-term senior unsecured or long-term corporate family credit ratings from two different rating agencies. As of December 31, 2025 and 2024, both companies were in compliance with these requirements. The most restrictive of these regulatory requirements require the Company to maintain a minimum net worth of approximately $3,600, minimum liquidity of approximately $1,500 and capital/leverage ratio and risk-based capital ratio of 6% as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, both companies were in compliance with these requirements.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | Segments The Company’s Chief Executive Officer, who has been identified as its 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. Since the respective acquisition dates, the operations acquired from Mr. Cooper and Redfin have been managed within our existing reportable segment structure. Direct to Consumer In the Direct to Consumer segment, clients have the ability to interact with Rocket Mortgage digitally 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 generates revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. This segment also produces revenue by providing title and settlement services and appraisal management to these clients as part of our end-to-end mortgage origination experience. Servicing and subservicing activities are fully allocated to the Direct to Consumer segment as they are viewed as an extension of the client experience, which positions us to have high retention and recapture the clients’ next refinance, purchase and personal loan transactions. 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, closing and appraisal fees 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 income consists of the contractual fees earned for servicing and subservicing 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 We provide industry-leading client service and leverage our widely recognized brand to strengthen our wholesale relationships, through Rocket Pro, as well as enterprise partnerships, and correspondent relationships, both driving growth in our Partner Network segment. Rocket Pro works exclusively with mortgage brokers, community banks and credit unions, enabling them to maintain their own brand and client relationships while leveraging Rocket Mortgage's expertise, technology and award-winning process. Our enterprise partnerships include financial institutions and well-known consumer-focused companies that value our award-winning client experience and offer their clients mortgage solutions through our trusted brand. These organizations connect their clients directly to us through marketing channels and referrals. In our Correspondent channel, we acquire mortgage loans from third-party mortgage originators and financial institutions, leveraging Rocket’s underwriting, fulfillment and secondary market capabilities. 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, closing and appraisal fees 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 CODM uses the total revenue and profitability metrics of each segment to assess performance and allocation of resources by segment. The accounting policies applied by our segments are described in Note 1, Business, Basis of Presentation and Significant Accounting Policies. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses Interest and amortization on non-funding debt and Other expenses, such as mortgage servicing related expenses and expenses generated from Rocket Close (title and settlement services). 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 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 Money, Rocket Loans as well as certain Redfin and Mr. Cooper operations, 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 years ended:
(1) All Other includes certain intercompany eliminations, as a portion of expense generated through intercompany transactions is allocated to our segments. The following table represents a reconciliation of segment Contribution margin to consolidated U.S. GAAP (Loss) income before income taxes for the years ended:
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Non-controlling Interest |
12 Months Ended |
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Dec. 31, 2025 | |
| Noncontrolling Interest [Abstract] | |
| Non-controlling Interest | Non-controlling Interest Prior to June 30, 2025, the date of the Up-C Collapse, the non-controlling interest balance represented the economic interest in Holdings LLC held by our Chairman and RHI. As a result of the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company now holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership and therefore, Rocket Limited Partnership has no further non-controlling interest. As of December 31, 2024 Holdings Units held by Rocket Companies Inc. were 146,028,193 or 7.32% ownership, Holdings Units held by our Chairman were 1,101,822 or 0.06% ownership, and Holding Units held by RHI were 1,847,777,661 or 92.62% ownership. Prior to the Up-C Collapse, the non-controlling interest holders had the right to exchange Holdings LLC, together with a corresponding number of shares of our Class D common stock or Class C common stock, 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, prior to the Up-C Collapse, any exchanges of Paired Interests by noncontrolling interest holders resulted in a change in ownership and reduced or increased the amount recorded as noncontrolling interest and increased or decreased additional paid-in-capital when Holdings LLC had positive or negative net assets, respectively. During the periods presented, neither our Chairman, RHI, nor RHI II has exchanged any Paired Interests.
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Share-based Compensation and Team Member Benefit Plan |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation and Team Member Benefit Plan | Share-based Compensation and Team Member Benefit Plan RSUs, PSUs and stock options are granted to team members and directors of the Company and its affiliates under the 2020 Omnibus Incentive Plan, while the Rocket equivalent awards were issued as a result of the Acquisitions. 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. Refer to Note 2, Acquisitions for further details on the impacts to share-based compensation of the Acquisitions. Restricted Stock Units The Company has granted RSUs to certain team members and certain non-employee directors that generally vest annually or semi-annually over a three-year period with 33% vesting on each of the first three anniversaries of the grant date, subject, in each case, to the grantee's employment or service with the Company through each applicable vesting date. In connection with the Acquisitions, the Company assumed and converted RSUs issued to certain team members. The assumed and converted Redfin RSUs generally vest over a four-year period, with 25% vesting on the first anniversary of the grant date and quarterly thereafter. The assumed and converted Mr. Cooper RSUs generally vest over a three-year period with 33% vesting on each of the annual anniversaries of the grant date for Mr. Cooper awards subject to the grantee’s employment service with the Company through each applicable vesting date. The RSU activity for the year ended December 31, 2025 was as follows:
Performance Stock Units The Company authorized 3,805,460 and 1,055,408 PSUs at target during the years ended December 31, 2025 and 2024, respectively, that will vest based on the satisfaction of certain market, performance and service conditions. No forfeitures occurred as of December 31, 2025 and 2024. PSUs based on a Market Condition The Company granted 916,295 and 527,704 PSUs during the years ended December 31, 2025 and 2024, respectively, with a grant date fair value of $22.48 and $18.22, respectively, as determined based on a Monte Carlo valuation model, that will cliff vest at the end of a three-year period based on the satisfaction of certain service and market conditions. PSUs based on a Performance Condition The Company granted 2,889,166 PSUs during the year ended December 31, 2025, of which 1,972,871 will cliff vest at the end of a three-year period based on the satisfaction of certain service and performance conditions and 916,295 will vest at the end of a two-year period based on the satisfaction of certain service and performance conditions. The Company granted 527,704 PSUs during the year ended December 31, 2024, that will cliff vest at the end of a three-year period based on the satisfaction of certain service and performance conditions, which will be established by the Company at a future date. The Company has determined that the service inception date precedes the grant date and the fair value of these awards will be remeasured quarterly based on the current period share price until the awards are granted. This portion of the PSUs is not considered contingently issuable and is excluded from the calculation of earnings per share as of December 31, 2025 and 2024. Stock Options The Company has granted Stock Options to certain team members that generally vest and become exercisable over a three year period, with 33.33% vesting on the first anniversary of the grant date and the remaining 66.67% vesting ratably on a monthly basis over the 24 month period following the first anniversary of the grant date, subject to the grantee's employment or service with the Company through each applicable vesting date. The Stock Options will be exercisable, subject to vesting, for a period of 10 years after the grant date. The Stock Options activity for the year ended December 31, 2025 was as follows:
During the year ended December 31, 2025, 1,383,657 Stock Options were issued to replace the issued and outstanding Redfin stock options in connection with the Redfin Acquisition. There were no other Stock Options granted during the year ended December 31, 2025. The Company had 13,261,086, 14,552,254 and 16,837,767 stock options exercisable as of December 31, 2025, 2024 and 2023, respectively. The Company estimates the fair value of the Stock Options at the date of grant using the Black-Scholes option pricing model. The inputs to the Black-Scholes option pricing model for the awards assumed in connection with the Redfin Acquisition are as follows:
The weighted average fair value of options assumed during 2025 was $3.53. Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. For the assumed options, the expected volatility was based on a combination of Rocket's historical annual volatility and the median historical annual volatility of a group of guideline companies. An increase in expected volatility would increase compensation expense. Expected dividend yield - An increase in the expected dividend yield would decrease compensation expense. Risk-free interest rate - This is the U.S. Treasury rate as of the measurement date having a term approximating the expected life of the award. An increase in the risk-free interest rate would increase compensation expense. Expected term - The period of time over which the awards are expected to remain outstanding. For the assumed options, the Company generally estimates the expected term based on the mid-point between actual or expected vesting date and the contractual term. An increase in the expected term would increase compensation expense. Team Member Stock Purchase Plan The Company has an employee stock purchase plan, also referred to as the 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. Under the TMSPP, the Company is authorized to issue up to 20,526,316 shares of its common stock to qualifying team members. There were 2,803,921, 2,524,819 and 3,286,442 shares purchased during the year ended December 31, 2025, 2024 and 2023, respectively, under the TMSPP. Share-based Compensation Expense The components of share-based compensation expense included in Salaries, commissions and team member benefits in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) are as follows:
(1) Unrecognized compensation expense as of December 31, 2025 related to these RSUs was $436 and is expected to be recognized over a weighted average period of 2.1 years. (2) Unrecognized compensation expense as of December 31, 2025 related to these PSUs was $38 and is expected to be recognized over a weighted average period of 2.3 years. Team Member Benefit Plan The Company maintains a defined contribution 401(k) plan covering substantially all full-time and part-time team members of the Company. Team members can make elective contributions to the plan. The Company makes discretionary matching contributions of 50% of team members’ contributions to the plan generally up to an annual maximum of $2.5 thousand per team member. The Company’s contributions to the plans, net of team member forfeitures, for the years ended December 31, 2025, 2024 and 2023 amounted to $33, $25 and $27, respectively, and are included in Salaries, commissions and team member benefits in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share As of June 30, 2025, the effective date of the Up-C Collapse, onwards, the Company applies the two-class method for calculating and presenting earnings per share for Class A common stock and Class L common stock. Holders of Participating Common Stock are entitled to participate in earnings and dividends equally on a per share basis as if all shares of common stock were of a single class. Holders of the Participating Common Stock also have equal priority in liquidation. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Participating Common Stock. RSUs and PSUs 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. As of June 30, 2025 onwards the Net (loss) income attributable to Rocket Companies contemplates 100% economic interest of the Company. The weighted average shares outstanding calculation contemplates the weighted outstanding shares of Class L common stock for the periods presented. Basic earnings per share of Participating Common Stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding during the period. Diluted earnings per share of Participating Common Stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding adjusted to give effect to potentially dilutive securities. Diluted earnings per share reflects the dilutive effect of potential common shares from share-based awards, shares issuable on the conversion of convertible debt and Class D common stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards, which assumes the proceeds upon vesting or exercise of awards would be used to purchase common stock at the average price for the period. The if-converted method is used to calculate the dilutive effect of converting our Convertible Senior notes and Class D common stock to Class A common stock. Under the if converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion of our Convertible Senior Notes and Class D common stock while the numerator is adjusted to add back interest and amortization expense for the period related to the Convertible Senior Notes. The following table sets forth the calculation of the basic and diluted earnings per share for the period:
(1) Net (loss) income is calculated using the estimated annual effective tax rate of Rocket Companies, Inc. (2) Participating Common Stock was composed of the following:
(3) Dilutive impact of share-based compensation awards for the periods presented are:
A portion of the Company RSUs, PSUs, stock options, shares issuable under the TMSPP and convertible notes were excluded from the computation of diluted earnings per share as the weighted portion for the period they were outstanding was determined to have an anti-dilutive effect. The following table sets forth the number of potentially issuable shares that were determined to have an anti-dilutive effect:
Following the Up-C Collapse and as of as of December 31, 2025, all Holdings Units were directly held by Rocket Companies and were no longer paired with a corresponding number of shares of our Class D common stock or Class C common stock. For the year ended December 31, 2025, a weighted average, based on the period prior to the Up-C Collapse, of 911,776,183 Holding Units were outstanding. For the years ended December 31, 2024 and 2023, 1,848,879,483 Holdings Units were outstanding, together with a corresponding number of shares of our Class D common stock, which were exchangeable, at our option, for shares of our Class A common stock prior to the Up-C Collapse. After evaluating the potential dilutive effect under the if-converted method, the outstanding Holdings Units for the assumed exchange of non-controlling interests were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share for the years ended December 31, 2025 and 2024. The Holding Units were determined to be dilutive for the year ended December 31, 2023 and therefore were included in the earnings per share calculation.
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Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2025
shares
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| Trading Arrangements, by Individual | |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| William Emerson [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 4, 2025, William Emerson, a member of our board of directors who also served as our president until December 31, 2025, established a pre-approved Rule 10b5-1 trading plan to sell up to 405,782 shares of our Class A common stock. Mr. Emerson’s Rule 10b5-1 trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act, and the Company’s policies regarding transactions in Company securities. Mr. Emerson’s trading plan is scheduled to terminate on December 17, 2027, subject to early termination for certain specified events set forth within the plan. As required by securities laws, completed trades under the trading plan are reported by the individual on Form 4s filed with the SEC.
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| Name | William Emerson |
| Title | member of our board of directors |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | On December 4, 2025 |
| Expiration Date | December 17, 2027 |
| Arrangement Duration | 743 days |
| Aggregate Available | 405,782 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Safeguarding information by securing our systems, data, and networks is a key priority for our business. Rocket Companies relies on our technology networks and systems, as well as those of certain third parties and affiliates, to collect, process, transmit and store information. We require the secure, efficient, and uninterrupted operation of those networks and systems to provide our clients with the best possible experience. With this in mind, we maintain an ISP to protect the confidentiality, integrity, and availability of client information. The Rocket Companies ISP is managed by the Rocket Companies CISO, who is responsible for the creation and execution of our information security strategy. The CISO has more than 30 years’ experience managing business risk and developing and implementing information security strategy. Rocket Companies aligns its ISP to the National Institute of Standards Cyber Security framework. The ISP is reviewed and updated by regular risk assessments, which identify reasonable and foreseeable internal and external risks. The Company performs ongoing assessments of its ISP to measure both the sufficiency of the safeguards to control risk and the design and operating effectiveness of our security requirements and controls. We implement information security policies throughout our operations, and our enterprise risk management process considers information security risks alongside other company risks as part of our overall risk assessment process. The Rocket Companies Vendor Risk Management Program performs initial and ongoing information security safeguards of our third-party service providers. Our Vendor Risk Management Program includes a robust due diligence process to review and affirm on an initial and periodic basis that our third-party service providers protect our information with the same rigor we require of ourselves. As far as internal training and compliance, we spend significant time and resources to communicate the ISP to all team members via annual trainings, ongoing communications, and periodic testing of team member capabilities. The CISO is charged with the continuous evolution of the ISP to address emerging threats and new technologies, ensuring that we can adapt to the everchanging risk environment and those who seek to compromise our information. As such, the ISP is regularly evaluated by both internal and external assessors to ensure its effectiveness by measuring its ability to prevent risk realization.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Rocket Companies aligns its ISP to the National Institute of Standards Cyber Security framework. The ISP is reviewed and updated by regular risk assessments, which identify reasonable and foreseeable internal and external risks. The Company performs ongoing assessments of its ISP to measure both the sufficiency of the safeguards to control risk and the design and operating effectiveness of our security requirements and controls. We implement information security policies throughout our operations, and our enterprise risk management process considers information security risks alongside other company risks as part of our overall risk assessment process.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board oversees our ISP and cybersecurity risks, this includes receiving periodic management reports on cybersecurity and information security trends and regulatory updates, technology risks, and the implications for our business strategy. On a periodic basis, the CISO provides reports and presentations to the board of directors, Audit Committee, and Rocket Senior Leadership, including the CEO Leadership Team. These CISO updates include recent industry developments, evolving standards, vulnerability assessments and technological trends. During 2025, the CISO updates included information regarding areas of increasing cybersecurity threats, the ongoing enhancements to our information security framework, deployment of security tools, processes to mitigate threats, and the results of a simulated cybersecurity incident tabletop exercise. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect Rocket Companies. However, there is no guarantee that we will not be subject to future threats or incidents. We deploy a monitoring program to detect potential threats and keep an incident response plan in place to respond if a security incident occurs. Additional information on cybersecurity risks we face can be found in Item 1A, Risk Factors, which should be read in conjunction with the foregoing information.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board oversees our ISP and cybersecurity risks, this includes receiving periodic management reports on cybersecurity and information security trends and regulatory updates, technology risks, and the implications for our business strategy. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | On a periodic basis, the CISO provides reports and presentations to the board of directors, Audit Committee, and Rocket Senior Leadership, including the CEO Leadership Team. These CISO updates include recent industry developments, evolving standards, vulnerability assessments and technological trends. During 2025, the CISO updates included information regarding areas of increasing cybersecurity threats, the ongoing enhancements to our information security framework, deployment of security tools, processes to mitigate threats, and the results of a simulated cybersecurity incident tabletop exercise. |
| Cybersecurity Risk Role of Management [Text Block] | The Rocket Companies ISP is managed by the Rocket Companies CISO, who is responsible for the creation and execution of our information security strategy. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Board oversees our ISP and cybersecurity risks, this includes receiving periodic management reports on cybersecurity and information security trends and regulatory updates, technology risks, and the implications for our business strategy. On a periodic basis, the CISO provides reports and presentations to the board of directors, Audit Committee, and Rocket Senior Leadership, including the CEO Leadership Team. These CISO updates include recent industry developments, evolving standards, vulnerability assessments and technological trends. During 2025, the CISO updates included information regarding areas of increasing cybersecurity threats, the ongoing enhancements to our information security framework, deployment of security tools, processes to mitigate threats, and the results of a simulated cybersecurity incident tabletop exercise.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Rocket Companies ISP is managed by the Rocket Companies CISO, who is responsible for the creation and execution of our information security strategy. The CISO has more than 30 years’ experience managing business risk and developing and implementing information security strategy. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | On a periodic basis, the CISO provides reports and presentations to the board of directors, Audit Committee, and Rocket Senior Leadership, including the CEO Leadership Team. These CISO updates include recent industry developments, evolving standards, vulnerability assessments and technological trends. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Business, Basis of Presentation and Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Consolidation | Prior to the Up-C Collapse, the Company was the sole managing member of Holdings LLC, therefore the Company operated and controlled all of the business affairs of Holdings LCC, and through Holdings LLC and its subsidiaries, conducted its business. Holdings LLC was considered a VIE and we consolidated the financial results of Holdings LLC under the guidance of the FASB ASC 810, Consolidation. A portion of our Net (loss) income was allocated to Net loss (income) attributable to non-controlling interest. As a result of the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership and therefore consolidates Rocket Limited Partnership with no further non-controlling interest. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. Investments in certain companies over which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period. For further details, refer to Note 18, Non-controlling Interest. For further details on the Company's other consolidated VIEs, refer below to Variable Interest Entities. All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying Consolidated Financial Statements. The Company measures certain assets and liabilities at fair value on a recurring basis. Additionally, other assets and liabilities may be required to be measured at fair value in the Consolidated Financial Statements on a nonrecurring basis. For further details of the Company’s transactions refer to Note 3, Fair Value Measurements. All transactions and accounts between related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions.
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| Basis of Presentation | Our Consolidated Financial Statements are audited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the SEC. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.
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| Management Estimates | Management Estimates The preparation of 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. Management is not aware of any factors that would significantly change its estimates and assumptions as of December 31, 2025. Actual results may differ from these estimates.
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| Subsequent Events | Subsequent Events In preparing these Consolidated Financial Statements, the Company evaluated events and transactions for potential recognition or disclosure through the date the accompanying Consolidated Financial Statements were issued.
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| 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 December 31, 2025, 2024 and 2023 consisted of cash on deposit for a repurchase facility, collected funds pledged to certain financing facilities, client application deposits, title premiums collected from the insured that are due to the underwriter, and principal and interest received in collection accounts for purchased assets. Restricted cash is included in on the Consolidated Balance Sheets.
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| Mortgage Loans Held for Sale | Mortgage Loans Held for Sale The Company has elected the fair value option for accounting for MLHFS. The Company estimates fair value of MLHFS using a market approach by utilizing either: (i) the fair value 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 or (ii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. Included in MLHFS are loans originated as held for sale that are expected to be sold into the secondary market, generally on a servicing-retained basis, and loans that have been previously sold and repurchased from investors that management intends to resell into the secondary market.
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| Derivative Financial Instruments | Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to interest rate risks related to the Pipeline and MSRs. These items are accounted for as free-standing derivatives and are included on the Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments are designated as accounting hedges. Derivative instruments utilized by the Company primarily include IRLCs, LPCs, TBA MBS purchase and sale commitments, and Treasury futures. IRLCs and LPCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, respectively, whereby the interest rate and loan amount are set prior to closing. The Company has the ability and intent to close the loan for purpose of selling in the secondary market, accordingly upon closing, these IRLCs or LPCs will be MLHFS for which the Company has selected the fair value option. IRLCs and LPCs are subject to changes in interest rates from the date of the commitment through loan origination and subsequent sale in the secondary market. As a result, the Company is exposed to interest rate risk during the period from the date of the lock commitment through (i) the lock commitment cancellation or expiration date; or (ii) the date of sale into the secondary mortgage market. IRLCs are considered freestanding derivatives and are recorded at fair value at inception inclusive of the inherent value of servicing, SRP. Changes in fair value subsequent to inception are based on changes in the fair value of the underlying loan, SRP, and adjustments for the estimated pull-through rate. Any changes in fair value are recorded in earnings as a component of Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and consolidated statements of cash flows. Included in MLHFS are loans originated by the Company or purchased from lenders that have been committed under a sales agreement with a third-party investor. These loans are valued at committed value which approximates fair value. Although considered a derivative, the fair value of these committed loans is also included in MLHFS, and changes in the fair value of these derivatives are reflected in earnings as a component of Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) consistent with IRLCs and LPCs. The Company uses other derivative financial instruments, primarily TBA purchase and sale commitments, and Treasury futures, to manage exposure to interest rate risk and changes in the fair value of the Pipeline and MSRs. These derivatives are recorded at fair value based on pricing of similar instruments in the secondary market. The changes in value of all derivative financial instruments related to the Pipeline are recorded as Gain on sale of loans, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The changes in the value of all derivative financial instruments economically hedging the MSR portfolio are recorded in Change in fair value of MSRs, net on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). In addition, the respective cash flows are included within the Gain on sale of loans excluding fair value of MSRs, net and Other operating activities in the Consolidated Statements of Cash Flows. Refer to Note 14, Derivative Financial Instruments for further information. The Company may elect to purchase other derivative instruments, such as Treasury futures to mitigate exposure to interest rate risk related to cash flows on securitized mortgage borrowings. See Note 14, Derivative Financial Instruments, for more information. Derivative instruments are used as part of the overall strategy to manage exposure or hedge to interest rate risks related to MLHFS and IRLCs, including certain LPCs and the MSR portfolio. The Company economically hedges the Pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, Forward commitments, and Treasury futures. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period Net (loss) income. Unrealized and realized hedging gains and losses are included in Gain on sale of loans, net and Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The cash flows related to forward commitments to sell and purchase mortgage loans are included within the Gain on sale of loans excluding fair value of originated MSRs, net and Other operating activities in the Consolidated Statements of Cash Flows.
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| Mortgage Servicing Rights | Mortgage Servicing Rights The Company recognizes the rights to service mortgage loans for others, or MSRs, whether acquired or as a result of the sale of loans the Company originates with servicing retained, as assets on the Consolidated Balance Sheets. The Company initially records all MSRs at fair value and has elected to subsequently measure MSRs at fair value in accordance with ASC 860-50. The fair value of the MSRs is based upon the present value of the expected future net cash flows related to servicing the underlying loans. The Company determines the fair value of the MSRs using a discounted cash flow model which incorporates prepayment speeds, OAS, costs to service, delinquencies, ancillary revenues, recapture rates and other assumptions that management believes are consistent with the assumptions that other similar market participants use in valuing the MSRs. The credit quality and stated interest rates of the loans underlying the MSRs also affect the assumptions used in the discounted cash flow model. The Company obtains independent third-party valuations and industry surveys quarterly to assess the reasonableness of the assumptions used and the fair value calculated by the discounted cash flow model. Beginning in the fourth quarter of 2025, the Company implemented a stochastic OAS valuation technique, replacing its former static discount rate approach, refer to Note 3, Fair Value Measurements for further information. MSRs are initially recognized as a component of gain on sale of loans when loans are sold and the associated servicing rights are retained, specifically Fair value of originated MSRs in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Subsequent MSR fair value adjustments are recorded within Change in fair value of MSRs, net.
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| Advances receivables, net | Advance receivables, net The Company advances funds to or on behalf of the investors when the customer fails to meet contractual payments or there are shortfalls due to timing (e.g., loan principal and interest, property taxes, insurance) in accordance with terms of its servicing agreements. Advances of principal and interest are referred to as P&I advances and advances of property tax and/or insurance are referred to as escrow or T&I advances. The Company may also advance funds to maintain and market underlying loan collateral through foreclosure and ultimate liquidation on behalf of the investors, referred to as corporate advances. Advances are recovered from customers for performing loans and from the investors and loan proceeds for non-performing loans. The Company may also acquire servicer advances in connection with the acquisition of MSRs through asset acquisitions or business combinations. These advances are recorded at their relative fair value amounts upon acquisition, which may result in a purchase discount or premium. The Company records receivables upon determining that collection of amounts due from loan proceeds, investors, mortgage insurers, or prior servicers is probable. Advance receivables, net are valued at their net realizable value after taking into consideration purchase discounts or premiums and reserves. Reserves for Advance Receivables The Company records reserves for advance receivables and evaluates the sufficiency of such reserves through internal models considering expected recovery rates on claims filed with government agencies, GSEs, vendors, prior servicer and other counterparties. Key assumptions used in the models include but are not limited to expected recovery rates by loan types, which are derived from historical recovery rates, and aging of the receivable. Recovery of advance receivables is subject to judgment and estimates based on the Company’s assessment of its compliance with servicing guidelines, its ability to produce the necessary documentation to support claims, its ability to support amounts from third-parties and to effectively negotiate settlements, as needed. Management reviews recorded advance receivables, and upon determination that no further recourse for recovery is available from all means known to management, the recorded balances associated with these receivables (including any purchase discount or premium) are written off against the reserve. Reserves for advance receivables associated with loans in the MSR portfolio are considered within the MSR valuation, and the provision for such advances is recorded in the mark-to-market adjustment in Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Such valuation considers the expected cash outflows and inflows for advances and other receivables in accordance with the fair value framework. As loans serviced transfer out of the MSR portfolio, any negative MSR value associated with the loans transferred is reclassified from the MSR to the reserve within Advance receivables, net to the extent such reserves continue to be required for balances remaining on the Consolidated Balance Sheets. Management evaluates reserves for sufficiency each reporting period and any additional reserve requirements are recorded as a provision in Other expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) as needed.
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| Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is generally computed on a straight-line basis over the estimated useful lives of the assets. Amortization of leasehold improvements is computed on a straight-line basis over the shorter of the estimated useful lives or the remaining lease terms. Depreciation is not recorded on projects-in-process until the project is complete and the associated assets are placed into service or are ready for the intended use. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is credited or charged to operations. Costs of maintenance and repairs are charged to expense as incurred.
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| Loans subject to repurchase right from Ginnie Mae | Loans subject to repurchase right from Ginnie Mae For certain loans originated and sold to Ginnie Mae, the Company, as transferor and 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 Consolidated Balance Sheets and establish a corresponding liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the UPB of the loan, which approximates its fair value.
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| Intangible Assets | Intangible Assets Definite-lived intangible assets primarily consist of customer relationships, technology and trade names acquired through business combinations and are recorded at their estimated fair value at the date of acquisition. These assets are amortized on a straight-line basis over their estimated useful lives and are tested for impairment only if events or circumstances indicate that the assets might be impaired. Indefinite-lived intangible assets consist of licenses to perform title insurance services acquired through business combinations and are recorded at their estimated fair value at the date of acquisition. The Company tests indefinite-lived intangible assets consistent with the policy described below for goodwill.
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| Goodwill | Goodwill Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. Goodwill impairment testing is performed at the reporting unit level. The Company may elect to perform either a qualitative test or a quantitative test to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude the goodwill is not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit.
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| Equity Investments in Unconsolidated Entities | Equity Investments in Unconsolidated Entities The Company accounts for equity investments in unconsolidated entities using the equity method when the Company holds a significant, but less than controlling, ownership interest and has the ability to exercise significant influence over operating and financial decisions of the investee. Under the equity method of accounting, investments are initially recorded at cost and subsequently adjusted for additional investments, distributions and the proportionate share of earnings or losses of the investee. The Company evaluates the equity method investments for impairment when events or changes in circumstances indicate that an other-than-temporary decline in value may have occurred. For equity investments in unconsolidated entities in which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee, the Company evaluates whether to account for the investment at cost or fair value. For such investments where the fair value option has been elected, the Company records the investments at fair value and recognizes changes in fair value in Other expenses within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). However, the Company may elect a measurement alternative for equity investments that (1) do not have readily available determinable fair values and (2) do not qualify for the practical expedient in ASC 820, Fair Value Measurement, to measure fair value at net asset value. Under the measurement alternative, the Company (as an investor) records the investment at cost less any impairment in Other expenses within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).
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| Convertible Senior Notes | Convertible Senior Notes The Company accounts for convertible debt in accordance with the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (ASU 2020-06). Any issuance costs capitalized are amortized to expense over the respective term of the convertible senior notes using the effective interest method. For conversions prior to the maturity of the notes, the Company will settle using cash, shares of common stock, or a combination of cash and shares of common stock, at our election. The carrying amount of the instrument (including unamortized debt issuance costs, if any) is reduced by cash and other assets transferred, with the difference reflected as a reduction to additional paid-in capital. The indenture governing the convertible senior notes allow the Company, under certain circumstances, to irrevocably fix the method for settling conversions of the applicable notes by giving notice to the noteholders. The election to irrevocably fix the settlement method could affect the calculation of diluted earnings per share when applicable. The Company has no plans to exercise its rights to fix the settlement method. If the Company repurchases a portion of its convertible senior notes, it will derecognize the liability, accelerate the amortization of remaining debt issuance costs, and record in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) a gain or loss on extinguishment dependent on the repurchase price.
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| Excess Spread Financing | Excess Spread Financing In conjunction with the acquisition of certain MSRs on various pools of residential mortgage loans (the “Portfolios”), the Company entered into sale and assignment agreements related to its right to servicing fees, under which the Company sells to third parties the right to receive a portion of the excess cash flow generated from certain MSRs after receipt of a fixed base servicing fee per loan. The excess cash flow payments to third parties are considered counterparty payments, which are recorded as an adjustment to Loan servicing income, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The sale of these rights is accounted for as a secured borrowing under ASC 860, Transfers and Servicing, with the total proceeds received being recorded as a component of on the Consolidated Balance Sheets. The Company determines the effective interest rate on these liabilities and allocates total repayments between interest expense and the outstanding liability. Related interest expense is recorded in Interest and amortization expense on non-funding debt in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company has elected to measure the outstanding financings related to the excess spread financing agreements at fair value with all changes in fair value recorded to Change in fair value of MSRs, net in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The fair value on excess spread financing is based on the present value of future expected discounted cash flows. The cash flow assumptions used in the model are based on various factors, with the key assumptions being mortgage prepayment speeds and OAS. Changes to excess spread financing, other than payments and fair value measurements, include accretion, which results from changes in the portfolio. Changes related to accretion are recorded to Change in fair value of MSRs, net with an offset to excess spread financing liability on the Consolidated Balance Sheets.
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| Leases | Leases As the Company enters into arrangements containing a lease or lease components, the lease will be accounted for under ASC 842, Leases. At the lease commencement date, the Company recognizes a leased ROU asset and corresponding lease liability based on the present value of the lease payments over the lease term. The Company elected not to recognize lease assets and lease liabilities for leases with an initial term of 12 months or less.
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| Non-controlling Interests | Non-controlling interests As a result of the Up-C Collapse, Rocket Limited Partnership no longer has any non-controlling interests.
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| Revenue Recognition | Revenue Recognition Gain on sale of loans, net — consists of the following: Gain on sale of loans excluding fair value of originated MSRs, 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) unrealized change in fair value of the Pipeline, and (5) realized and unrealized change in fair value of Pipeline hedges. An estimate of the gains and/or losses is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in current period earnings. Fair value of originated MSRs — represents the capitalization of originated MSRs at fair value upon sale of loans on a servicing-retained basis. MSR assets are created at the time MLHFS are securitized and sold to investors for cash, while the Company retains the right to service the loan. Loan servicing income, net — consists of the following: Servicing fee income — includes contractual servicing fees, late charges, prepayment penalties and other ancillary fees and such fees are recorded as income as earned upon collection of payments from borrowers. The Company also acts as a sub-servicer for certain parties that own the underlying servicing rights for loans and receives sub-servicing fees, which are generally a stated monthly fee per loan that varies based upon loan type and loan status. Sub-servicing fees are accrued in the period that services are performed. Change in fair value of MSRs, net — includes adjustments for the fair value measurement, as of the respective balance sheet date, of MSR assets, derivative financial instruments economically hedging the MSR portfolio, and excess spread financing. Refer to Note 4, Mortgage Servicing Rights and Related Liabilities for information related to the gain/(loss) on changes in the fair value of MSRs and excess spread financing. Refer to Note 14, Derivative Financial Instruments for further information on the derivative financial instruments gain/(loss). Interest income, net — includes interest income earned on funded loans, both MLHFS and mortgage loans held for investment, net of the interest expense paid on our 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 UPB outstanding. The accrual of Interest income is generally discontinued when a loan becomes 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Other income — includes revenue earned on deposits including custodial deposits, Rocket Close (title, closing and appraisal fees), Rocket Money (subscription revenue and other service-based fees), Real estate services revenue (commission-based brokerage revenue and real estate network referral fees), Rocket Loans (personal loan interest earned and other income) and Other (additional subsidiary and miscellaneous revenue). The following significant revenue streams fall within the scope of ASC 606, Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate. 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 $351, $267 and $179 for the years ended December 31, 2025, 2024 and 2023 respectively. Rocket Close closing fee revenue — The Company recognizes closing fees for nonrecurring 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 $139, $106 and $78 for the years ended December 31, 2025, 2024 and 2023, respectively. Rocket Close appraisal revenue — 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 was $41, $36 and $40 for the years ended December 31, 2025, 2024 and 2023, respectively. Real estate brokerage services revenue — Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right under ASC 606. Brokerage revenue is affected by the number of brokerage transactions we close, the mix of brokerage transactions, home-sale prices, commission rates, and the amount we give to customers. Brokerage revenue was $341 for the year ended December 31, 2025. Real estate referral services revenue — The Company recognizes referral services 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. Referral services revenue was $56, $54, and $50 for the years ended December 31, 2025, 2024 and 2023, respectively. Real estate exchange revenue — Exchange revenue includes fees earned on a proprietary digital exchange for selling foreclosed, real estate owned, and seller-owned property. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those products. Exchange revenue was $12 for the year ended December 31, 2025. Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined for accounting purposes. The combined contract contains a single integrated performance obligation to provide content license and lead generation services to Zillow. The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after the acquisition date of Redfin, which approximates the pattern of satisfaction of our performance obligation. The variable consideration related to the per-lead fees will be recognized over time based on the actual number of leads generated and the Company does not believe that it is probable that a significant reversal will occur. Total revenue from these Zillow agreements was $68 for the year ended December 31, 2025.
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| Marketing and Advertising Costs | Marketing and Advertising Costs Marketing and advertising costs for direct and non-direct response advertising are expensed as incurred. The costs of brand marketing and advertising are expensed in the period the advertising space or airtime is used.
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| Share-based Compensation | Share-based Compensation Equity based awards include RSUs, PSUs and stock options granted to team members and directors of the Company. The RSUs are valued at the fair market value of the Company’s common stock on the grant date and recognized as an expense over the requisite employee service period primarily on a straight-line basis. The PSUs feature a combination of market, performance and/or service conditions. Market conditions are valued using option pricing models while performance conditions are assessed for the probability of achievement on a quarterly basis. The PSUs are expensed over the requisite employee service period based on the award's vesting schedule. Share-based compensation expense is recorded as a component of Salaries, commissions and team member benefits.
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| Income taxes and Tax Receivable Agreement | Income taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes predominantly in the United States and Canada. These tax laws are often complex and may be subject to different interpretations. To determine the financial statement impact of accounting for income taxes, the Company must make assumptions and judgments about how to interpret and apply these complex tax laws to numerous transactions and business events, as well as make judgments regarding the timing of when certain items may affect taxable income in the United States and Canada. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. In determining the deferred income tax asset and liability balances attributable to our investments in partnership, we apply an accounting policy that looks through our investment in partnership. The application of this policy resulted in no deferred income taxes being provided on a portion of our investment in partnership for the difference between the book and tax basis related to nontax-deductible goodwill and other attributes within the partnership. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable. Our interpretations of tax laws are subject to review and examination by various taxing authorities and jurisdictions where the Company operates and disputes may occur regarding its view on a tax position. These disputes over interpretations with the various tax authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which the Company operates. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters and the Company records additional reserves as appropriate. In addition, the Company may revise its estimate of income taxes due to changes in income tax laws, legal interpretations and business strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We record interest and penalties related to uncertain income tax positions in income tax expense. For additional information regarding our provision for income taxes refer to Note 12, Income Taxes. Tax Receivable Agreement We are party to a Tax Receivable Agreement, dated as of August 5, 2020, with RHI and Mr. Gilbert that provides for the payment by us to RHI and Mr. Gilbert (or their transferees of Holdings LLC Units of Holdings LLC or other assignees) of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize (computed using simplifying assumptions to address the impact of state and local taxes) as a result of: (i) certain increases in our allocable share of the tax basis in Holdings LLC’s assets resulting from (a) the purchases of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) from RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) using the net proceeds from our IPO or in any future offering (subject to the terms of the Tax Receivable Agreement Amendment (as defined above)), (b) exchanges by RHI and Mr. Gilbert (or their transferees of Holdings LLC Units or other assignees) of Holdings LLC Units (along with the corresponding shares of Class D common stock or Class C common stock) for cash or shares of Class B common stock or Class A common stock, as applicable (subject to the terms of the Tax Receivable Agreement Amendment), 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 LLC as a result of section 704(c) of the Code, as amended, that relate to the reorganization transactions undertaken at the time of our IPO. The Tax Receivable Agreement makes certain simplifying assumptions regarding the determination of the cash savings that we realize or are deemed to realize from the covered tax attributes, which may result in payments pursuant to the Tax Receivable Agreement in excess of those that would result if such assumptions were not made. For additional information regarding our Tax Receivable Agreement, refer to Note 12, Income Taxes. The Company recognized a liability for the Tax Receivable Agreement based upon the estimate of future TRA payments. 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. As part of RHI’s internal reorganization, RHI contributed its rights to receive payments under the Tax Receivable Agreement in respect of RHI’s prior exchanges to RHI II, and RHI II completed a joinder to become a party to the Tax Receivable Agreement. As part of the Up-C Collapse, (i) Mr. Gilbert exchanged all of his Holdings LP Units and Class D common stock in exchange for shares of Class L common stock and (ii) the Tax Receivable Agreement was amended to provide that the terms of the Tax Receivable Agreement will not apply to any exchanges, including, for the avoidance of doubt, any fully paid and nonassessable Holdings LP Units exchanged as part of the Up-C Collapse (such as those exchanged by Mr. Gilbert), that occur, or are deemed to occur, on or following March 9, 2025.
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| Variable Interest Entities | Variable Interest Entities As of December 31, 2025, the Company's Consolidated Financial Statements reflect the Company's wholly-owned subsidiaries and VIEs in which the Company is the primary beneficiary. Refer to the Basis of Presentation and Consolidation above for further details on the Company's structure prior to the Up-C Collapse. Refer to Note 13, Variable Interest Entities for additional information. Asset-Backed Financing Arrangements In the normal course of business, the Company enters into asset-backed financing arrangements with SPEs, which primarily consist of limited liability companies and trusts established for a limited purpose. Through these arrangements, the Company has transferred financial assets or beneficial interests in financial assets to SPEs in exchange for cash under the terms of its facility or financing agreements. The Company evaluated and concluded that the SPEs meet the criteria as a VIE and the Company is the primary beneficiary. The Company consolidates the SPE's financial position and results of operations under the variable interest consolidation model guidance in ASC 810, Consolidation as the primary beneficiary. These VIEs obtain financing, including through the issuance of debt or repurchase arrangements, supported by collections on the underlying financial assets. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have limited to no recourse against the Company. Consolidation of the Collateralized Financing Entity In the normal course of business, the Company transfers financial assets to a trust for which the Company holds a variable interest. The Company has power to direct activities impacting the trust’s economic performance and has an economic interest in the entity that could result in benefits or losses, and therefore is the primary beneficiary of the trust. As the primary beneficiary, the Company consolidates the trust's financial position and results of operations under ASC 810. The Company has elected to account for the assets and liabilities of the VIE as a CFE. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities.
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| Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Participating Common Stock, which consists of Class A common stock, in addition to Class L common stock after the Up-C Collapse. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Participating Common Stock. The holders of the Participating 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. Holders of the Participating Common Stock also have equal priority in liquidation. Through June 30, 2025, the effective date of the Up-C Collapse, shares of Class D common stock do not participate in earnings of Rocket Companies, Inc. and as a result, are not considered participating securities included in the weighted-average shares outstanding for purposes of earnings per share. RSUs, PSUs and stock options are included in the weighted-average shares outstanding of Participating Common Stock in the calculation of basic earnings per share once the units are fully vested.Basic earnings per share of Participating Common Stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding during the period. Diluted earnings per share of Participating Common Stock is computed by dividing Net (loss) income attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding adjusted to give effect to potentially dilutive securities.
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| Business Combinations | Business Combinations Acquisitions that qualify as a business combination in accordance with ASC 805, Business Combinations, are accounted for using the acquisition method of accounting. The fair value of consideration transferred for an acquisition is allocated to the assets acquired and liabilities assumed based on their fair value as of the acquisition date. The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. The Company estimates the fair value of the intangible assets using forms of the income approach and cost approach, which use forecasts of expected future cash flows or replacement costs. The Company engages third-party valuation firms to assist in determining the fair value determination of assets acquired, including intangible assets. Acquisition-related expenses and transaction costs associated with business combinations are expensed as incurred.
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| Recently Adopted Accounting Standards and Accounting Standards Issued but Not Yet Adopted | Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The new guidance requires additional disclosures relating to the tax rate reconciliation and the income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company adopted the update in 2025 on a prospective basis, resulting in expanded disclosures in Note 12, Income Taxes. Accounting Standards Issued but Not Yet Adopted In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) – Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption. In September 2025, the FASB issued ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The new guidance updates the requirements for capitalizing software costs. The guidance is effective for fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which is expected to result in changes to the Company's policy for capitalizing software costs.
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| 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 for the year ended December 31, 2025, except the fair value measurements determined as part of the part of the Acquisitions as discussed in Note 2, Acquisitions. There were no material items recorded at fair value on a nonrecurring basis as of December 31, 2024. Money market funds — Money market funds are highly liquid and are valued using quoted market prices for identical assets in active markets, which are classified as Level 1. 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: (i) 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, and (ii) recent observable market trades from similar loans, adjusted for credit risk and other individual loan characteristics. 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 internal models using assumptions at the measurement date that a market participant would use. Derivative assets and liabilities: IRLCs and LPCs — The fair values of IRLCs and LPCs are based on observable current market prices of securities backed by similar mortgage loan held for sale (discussed above), net of costs to close the loans, subject to adjustments for the estimated loan funding probability, or “pull-through factor” and the inherent value of servicing. Given the significant and unobservable nature of the pull-through factor and value of servicing, IRLCs and LPCs are classified as Level 3. Forward commitments and Treasury futures — The Company's Forward commitments are valued based on quoted prices for similar assets and liabilities in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy. The Company's Treasury futures are valued based on quoted prices for similar assets and liabilities in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy. MSRs — The Company estimates the fair value of its MSRs on a recurring basis using a process that combines the use of a discounted cash flow model and analysis of current market data to arrive at an estimate of fair value. The discounted cash flow model includes estimates of prepayment speeds, OAS, cost to service, delinquencies, ancillary revenues, recapture rates and other assumptions. The key assumptions to determine fair value include prepayment speeds, OAS and cost to service. MSRs are classified as Level 3. Beginning in the fourth quarter of 2025, the Company completed the following two refinements to its estimation process for determining the fair value of MSRs. First, the Company implemented a stochastic OAS valuation technique, replacing its former static discount rate approach. Under this technique, OAS represents the incremental spread added to the risk-free rate to reflect embedded prepayment optionality and other risk inherent in the MSRs and is used to discount projected cash flows across simulated interest-rate paths. Second, the Company incorporated an explicit estimate of future cash flows from loans that are expected to be recaptured. The estimate of recapture cash flows is consistent with pricing and data observed from various market participants, including the Company’s independent third-party valuation firms. As a result of incorporating these additional recapture cash flows, the Company adjusted its OAS assumption to ensure that the fair value of MSRs remained consistent with current market participant pricing and is reflective of an exit price. The net impact of these refinements were not significant to the overall estimate of MSR fair value for the year ended December 31, 2025. Furthermore, the Company’s estimated MSR fair value was corroborated as of December 31, 2025 with benchmark valuations from two independent third-party firms. Investment securities — Investment securities are trading 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. Equity investments — As part of the Mr. Cooper Acquisition, the Company acquired equity investments from a previously divested title and field services businesses. The fair value of this equity interest is measured quarterly based on the minimum exit value established at the time of the transaction, together with observable market indicators. Because of the nature of the unobservable inputs, the Company classifies these investments as Level 3. Non-mortgage loans held for sale — Non-mortgage loans held for sale are personal loans. 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 of the consolidated CFE — Assets and liabilities represent non-mortgage loans and investment debt certificates at the consolidated CFE, respectively. The Company has elected the fair value option and measures both the assets and liabilities of the consolidated CFE using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The Company determined inputs to the fair value measurement of the financial assets to be more observable. The fair value of the assets and liabilities of the consolidated CFE are determined using an internal valuation model that calculates the present value of estimated net future cash flows and are classified as Level 3. The net equity in the consolidated CFE represents the fair value of the Company’s beneficial interest in the entity. Excess spread financing — As part of the Mr. Cooper Acquisition, the Company assumed excess spread financing. The fair value of excess spread financing is determined using a stochastic OAS on a recurring basis based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. Excess spread financing liabilities are classified as Level 3. Mortgage servicing rights financing liability — As part of the Mr. Cooper Acquisition, the Company assumed MSRs financing liabilities. The fair value of MSRs financing liabilities is determined using an internal valuation model that calculates the present value of estimated net future cash flows. MSRs financing liabilities are classified as Level 3.
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Business, Basis of Presentation and Significant Accounting Policies (Tables) |
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Acquisitions (Tables) |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Combination | The acquisition-date fair value of the consideration transferred for the acquisition of Redfin was approximately $1,742, which consisted of the following:
(1) Value of Rocket Class A common stock issued on the date of close is based on 130,446,226 shares of outstanding common stock of Redfin as of June 30, 2025 each being exchanged for 0.7926 of a share of Rocket Class A common stock issued at $14.18, the closing share price on June 30, 2025. (2) Certain unvested equity awards of Redfin were replaced by Rocket’s equity awards with similar terms at closing. The vested portion of those awards, as well as awards that fully vested prior to the closing date, are included as consideration applying the same exchange ratio and share price as above. (3) Cash paid at or shortly after closing to settle Redfin’s outstanding term loan principal, accrued interest, and a 1% prepayment premium as a result of the Redfin Acquisition. The acquisition-date fair value of the consideration transferred for the acquisition of Mr. Cooper was approximately $16,973, which consisted of the following:
(1) Value of Rocket Class A common stock issued on the date of close is based on 64,109,583 shares of outstanding common stock of Mr. Cooper as of September 30, 2025 each being exchanged for 11.00 shares of Rocket Class A common stock issued at $19.38, the closing share price on September 30, 2025. (2) Certain unvested equity awards of Mr. Cooper were replaced by Rocket’s equity awards with similar terms at closing. The vested portion of those awards, as well as awards that fully vested prior to the closing date, are included as consideration applying the same exchange ratio and share price as above. (3) Cash paid at or shortly after closing to settle Mr. Cooper's outstanding unsecured senior notes due 2026 through 2028 and outstanding unsecured senior notes due 2030 through 2031, accrued interest, and other fees, as a result of the Mr. Cooper Acquisition. Refer to Note 7, Borrowings for further details on the settlement and refinancing of historical Mr. Cooper senior notes.
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| Schedule of Preliminary Purchase Price Allocation and Identifiable Intangible Assets Acquired | The following table summarizes the preliminary purchase price allocation to our Consolidated Balance Sheets as of the acquisition date:
(1) The fair value of receivables acquired is $45, with the gross contractual amount being $53. The Company estimates $8 to be uncollectible as of the acquisition date. (2) Subsequent to the acquisition date, funding facilities were voluntarily paid off and terminated during the third quarter 2025. (3) Refer to Note 7, Borrowings for details regarding Senior Notes following consummation of the acquisition. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
(1) The gross contractual amount of Advance receivables acquired is $1,171. The Company estimates $128 to be uncollectible as of the acquisition date. (2) The fair value of other receivables acquired is $6, with the gross contractual amount being $7. The Company estimates $1 to be uncollectible as of the acquisition date. (3) Restricted cash acquired was $185 recorded in Other Assets, as of the acquisition date. (4) In accordance with ASC 450, Contingencies, the Company estimated and recorded a liability of $58 as of the acquisition date related to certain legal claims involving Mr. Cooper. See Note 15, Commitments and Contingencies for further information. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
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| Schedule of Pro Forma Information | The unaudited pro forma financial information was as follows:
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Fair Value Measurements (Tables) |
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| 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 years ended December 31, 2025 or December 31, 2024.
(1) As of December 31, 2025 and 2024, $167 and $115 of UPB of the level 3 MLHFS were 90 days or more delinquent and were considered in non-accrual status, respectively. The fair value of these level 3 MLHFS was $137 and $100 as of December 31, 2025 and 2024, respectively.
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| Schedule of Quantitative Information About Fair Value Measurements of Level 3 Financial Instruments | The following tables present the quantitative information for significant unobservable inputs used in the fair value measurements of material recurring Level 3 fair value financial instruments as of:
(1) The inputs are weighted by investor. (2) OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. (3) Presented in whole dollar amounts. (4) This is for informational purposes only.
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| Schedule of Reconciliation of Level 3 Assets | The table below presents a reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024. MSRs are also classified as a Level 3 asset measured at fair value on a recurring basis. The related reconciliation is found in Note 4, Mortgage Servicing Rights and Related Liabilities. The Company had immaterial equity investments and LPCs assets and liabilities as of December 31, 2025.
(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 or transferred to third parties and loans paid in full.
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| Schedule of Reconciliation of Level 3 Liabilities | The table below presents a reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024. MSRs are also classified as a Level 3 asset measured at fair value on a recurring basis. The related reconciliation is found in Note 4, Mortgage Servicing Rights and Related Liabilities. The Company had immaterial equity investments and LPCs assets and liabilities as of December 31, 2025.
(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 or transferred to third parties and loans paid in full.
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| Schedule of Fair Value Option for Mortgage Loans Held For Sale | The following is the estimated fair value and UPB of MLHFS, non-mortgage loans held for sale and assets of the consolidated CFE that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for these assets as the Company believes fair value best reflects their expected future economic performance:
(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 in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), due to changes in fair value of items accounted for using the fair value option.
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| 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, Advance receivables, net, Loans subject to repurchase right from Ginnie Mae, Funding facilities and Other financing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value.
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Mortgage Servicing Rights and Related Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes to MSR Assets | The following table sets forth the carrying value of the Company's MSRs and the related liabilities, which are recorded at fair value as described in Note 3, Fair Value Measurements. MSR related liabilities are recorded in in the Company's Consolidated Balance Sheets.
The following table summarizes changes to the MSR assets:
(1) As discussed in Note 2, Acquisitions, the Company recorded MSRs of $2 and $11,604 in connection with the acquisition of Redfin and Mr. Cooper, respectively. (2) Amounts primarily represent negative fair values reclassified from the MSR asset to Advance reserves as underlying loans are removed from the MSR and other reclassification adjustments. (3) Reflects changes in market interest rates and assumptions, including OAS, prepayment speeds, cost to service per loan, and the gains or losses on sales of MSRs during the period. It does not include the change in fair value of derivatives that economically hedge MSRs, the change in fair value of excess spread financing or the effects of contractual prepayment protection resulting from sales or purchases of MSRs.
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| Schedule of MSRs Based On Hypothetical Changes In Key Assumptions | The following sensitivity analysis shows the potential impact on the fair value of the Company’s MSRs based on hypothetical changes in key assumptions, including the OAS, prepayment speeds and cost to service per loan for the year ended December 31, 2025:
(1) Beginning in the fourth quarter of 2025, the Company valued MSRs using a stochastic OAS instead of a static discount rate. Refer to Note 3, Fair Value Measurements, for further discussion. (2) Beginning in the fourth quarter of 2025, the Company valued MSRs using a cost to service per loan that had not previously been explicitly considered as a key input in measuring the fair value of MSRs. Refer to Note 3, Fair Value Measurements, for further discussion. The following sensitivity analysis shows the potential impact on the fair value of the Company’s MSRs based on hypothetical changes in key assumptions, including the discount rate and prepayment speeds for the year ended December 31, 2024:
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Mortgage Loans Held for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Changes in Mortgage Loans Held for Sale | The following is a roll forward of the activity in mortgage loans held for sale:
(1) As discussed in Note 2, Acquisitions, the Company recorded Mortgage loans held for sale, at fair value of $165 and $2,720 in connection with the acquisition of Redfin and Mr. Cooper, respectively. (2) The Gain on sale of loans excluding fair value of MSRs, net in the Consolidated Statements of Cash Flows includes income related to IRLCs, forward commitments and provision for investor reserves.
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Property and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment | Property and equipment consist of the following:
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Funding Facilities | Funding Facilities
(1) This facility has an overall line size of $1,000, of which $150 is a sublimit for early buy out financing. (2) This facility was voluntarily terminated in June 2025. (3) 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 December 31, 2025 this facility was extended to January 25, 2027. (4) This facility has an overall line size of $3,000, of which $3,000 is a sublimit for early buy out financing. Capacity is fully fungible and is not restricted by these allocations. (5) This facility has an overall line size of $1,200, of which $950 is a sublimit for MSR financing. (6) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated. (7) This facility has an overall line size of $200, of which $30 is a sublimit for Advance financing. (8) This facility has an overall line size of $750, of which $750 is a sublimit for early buy out financing. Capacity is fully fungible and not restricted by these allocations. (9) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000 (10) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000. (11) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated. (12) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (13) This facility will be 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. (14) This facility was voluntarily terminated in March 2025. (15) The interest rates charged by lenders on mortgage funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.63% for the year ended December 31, 2025 and 1.00% to 1.80% for the year ended December 31, 2024 (16) The interest rates charged by lenders on personal loan funding facilities included the applicable base rate plus a spread ranging from 0.80% to 2.50% for the year ended December 31, 2025 and 1.15% for the year ended December 31, 2024.
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| Schedule of Other Financing Facilities | Financing Facilities
(1) Refer to Note 8, Transactions with Related Parties for additional details regarding this unsecured line of credit. These facilities were voluntarily terminated in June 2025. (2) This facility is a sublimit of Master Repurchase Agreement 5, found above in Funding Facilities. Subsequent to December 31, 2025, this facility sublimit was voluntarily terminated. (3) This facility is a sublimit of Master Repurchase Agreement 12, found above in Funding Facilities. Refer to subfootnote 5, Funding Facilities for additional details regarding this financing facility. (4) Subsequent to December 31, 2025, this facility was voluntarily terminated. (5) Subsequent to December 31, 2025, this facility was amended to decrease the total facility size to $875, fully committed. (6) Total capacity for this facility is $2,000, of which $500 is internally allocated for Advance financing and $1,500 is internally allocated for MSR financing. Capacity is fully fungible and is not restricted by these allocations. (7) This facility is a sublimit of Master Repurchase Agreement 14, found above in Funding Facilities. Refer to subfootnote 7, Funding Facilities for additional details regarding this financing facility. (8) The interest rates charged by lenders on financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 3.25% for the years ended December 31, 2025 and December 31, 2024.
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| Schedule of Unsecured Senior Notes | Unsecured Senior Notes The Company's Senior Notes listed below are unsecured obligation notes with no requirement to pledge collateral for the borrowings.
(1) The indentures provide that the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. (2) The 2027 Convertible Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. For the year ended December 31, 2025, the contractual interest expenses incurred were $1. The effective interest rate on the 2027 Convertible Senior Notes is 0.54%. The 2027 Convertible Senior Notes are convertible to cash, shares of the Company's common stock, or a combination thereof, at our election. The conversion rate is 8.47 shares of common stock per $1 principal amount. The free conversion date is January 1, 2027. (3) In October 2025, the Company completed the offering of $2,000 of unsecured senior notes due 2030. (4) In October 2025, the Company completed the offering of $2,000 unsecured senior notes due 2033.
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| Schedule of Contractual Maturities of Unsecured Senior Notes | The following table outlines the contractual maturities (by UPB) of unsecured senior notes (excluding interest and debt discount and premiums) for the years ended as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense are presented in the table below:
(1) Variable lease payments are expensed in the period in which the obligation for those payments is incurred. These variable lease costs are payments that vary in amount beyond commencement date, for reasons other than passage of time. The Company’s variable payments mainly include common area maintenance and building utility fees. Supplemental cash flow information related to leases:
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| Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases recorded in and on the Consolidated Balance Sheets:
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| Schedule of Maturities of Lease Liabilities |
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The changes to the amount of goodwill for the year ended December 31, 2025 by reportable segment were as follows:
(1) Amounts reflect the Company’s preliminary allocation of goodwill resulting from the Acquisitions. (2) In connection with the Acquisitions, management approved a restructuring plan that included the wind down of the Rocket Homes business. Based on this restructuring, the Company recorded a goodwill impairment charge of $9, representing a full impairment of the Rocket Homes reporting unit. The reporting unit did not hold any other long-lived assets to be assessed for impairment. The impairment charge was included in Other expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The following table summarizes the carrying value of goodwill:
(1) Refer to subfootnote (2) above for details about the impairment loss in 2025.
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| Schedule of Finite-Lived Intangible Assets | The following table summarizes the carrying value of intangible assets:
(1) As of December 31, 2025 these amounts include identifiable intangible assets acquired from the Acquisitions. Refer to Note 2, Acquisitions for further information. The weighted average remaining amortization period for each definite-lived intangible asset category is as follows:
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| Schedule of Indefinite-Lived Intangible Assets | The following table summarizes the carrying value of intangible assets:
(1) As of December 31, 2025 these amounts include identifiable intangible assets acquired from the Acquisitions. Refer to Note 2, Acquisitions for further information.
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| Schedule of Estimated Aggregate Amortization Expense of Intangible Assets | The following table outlines the estimated remaining aggregate amortization expense of intangible assets that existed as of December 31, 2025:
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | Other assets consist of the following:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income (Loss) before Income Taxes and Noncontrolling interest | (Loss) income before income taxes consists of the following:
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| Schedule of Provision for (Benefit from) Income Taxes | Provision for (benefit from) income taxes consists of the following:
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| Schedule of Income Tax Rate Reconciliation | The reconciliation of the U.S. Federal statutory corporate income tax rate to the Company's effective tax rate consists of the following:
(1) The states that contribute to the majority of the tax effect in this category include California, Michigan, New York, Illinois, and New Jersey.
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| Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax (liabilities) assets arise from the following components of temporary differences and carryforwards:
Deferred income taxes are presented on the Consolidated Balance Sheets based on their tax jurisdictions as follows:
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| Schedule of Unrecognized Tax Benefits Roll Forward | Below is a reconciliation of the changes in the federal and state uncertain tax position balances, exclusive of interest and penalties.
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| Schedule of Income Tax Paid | The following represents the taxes paid by jurisdiction:
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Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings | The assets and liabilities of the Company’s transactions with consolidated VIEs included in the Company’s Consolidated Financial Statements were as follows:
(1) Refer to Note 11, Other Assets, for additional information on restricted cash and non-mortgage loans held for sale. (2) Refer to Note 7, Borrowings, for additional information on Funding facilities and MSR and advance facilities.
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Hedging Gains | Net hedging (losses) gains were as follows:
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| Schedule of Notional and Fair Values of Derivative Financial Instruments | The notional and fair values of derivative financial instruments were as follows:
(1) IRLCs are also discussed in Note 15, Commitments and Contingencies.
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of IRLC Unpaid Principal Balance | The UPB of IRLCs was as follows:
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| Schedule of Investor Reserves Activity | The following presents the activity in the investor reserves:
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Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Key Operating Data for Business Segments | Key operating data for our business segments for the years ended:
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| Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income (Loss) Before Taxes | The following table represents a reconciliation of segment Contribution margin to consolidated U.S. GAAP (Loss) income before income taxes for the years ended:
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Share-based Compensation and Team Member Benefit Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of RSU Activity | The RSU activity for the year ended December 31, 2025 was as follows:
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| Schedule of Stock Option Activity | The Stock Options activity for the year ended December 31, 2025 was as follows:
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| Schedule of Fair Value Estimates | The Company estimates the fair value of the Stock Options at the date of grant using the Black-Scholes option pricing model. The inputs to the Black-Scholes option pricing model for the awards assumed in connection with the Redfin Acquisition are as follows:
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| Schedule of Share-based Compensation Expense | The components of share-based compensation expense included in Salaries, commissions and team member benefits in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) are as follows:
(1) Unrecognized compensation expense as of December 31, 2025 related to these RSUs was $436 and is expected to be recognized over a weighted average period of 2.1 years. (2) Unrecognized compensation expense as of December 31, 2025 related to these PSUs was $38 and is expected to be recognized over a weighted average period of 2.3 years.
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
(1) Net (loss) income is calculated using the estimated annual effective tax rate of Rocket Companies, Inc. (2) Participating Common Stock was composed of the following:
(3) Dilutive impact of share-based compensation awards for the periods presented are:
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| Schedule of Weighted Average Number of Shares | Participating Common Stock was composed of the following:
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Dilutive impact of share-based compensation awards for the periods presented are:
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Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
|
Apr. 03, 2025
$ / shares
|
Jun. 30, 2025
USD ($)
vote
|
Mar. 31, 2025
$ / shares
|
Jun. 30, 2025
vote
|
Sep. 30, 2025 |
Dec. 31, 2025
segment
|
|
| Basis of Presentation [Line Items] | ||||||
| Number of reportable segments | segment | 2 | |||||
| Number of operating segments | segment | 2 | |||||
| Percentage of applicable tax savings payable per tax receivable agreement | 90.00% | |||||
| Class A common shares | ||||||
| Basis of Presentation [Line Items] | ||||||
| Number of votes per share | vote | 1 | 1 | ||||
| Common stock dividend declared (in dollars per share) | $ / shares | $ 0.80 | |||||
| Common stock dividend paid (in dollars per share) | $ / shares | $ 0.80 | |||||
| Special dividend paid | $ | $ 120.1 | |||||
| Class L common shares | ||||||
| Basis of Presentation [Line Items] | ||||||
| Number of votes per share | vote | 1 | 1 | ||||
| Rocket Limited Partnership | ||||||
| Basis of Presentation [Line Items] | ||||||
| Ownership percentage | 100.00% | 100.00% | 100.00% | |||
Business, Basis of Presentation and Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash Reconciliation (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| Cash and cash equivalents | $ 2,696 | $ 1,273 | $ 1,108 | |
| Restricted cash | 238 | 16 | 29 | |
| Total cash, cash equivalents and restricted cash, end of period in the Consolidated Statements of Cash Flows | $ 2,934 | $ 1,289 | $ 1,137 | $ 789 |
Acquisitions - Schedule of Business Combination, Pro Forma Information (Details) - Mr. Cooper Group Inc - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Business Combination [Line Items] | ||
| Total revenue, net | $ 9,485 | $ 9,086 |
| Net income | $ 259 | $ 523 |
Fair Value Measurements - Schedule of Fair Value Option for Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Fair Value | $ 15,471 | $ 9,020 |
| Mortgage Loans Held for Sale | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Fair Value | 15,471 | 9,020 |
| Principal Amount Due Upon Maturity | 15,061 | 8,889 |
| Difference | 410 | 131 |
| Non-mortgage loans held for sale | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Fair Value | 411 | 262 |
| Principal Amount Due Upon Maturity | 406 | 269 |
| Difference | 5 | (7) |
| Assets of the consolidated CFE | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Fair Value | 152 | 112 |
| Principal Amount Due Upon Maturity | 152 | 112 |
| Difference | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Liabilities not Recorded at Fair Value on Recurring or Nonrecurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying Amount | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Senior Notes | $ 10,423 | $ 4,039 |
| Estimated Fair Value | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Senior Notes | $ 10,502 | $ 3,632 |
Mortgage Servicing Rights and Related Liabilities - Schedule of Carrying Value of the Company's MSRs and the Related Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Transfers and Servicing [Abstract] | |||
| Mortgage servicing rights, at fair value | $ 19,442 | $ 7,633 | $ 6,440 |
| Excess spread financing, at fair value | 337 | ||
| MSRs financing, at fair value | 11 | ||
| MSR related liabilities - nonrecourse, at fair value | $ 348 |
Mortgage Servicing Rights and Related Liabilities - Schedule of Changes to MSR Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Oct. 01, 2025 |
Jul. 01, 2025 |
|
| Changes to MSR Assets | ||||
| Fair value, beginning of period | $ 7,633 | $ 6,440 | ||
| Acquired in business combination | 11,606 | 0 | ||
| MSRs originated | 1,721 | 1,330 | ||
| MSRs sales | (427) | (305) | ||
| MSRs purchases | 568 | 760 | ||
| Changes in fair value: | ||||
| Due to changes in valuation model inputs or assumptions | (274) | 211 | ||
| Due to collection/realization of cash flows | (1,398) | (803) | ||
| Total changes in fair value | (1,672) | (592) | ||
| Fair value, end of period | $ 19,442 | $ 7,633 | ||
| 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 | ||
| Redfin Corporation | ||||
| Changes in fair value: | ||||
| MSRs | $ 2 | |||
| Mr. Cooper Group Inc | ||||
| Changes in fair value: | ||||
| MSRs | $ 11,604 | |||
| Mortgage Servicing Right | ||||
| Changes in fair value: | ||||
| Due to collection/realization of cash flows | $ 13 | $ 0 | ||
Mortgage Servicing Rights and Related Liabilities - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
| UPB of mortgage loans serviced | $ 1,290,325 | $ 525,518 |
| Delinquent loans as a percentage of total portfolio (as percent) | 1.50% | 1.54% |
| Excess spread financing, at fair value | $ 337 | |
| Excess spread financing UPB, fair value disclosure | 59,695 | |
| MSRs financing, at fair value | 11 | |
| Mr. Cooper Group Inc | ||
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
| Unpaid principal balance sold | 1,164 | |
| Unpaid principal balance retained | $ 914 |
Mortgage Servicing Rights and Related Liabilities - Schedule of MSRs Based on Hypothetical Changes in Key Assumptions (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Discount Rate | ||
| 100 Basis Points Adverse Change | $ (718,000) | |
| 200 Basis Points Adverse Change | (1,383,000) | |
| Mortgage Servicing Right | ||
| Discount Rate | ||
| 100 Basis Points Adverse Change | $ (332,000) | |
| 200 Basis Points Adverse Change | (637,000) | |
| Prepayment Speeds | ||
| 10% Adverse Change | (527,000) | (203,000) |
| 20% Adverse Change | (1,015,000) | $ (416,000) |
| Cost to Service per Loan | ||
| 10% Adverse Change | (124,000) | |
| 20% Adverse Change | (248,000) | |
| One Hundred Basis Points | Mortgage Servicing Right | ||
| Option Adjusted Spread | ||
| 100 /200 BPS Adverse Change | (718,000) | |
| Two Hundred Basis Points | Mortgage Servicing Right | ||
| Option Adjusted Spread | ||
| 100 /200 BPS Adverse Change | $ (1,383,000) |
Mortgage Loans Held for Sale - Narrative (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Receivables [Abstract] | |
| Mortgage loans held for sale average holding period (in days) | 45 days |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization expense | $ 104 | $ 89 | $ 88 |
| Minimum | Office furniture, equipment, computer software, and leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment useful life (in years) | 3 years | ||
| Maximum | Office furniture, equipment, computer software, and leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment useful life (in years) | 10 years | ||
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total cost | $ 955 | $ 834 |
| Accumulated depreciation and amortization | (695) | (620) |
| Total property and equipment, net | 260 | 214 |
| Internally-developed software | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 323 | 253 |
| Office furniture, equipment and technology | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 302 | 297 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 265 | 265 |
| Projects-in-process | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | $ 65 | $ 19 |
Borrowings - Narrative (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Debt Instrument [Line Items] | |
| Mortgage loans held for sale average holding period (in days) | 45 days |
| Funding facilities and Other financing facilities | |
| Debt Instrument [Line Items] | |
| Commitment fees (percent) | 0.50% |
Borrowings - Schedule of Contractual Maturities of Unsecured Senior Notes (Details) - Unsecured Senior Notes - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Contractual Maturities of Unsecured Senior Notes | ||
| 2026 | $ 1,150 | |
| 2027 | 503 | |
| 2028 | 62 | |
| 2029 | 1,500 | |
| 2030 | 2,076 | |
| Thereafter | 5,164 | |
| Total | $ 10,455 | $ 4,062 |
Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Operating Lease Cost: | ||
| Fixed lease expense | $ 82 | $ 77 |
| Variable lease expense | 13 | 10 |
| Total operating lease cost | $ 95 | $ 87 |
Leases - Schedule of Supplemental Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | $ 92 | $ 84 |
| Total lease ROU assets | 292 | 282 |
| Total lease liabilities | $ 334 | $ 319 |
| Weighted average lease term | 4 years 4 months 24 days | 5 years |
| Weighted average discount rate | 5.15% | 4.98% |
| Operating lease, right-of-use asset, statement of financial position | Other assets | Other assets |
| Operating lease, liability, statement of financial position | Other liabilities | Other liabilities |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Leases [Abstract] | ||
| Right-of-use assets obtained in exchange for operating lease obligations | $ 15 | $ 13 |
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Leases | ||
| 2026 | $ 103 | |
| 2027 | 95 | |
| 2028 | 72 | |
| 2029 | 40 | |
| 2030 | 27 | |
| Thereafter | 38 | |
| Total lease payments | 375 | |
| Less imputed interest | 41 | |
| Total lease liabilities | $ 334 | $ 319 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Oct. 01, 2025 |
Jul. 01, 2025 |
|
| Business Combination [Line Items] | |||||
| Goodwill | $ 10,611 | $ 1,136 | |||
| Net Carrying Amount | 2,224 | 91 | |||
| Amortization expense | $ 186 | 24 | $ 22 | ||
| Trade name | |||||
| Business Combination [Line Items] | |||||
| Weighted average amortization period (in years) | 6 years | ||||
| Customer relationships | |||||
| Business Combination [Line Items] | |||||
| Weighted average amortization period (in years) | 7 years | ||||
| Developed technology and other | |||||
| Business Combination [Line Items] | |||||
| Weighted average amortization period (in years) | 4 years | ||||
| Other | |||||
| Business Combination [Line Items] | |||||
| Weighted average amortization period (in years) | 7 years | ||||
| Redfin Corporation | |||||
| Business Combination [Line Items] | |||||
| Goodwill | $ 1,233 | ||||
| Net Carrying Amount | $ 2,224 | 91 | |||
| Mr. Cooper Group Inc | |||||
| Business Combination [Line Items] | |||||
| Goodwill | $ 8,251 | ||||
| Net Carrying Amount | $ 2,224 | $ 91 | |||
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Goodwill [Roll Forward] | |
| Balance at December 31, 2024 | $ 1,136 |
| Impairment | (9) |
| Balance at December 31, 2025 | 10,611 |
| Redfin Corporation | |
| Goodwill [Roll Forward] | |
| Acquisitions | 1,233 |
| Mr. Cooper Group Inc | |
| Goodwill [Roll Forward] | |
| Acquisitions | 8,251 |
| Reportable Segments | Direct to Consumer | |
| Goodwill [Roll Forward] | |
| Balance at December 31, 2024 | 719 |
| Impairment | 0 |
| Balance at December 31, 2025 | 9,982 |
| Reportable Segments | Direct to Consumer | Redfin Corporation | |
| Goodwill [Roll Forward] | |
| Acquisitions | 1,012 |
| Reportable Segments | Direct to Consumer | Mr. Cooper Group Inc | |
| Goodwill [Roll Forward] | |
| Acquisitions | 8,251 |
| All Other | |
| Goodwill [Roll Forward] | |
| Balance at December 31, 2024 | 417 |
| Impairment | (9) |
| Balance at December 31, 2025 | 629 |
| All Other | Redfin Corporation | |
| Goodwill [Roll Forward] | |
| Acquisitions | 221 |
| All Other | Mr. Cooper Group Inc | |
| Goodwill [Roll Forward] | |
| Acquisitions | $ 0 |
Goodwill and Intangible Assets - Schedule of Carrying Value of Goodwill (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Goodwill [Line Items] | ||
| Gross Carrying Amount | $ 10,620 | $ 1,136 |
| Accumulated Amortization | (9) | 0 |
| Goodwill | 10,611 | 1,136 |
| Reportable Segments | Direct to Consumer | ||
| Goodwill [Line Items] | ||
| Gross Carrying Amount | 9,982 | 719 |
| Accumulated Amortization | 0 | 0 |
| Goodwill | 9,982 | 719 |
| All Other | ||
| Goodwill [Line Items] | ||
| Gross Carrying Amount | 638 | 417 |
| Accumulated Amortization | (9) | 0 |
| Goodwill | $ 629 | $ 417 |
Goodwill and Intangible Assets - Schedule of Weighted Average Remaining Amortization (Details) |
Dec. 31, 2025 |
|---|---|
| Trade name | |
| Finite-Lived Intangible Assets [Line Items] | |
| Weighted average amortization period (in years) | 6 years |
| Customer relationships | |
| Finite-Lived Intangible Assets [Line Items] | |
| Weighted average amortization period (in years) | 7 years |
| Developed technology and other | |
| Finite-Lived Intangible Assets [Line Items] | |
| Weighted average amortization period (in years) | 4 years |
| Other | |
| Finite-Lived Intangible Assets [Line Items] | |
| Weighted average amortization period (in years) | 7 years |
Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2026 | $ 459 | |
| 2027 | 458 | |
| 2028 | 436 | |
| 2029 | 323 | |
| 2030 | 230 | |
| Thereafter | 312 | |
| Net Carrying Amount | $ 2,218 | $ 85 |
Other Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
| Non-mortgage loans held for sale | $ 411 | $ 262 | |
| Mortgage production related receivables | 356 | 61 | |
| Lease ROU assets | 292 | 282 | |
| Restricted cash | 238 | 16 | $ 29 |
| Equity investments | 225 | 0 | |
| Prepaid expenses | 186 | 94 | |
| Assets of the consolidated CFE | 152 | 112 | |
| Ginnie Mae buyouts | 111 | 52 | |
| Investment securities, at fair value | 43 | 41 | |
| Deferred tax asset, net | 12 | 522 | |
| Other | 430 | 165 | |
| Total other assets | $ 2,456 | $ 1,607 |
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income (loss) before income taxes | |||
| U.S. | $ (248) | $ 690 | $ (380) |
| Foreign | 34 | (22) | (23) |
| (Loss) income before income taxes | $ (214) | $ 668 | $ (403) |
Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current | |||
| U.S. Federal | $ 5 | $ 3 | $ 4 |
| State and local | 3 | 0 | 1 |
| Total current | 8 | 3 | 5 |
| Deferred | |||
| U.S. Federal | 23 | 7 | (9) |
| State and local | (11) | 22 | (9) |
| Total deferred | 12 | 29 | (18) |
| Total provision for (benefit from) income taxes | $ 20 | $ 32 | $ (13) |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Tax Assets (Liabilities) | ||
| Net operating loss and credit carryforwards | $ 643 | $ 207 |
| Depreciable and amortizable assets, net | 76 | 16 |
| Debt and interest expense carryforwards | 65 | 6 |
| Other deferred tax assets and liabilities, net | 20 | (13) |
| Investment in partnership | (1,345) | |
| Investment in partnership | 464 | |
| Intangible assets, net | (223) | (18) |
| Valuation allowance | (74) | (158) |
| Net deferred tax (liabilities) assets | (838) | |
| Net deferred tax (liabilities) assets | 504 | |
| Deferred tax balance in the Consolidated Balance Sheets | ||
| Deferred tax asset, net of valuation allowance | 12 | 522 |
| Deferred tax liability (included in Other liabilities) | $ (850) | (18) |
| Net deferred tax (liabilities) assets | $ 504 |
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Balance - beginning of year | $ 0 | $ 0 | $ 0 |
| Increases in tax positions of prior years | 34 | 0 | 0 |
| Decreases in tax positions as a result of lapses in statute | 0 | 0 | 0 |
| Settlements | 0 | 0 | 0 |
| Balance - end of year | $ 34 | $ 0 | $ 0 |
Income Taxes - Schedule of Income Tax Paid (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Income Tax Disclosure [Abstract] | |
| U.S. Federal | $ 1 |
| Various states | 1 |
| Foreign | $ 0 |
Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Assets | |
| Total assets | $ 11,325 |
| Liabilities | |
| Total liabilities | 7,747 |
| Restricted cash | |
| Assets | |
| Total assets | 186 |
| Mortgage loans held for sale, at fair value | |
| Assets | |
| Total assets | 6,792 |
| Mortgage servicing rights, at fair value | |
| Assets | |
| Total assets | 2,964 |
| Advance receivables, net | |
| Assets | |
| Total assets | 990 |
| Non-mortgage loans held for sale, at fair value | |
| Assets | |
| Total assets | 393 |
| Funding facilities | |
| Liabilities | |
| Total liabilities | 6,499 |
| MSR and advance facilities | |
| Liabilities | |
| Total liabilities | 1,243 |
| Other liabilities | |
| Liabilities | |
| Total liabilities | $ 5 |
Derivative Financial Instruments - Schedule of Net Hedging Gains (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Forward commitments | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Hedging (losses) gains | $ (288) | $ 234 | $ 161 |
Derivative Financial Instruments - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
| Cash pledged to counterparties | $ 238,000,000 | $ 0 | |
| Cash pledged from counterparties | 30,000,000 | 63,000,000 | |
| Credit losses due to nonperformance of counterparty | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jul. 15, 2024
guarantee
claim
plaintiff
|
Jun. 26, 2024
claim
|
Feb. 07, 2024
claim
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Aug. 26, 2024
USD ($)
|
|
| Other Commitments [Line Items] | ||||||
| Future purchase commitments, term (in years) | 4 years | |||||
| Future purchase commitments | $ | $ 914,000 | |||||
| Claims settled | claim | 2 | |||||
| Settlement fund | $ | $ 74,000 | $ 5,000 | $ 9,250 | |||
| Mr. Cooper Group, Inc. Cyber Attack | ||||||
| Other Commitments [Line Items] | ||||||
| Number of putative class actions filed | claim | 26 | |||||
| Number of plaintiffs | plaintiff | 22 | |||||
| Number of state subclasses | guarantee | 15 | |||||
| Number of state law claims | claim | 19 | |||||
| IRLCs | ||||||
| Other Commitments [Line Items] | ||||||
| Average number of days until expiration of interest rate lock commitments (in days) | 40 days | 40 days | ||||
| Mortgages | ||||||
| Other Commitments [Line Items] | ||||||
| Commitments to sell loans | $ | $ 53,000 | $ 1,000 | ||||
Commitments and Contingencies - Schedule of Interest Rate Lock Commitments (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| IRLCs UPB, Fixed Rate | $ 12,331 | $ 6,562 |
| IRLCs UPB, Variable Rate | $ 1,066 | $ 393 |
Commitments and Contingencies - Schedule of Investor Reserves Activity (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Movement In Loan Representation And Warranty Reserve [Roll Forward] | ||
| Balance at beginning of period | $ 100 | $ 92 |
| Acquired in business combination | 44 | 0 |
| Provision for investor reserves | 11 | 36 |
| Realized losses | (26) | (28) |
| Balance at end of period | $ 129 | $ 100 |
Non-controlling Interest (Details) - shares |
6 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jun. 30, 2025 |
Sep. 30, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Rocket Limited Partnership | ||||
| Noncontrolling Interest [Line Items] | ||||
| Voting and economic interest (in percent) | 100.00% | 100.00% | 100.00% | |
| Holdings | Rocket Companies Inc. | ||||
| Noncontrolling Interest [Line Items] | ||||
| Voting and economic interest (in percent) | 7.32% | |||
| Holdings units (in shares) | 146,028,193 | |||
| Holdings | Chairman | ||||
| Noncontrolling Interest [Line Items] | ||||
| Holdings units (in shares) | 1,101,822 | |||
| Ownership percentage | 0.06% | |||
| Holdings | RHI | ||||
| Noncontrolling Interest [Line Items] | ||||
| Holdings units (in shares) | 1,847,777,661 | |||
| Ownership percentage | 92.62% | |||
Share-based Compensation and Team Member Benefit Plan - Schedule of Restricted Stock Unit Activity (Details) - RSUs - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of Units | ||
| Outstanding, beginning balance (in units) | 21,892,391 | |
| Granted (in units) | 17,897,217 | |
| Assumed (converted equity awards) (in units) | 27,989,555 | |
| Vested (in units) | 16,136,762 | |
| Forfeited (in units) | 2,987,409 | |
| Outstanding, ending balance (in units) | 48,654,992 | 21,892,391 |
| Weighted Average Grant Date Fair Value | ||
| Outstanding, beginning balance (in dollars per share) | $ 12.02 | |
| Granted (in dollars per share) | 16.50 | |
| Assumed (converted equity awards) (in dollars per share) | 17.85 | |
| Vested (in dollars per share) | 13.06 | |
| Forfeited (in dollars per share) | 13.06 | |
| Outstanding, ending balance (in dollars per share) | $ 16.60 | $ 12.02 |
| Weighted Average Remaining Service Period | ||
| Outstanding (in years) | 1 year 10 months 24 days | 1 year 9 months 18 days |
Share-based Compensation and Team Member Benefit Plan - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of Stock Options | ||
| Outstanding, beginning balance (in shares) | 14,552,254 | |
| Assumed (converted equity awards) (in shares) | 1,383,657 | |
| Exercised (in shares) | 1,677,572 | |
| Expired (in shares) | 993,818 | |
| Forfeited (in shares) | 3,435 | |
| Outstanding, ending balance (in shares) | 13,261,086 | 14,552,254 |
| Weighted Average Exercise Price | ||
| Outstanding, beginning balance (in dollars per share) | $ 17.98 | |
| Assumed (converted equity awards) (in dollars per share) | 15.42 | |
| Exercised (in dollars per share) | 14.33 | |
| Expired (in dollars per share) | 17.93 | |
| Forfeited (in dollars per share) | 11.28 | |
| Outstanding, ending balance (in dollars per share) | $ 18.18 | $ 17.98 |
| Weighted Average Remaining Contractual Term | ||
| Outstanding (in years) | 4 years 4 months 24 days | 5 years 6 months |
| Aggregate Intrinsic Value | ||
| Outstanding | $ 19 | $ 0 |
Share-based Compensation and Team Member Benefit Plan - Schedule of Fair Value of Stock Options (Details) - Stock options |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Expected volatility, minimum | 43.00% |
| Expected volatility, maximum | 53.00% |
| Expected dividend yield | 0.00% |
| Risk-free interest rates, minimum | 3.80% |
| Risk-free interest rates, maximum | 4.30% |
| Minimum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Expected term | 1 month 6 days |
| Maximum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Expected term | 3 years 10 months 24 days |
Earnings Per Share - Narrative (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Holdings | |||
| Class of Stock [Line Items] | |||
| Weighted average of units outstanding (in shares) | 911,776,183 | 1,848,879,483 | 1,848,879,483 |