ROCKET COMPANIES, INC., 10-K filed on 3/1/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2022
Feb. 22, 2023
Jun. 30, 2022
Entity Listings [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39432    
Entity Registrant Name Rocket Companies, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 84-4946470    
Entity Address, Address Line One 1050 Woodward Avenue    
Entity Address, City or Town Detroit    
Entity Address, State or Province MI    
Entity Address, Postal Zip Code 48226    
City Area Code 313    
Local Phone Number 373-7990    
Title of 12(b) Security Class A common stock, par value $0.00001 per share    
Trading Symbol RKT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 853,471,937
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for use in connection with its 2023 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K.    
Entity Central Index Key 0001805284    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock      
Entity Listings [Line Items]      
Entity Common Stock, Shares Outstanding   124,859,705  
Class D common stock      
Entity Listings [Line Items]      
Entity Common Stock, Shares Outstanding   1,848,879,483  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Detroit, Michigan
Auditor Firm ID 42
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 722,293 $ 2,131,174
Restricted cash 66,806 80,423
Mortgage loans held for sale, at fair value 7,343,475 19,323,568
Mortgage servicing rights (“MSRs”), at fair value 6,946,940 5,385,613
Notes receivable and due from affiliates 10,796 9,753
Property and equipment, net 274,192 254,376
Deferred tax asset, net 537,963 572,049
Lease right of use assets 366,189 427,895
Loans subject to repurchase right from Ginnie Mae 1,642,392 1,918,032
Goodwill and intangible assets, net 1,258,928 1,296,926
Other assets 799,159 818,888
Total assets 20,082,212 32,774,895
Liabilities:    
Funding facilities 3,548,699 12,751,592
Other financing facilities and debt:    
Lines of credit 0 75,000
Senior Notes, net 4,027,970 4,022,491
Early buy out facility 672,882 1,896,784
Accounts payable 116,331 271,544
Lease liabilities 422,769 482,184
Forward commitments, at fair value 25,117 19,911
Investor reserves 110,147 78,888
Notes payable and due to affiliates 33,463 33,650
Tax receivable agreement liability 613,693 688,573
Loans subject to repurchase right from Ginnie Mae 1,642,392 1,918,032
Other liabilities 393,200 776,714
Total liabilities 11,606,663 23,015,363
Equity:    
Additional paid-in capital 276,221 287,558
Retained earnings 300,394 378,005
Accumulated other comprehensive income 69 81
Non-controlling interest 7,898,845 9,093,868
Total equity 8,475,549 9,759,532
Total liabilities and equity 20,082,212 32,774,895
Class A common stock    
Equity:    
Common stock 1 1
Class B common stock    
Equity:    
Common stock 0 0
Class C common stock    
Equity:    
Common stock 0 0
Class D common stock    
Equity:    
Common stock 19 19
IRLCs    
Assets    
Derivatives, at fair value 90,635 538,861
Forward commitments    
Assets    
Derivatives, at fair value $ 22,444 $ 17,337
v3.22.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2022
Dec. 31, 2021
Class A common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 10,000,000,000 10,000,000,000
Common stock issued (in shares) 123,491,606 126,437,703
Common stock outstanding (in shares) 123,491,606 126,437,703
Class B common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Class C common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Class D common stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 6,000,000,000 6,000,000,000
Common stock issued (in shares) 1,848,879,483 1,848,879,483
Common stock outstanding (in shares) 1,848,879,483 1,848,879,483
v3.22.4
Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gain on sale of loans:      
Gain on sale of loans excluding fair value of MSRs, net $ 1,166,770 $ 6,604,215 $ 11,946,044
Fair value of originated MSRs 1,970,647 3,864,359 3,124,659
Gain on sale of loans, net 3,137,417 10,468,574 15,070,703
Loan servicing income (loss):      
Servicing fee income 1,458,637 1,325,938 1,074,255
Change in fair value of MSRs 185,036 (689,432) (2,379,355)
Loan servicing income (loss), net 1,643,673 636,506 (1,305,100)
Interest income:      
Interest income 350,591 430,086 329,593
Interest expense on funding facilities (166,388) (261,146) (245,523)
Interest income, net 184,203 168,940 84,070
Other income 873,200 1,640,446 1,800,394
Total revenue, net 5,838,493 12,914,466 15,650,067
Expenses      
Salaries, commissions and team member benefits 2,797,868 3,356,815 3,238,301
General and administrative expenses 906,195 1,183,418 1,053,080
Marketing and advertising expenses 945,694 1,249,583 949,933
Depreciation and amortization 94,020 74,713 74,316
Interest and amortization expense on non-funding debt 153,596 230,740 186,301
Other expenses 199,209 634,296 616,479
Total expenses 5,096,582 6,729,565 6,118,410
Income before income taxes 741,911 6,184,901 9,531,657
Provision for income taxes (41,978) (112,738) (132,381)
Net income 699,933 6,072,163 9,399,276
Net income attributable to non-controlling interest (653,512) (5,763,953) (9,201,325)
Net income attributable to Rocket Companies $ 46,421 $ 308,210 $ 197,951
Earnings per share of Class A common stock:      
Basic (in dollars per share) $ 0.39 $ 2.36 $ 1.77
Diluted (in dollars per share) $ 0.28 $ 2.32 $ 1.76
Weighted average shares outstanding:      
Basic (in shares) 120,577,548 130,578,206 111,926,619
Diluted (in shares) 1,971,620,573 1,989,433,567 116,238,493
Comprehensive income:      
Net income $ 699,933 $ 6,072,163 $ 9,399,276
Cumulative translation adjustment (950) (115) 885
Unrealized gain (loss) on investment securities 516 (5,550) 5,033
Comprehensive income 699,499 6,066,498 9,405,194
Comprehensive income attributable to noncontrolling interest (653,101) (5,758,675) (9,207,296)
Comprehensive income attributable to Rocket Companies $ 46,398 $ 307,823 $ 197,898
v3.22.4
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Prior to reorganization transactions
Subsequent to reorganization transactions
IPO
Greenshoe option
Common Stock
Class A common stock
Common Stock
Class A common stock
IPO
Common Stock
Class A common stock
Greenshoe option
Common Stock
Class D common stock
Common Stock
Class D common stock
IPO
Common Stock
Class D common stock
Greenshoe option
Additional Paid-in Capital
Additional Paid-in Capital
Subsequent to reorganization transactions
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Greenshoe option
Retained Earnings
Retained Earnings
Subsequent to reorganization transactions
Net Parent Investment
Net Parent Investment
Prior to reorganization transactions
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income
Prior to reorganization transactions
Accumulated Other Comprehensive (Loss) Income
Subsequent to reorganization transactions
Total Non-controlling Interest
Total Non-controlling Interest
Prior to reorganization transactions
Total Non-controlling Interest
Subsequent to reorganization transactions
Total Non-controlling Interest
IPO
Beginning Balance (in shares) at Dec. 31, 2019           0     0                                  
Beginning Balance at Dec. 31, 2019 $ 3,515,555         $ 0     $ 0     $ 0       $ 0   $ 3,510,698   $ (151)     $ 5,008      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                    
Net income (loss) 9,399,276 $ 4,643,234 $ 4,756,042                           $ 193,104   $ 4,644,288         $ (1,054) $ 4,562,938  
Other comprehensive income (loss) 885 (664) 1,551                                   $ (542) $ 66   (122) 1,485  
Unrealized gain (loss) on investment securities 5,033                                     6,969     (1,936)      
Net transfers to parent (3,827,706)                                 (3,827,706)                
Share-based compensation, net   $ 61,200 $ 74,987                   $ 28,096           $ 61,180         $ 20 $ 46,891  
Effect of reorganization transactions (in shares)           372,565     1,984,079,483                                  
Effect of reorganization transactions 36,732               $ 20     253,102       9,968   (4,388,460)   (6,079)     4,168,181      
Distributions for state taxes on behalf of unit holders (members), net (8,504)                             (481)             (8,023)      
Distributions to unit holders (members) from subsidiary investment (1,366,677)                                           (1,366,677)      
Proceeds received from stock issuance (in shares)             100,000,000 15,000,000   (100,000,000) (15,000,000)                              
Proceeds received from stock issuance       $ 1,744,075 $ 263,925   $ 1             $ 1,758,719 $ 263,925                     $ (14,645)
Repurchase of shares (2,023,425)               $ (1)     (2,023,424)                            
Increase in controlling interest resulting from Greenshoe 0                     2,047       4,847       (26)     (6,868)      
Non-controlling interest attributed to dissolution (884)                                           (884)      
Increase (decrease) in controlling interest of investment 7,682                     278       (16)       80     7,340      
Ending Balance (in shares) at Dec. 31, 2020           115,372,565     1,869,079,483                                  
Ending Balance at Dec. 31, 2020 7,882,156         $ 1     $ 19     282,743       207,422   0   317     7,391,654      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                    
Net income (loss) 6,072,163                             308,210             5,763,953      
Other comprehensive income (loss) (115)                                     (10)     (105)      
Unrealized gain (loss) on investment securities (5,550)                                     (375)     (5,175)      
Stock based compensation, net (in shares)           2,529,124                                        
Share-based compensation, net 153,686                     9,899                     143,787      
Distributions for state taxes on behalf of unit holders (members), net (141,552)                             (8,414)             (133,138)      
Distributions to unit holders (members) from subsidiary investment (3,844,159)                                           (3,844,159)      
Special Dividend to Class A Shareholders (144,805)                             (145,640)             835      
Pushdown of Dividend Equivalent 0                             16,427             (16,427)      
Repurchased of shares (in shares)           (14,442,195)                                        
Repurchase of shares (231,584)                     (231,584)                            
Taxes withheld on employees' restricted share award vesting (12,721)                     (878)                     (11,843)      
Issuance of Class A Common Shares under stock compensation and benefit plans (in shares)           2,778,209                                        
Issuance of Class A Common Shares under stock compensation and benefit plans 51,370                     3,523                     47,847      
Change in controlling interest of investment, net (in shares)           20,200,000     (20,200,000)                                  
Change in controlling interest of investment, net (19,357)                     223,855               149     (243,361)      
Ending Balance (in shares) at Dec. 31, 2021           126,437,703     1,848,879,483                                  
Ending Balance at Dec. 31, 2021 9,759,532         $ 1     $ 19     287,558       378,005   0   81     9,093,868      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                    
Net income (loss) 699,933                             46,421             653,512      
Other comprehensive income (loss) (950)                                     (48)     (902)      
Unrealized gain (loss) on investment securities 516                                     25     491      
Stock based compensation, net (in shares)           10,142,678                                        
Share-based compensation, net 210,484                     13,643                     196,841      
Distributions for state taxes on behalf of unit holders (members), net (30,778)                             (373)             (30,405)      
Distributions to unit holders (members) from subsidiary investment (1,831,137)                     717                     (1,831,854)      
Special Dividend to Class A Shareholders (154,035)                             (123,659)             (30,376)      
Repurchased of shares (in shares)           (17,698,472)                                        
Repurchase of shares (177,700)                     (177,700)                            
Taxes withheld on employees' restricted share award vesting (43,748)                     (2,529)                     (41,219)      
Issuance of Class A Common Shares under stock compensation and benefit plans (in shares)           4,609,697                                        
Issuance of Class A Common Shares under stock compensation and benefit plans 43,474                     2,722                     40,752      
Change in controlling interest of investment, net (42)                     151,810               11     (151,863)      
Ending Balance (in shares) at Dec. 31, 2022           123,491,606     1,848,879,483                                  
Ending Balance at Dec. 31, 2022 $ 8,475,549         $ 1     $ 19     $ 276,221       $ 300,394   $ 0   $ 69     $ 7,898,845      
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 699,933 $ 6,072,163 $ 9,399,276
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 94,020 74,713 74,316
Provision for deferred income taxes 36,174 48,319 66,530
Loss on extinguishment of Senior Notes 0 87,262 43,695
Origination of mortgage servicing rights (1,970,647) (3,864,359) (3,124,659)
Change in fair value of MSRs, net (259,647) 599,167 2,297,988
Gain on sale of loans excluding fair value of MSRs, net (1,166,770) (6,604,215) (11,946,044)
Disbursements of mortgage loans held for sale (134,326,580) (352,968,791) (316,702,083)
Proceeds from sale of loans held for sale 147,980,499 363,999,306 318,223,938
Share-based compensation expense 216,001 163,712 136,187
Change in assets and liabilities:      
Due from affiliates (1,043) 12,420 7,249
Other assets 22,758 87,443 (412,688)
Accounts payable (155,213) 11,170 94,562
Due to affiliates (907) (40,967) 20,947
Premium recapture and indemnification losses paid (26,881) 254 (4,010)
Other liabilities (318,202) 66,331 147,426
Total adjustments 10,123,562 1,671,765 (11,076,646)
Net cash provided by (used in) operating activities 10,823,495 7,743,928 (1,677,370)
Investing activities      
Proceeds from sale of MSRs 671,917 933,457 561,560
Net purchase of MSRs (14,640) (184,527) 0
Net decrease in notes receivable from affiliates 0 0 60,516
Decrease (increase) in mortgage loans held for investment 12,534   3,973
Decrease (increase) in mortgage loans held for investment   (21,200)  
Net decrease (increase) in investment securities 2,055    
Net decrease (increase) in investment securities   (39,896) (2,500)
Cash paid on acquisition of business 0 (1,234,395) 0
Purchase and other additions of property and equipment, net of disposals (93,124) (118,291) (106,346)
Net cash provided by (used in) investing activities 578,742 (664,852) 517,203
Financing activities      
Net (payments) borrowings on funding facilities (9,202,893) (4,990,981)  
Net (payments) borrowings on funding facilities     5,700,695
Net (payments) borrowings on lines of credit (75,000) (300,000)  
Net (payments) borrowings on lines of credit     210,000
Borrowings on Senior Notes 0 2,000,000 2,000,000
Repayments on Senior Notes 0 (1,022,711) (1,285,938)
Net (payments) borrowings on early buy out facility (1,223,902)    
Net (payments) borrowings on early buy out facility   1,566,518 134,019
Net borrowings (payments) notes payable from unconsolidated affiliates 720 721  
Net borrowings (payments) notes payable from unconsolidated affiliates     (9,276)
Proceeds from MSRs financing liability 0 21,635 190,621
Issuance of Class D Shares to RHI 0 0 20
Proceeds from Class A Shares Issued prior to Offering 0 0 6,706
Proceeds received from IPO, net of cost 0 0 1,744,075
Proceeds received from Greenshoe option 0 0 263,925
Use of Proceeds to Purchase Class D Shares and Holding Units from RHI 0 0 (2,023,424)
Stock issuance 37,760 41,981 0
Share repurchase (177,700) (231,584) 0
Taxes withheld on employees' restricted share award vesting (43,748) (12,721) 0
Distributions to other unit holders (members) and Class A shareholders (2,139,023) (3,994,325) (1,375,181)
Net transfers to Parent 0 0 (3,798,582)
Net cash (used in) provided by financing activities (12,823,786) (6,921,467) 1,757,660
Effects of exchange rate changes on cash and cash equivalents (949) (115) 885
Net (decrease) increase in cash and cash equivalents and restricted cash (1,422,498) 157,494 598,378
Cash and cash equivalents and restricted cash, beginning of period 2,211,597 2,054,103 1,455,725
Cash and cash equivalents and restricted cash, end of period 789,099 2,211,597 2,054,103
Non-cash activities      
Loans transferred to other real estate owned 1,312 1,288 1,484
Supplemental disclosures      
Cash paid for interest on related party borrowings 6,408 7,167 3,486
Cash paid for interest, net 321,176 422,593 366,953
Cash paid for income taxes, net $ 12,544 $ 76,631 $ 55,695
v3.22.4
Business, Basis of Presentation and Accounting Policies
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business, Basis of Presentation and Accounting Policies Business, Basis of Presentation and Accounting Policies
Rocket Companies, Inc. (the "Company", and together with its consolidated subsidiaries, "Rocket Companies", "we", "us", "our") was incorporated in Delaware on February 26, 2020 as a wholly owned subsidiary of Rock Holdings Inc. ("RHI") for the purpose of facilitating an initial public offering ("IPO") of its Class A common stock, $0.00001 par value (the “Class A common stock”) and other related transactions in order to carry on the business of RKT Holdings, LLC ("Holdings") and its wholly owned subsidiaries.

We are a Detroit-based fintech holding company consisting of tech-driven mortgage, real estate and financial services businesses. We are committed to providing an industry-leading client experience powered by our simple, fast and trusted digital solutions. In addition to Rocket Mortgage, one of the nation’s largest mortgage lenders, we have expanded into complementary industries, such as real estate services, personal lending, solar, and personal finance. Through these industries, we seek to deliver innovative client solutions leveraging our Rocket platform. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, refer to Note 16, Segments.

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

Edison Financial ULC, changed its name to "Rocket Mortgage Canada ULC", effective as of July 12, 2022.

Basis of Presentation and Consolidation

Prior to the completion of the initial public offering, RHI, Holdings and its subsidiaries consummated an internal reorganization in which Rocket Companies, Inc. became the sole managing member of Holdings. Prior to the reorganization, Rocket Companies, Inc. had no operations.

As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our Net income is allocated to Net income attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 17, Non-controlling Interests.

Income from Holdings and its subsidiaries prior to the reorganization and IPO has been accounted for as a non-controlling interest in our Consolidated Statements of Income and Comprehensive Income. Accumulated net income prior to the reorganization and IPO is presented in Net Parent Investment in our Consolidated Statements of Changes in Equity as the financial statements prior to the reorganization and IPO reflect combined subsidiaries operating as part of RHI.

We have accounted for the reorganization as one of entities under common control and the Net Parent Investment was allocated between Total Non-controlling Interest and Additional Paid-in Capital based on the ownership of Holdings.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
The Company's derivatives, IRLCs, mortgage loans held for sale, and MSRs are measured at fair value on a recurring basis. Additionally, other assets may be required to be measured at fair value in the consolidated financial statements on a nonrecurring basis. Examples of such measurements are mortgage loans transferred between held for investment and held for sale, certain impaired loans, and other real estate owned. For further details of the Company's transactions refer to Note 2, Fair Value Measurements.

All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 7, Transactions with Related Parties.

Our consolidated financial statements are audited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.

We believe the assumptions underlying the consolidated financial statements, including the assumptions regarding allocation of expenses from RHI are reasonable. Prior to the reorganization and IPO, the executive management compensation expense has been allocated based on time incurred for services provided to Holdings and its subsidiaries for 2020. Total costs allocated to us for these services were $96,199 for the year ended December 31, 2020. This amount was included in salaries, commissions and team member benefits in our Consolidated Statements of Income and Comprehensive Income. In our opinion, these consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented.

Acquisition Agreement

On August 5, 2020, Rocket Companies, Inc. entered into an acquisition agreement with RHI and its direct subsidiary Amrock Holdings Inc. pursuant to which we acquired ATI, a title insurance underwriting business, for total aggregate consideration of $14,400 that consisted of 800,000 Holdings Units and shares of Rocket Companies, Inc. Class D common stock valued at the initial public offering price of $18.00 per share (the number of shares issued equals the purchase price divided by the price to the public in our initial public offering), the acquisition closed on August 14, 2020 subsequent to the IPO date on August 10, 2020. Because the Acquisition was a transaction between commonly controlled entities, U.S. GAAP requires the retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. Accordingly, the Company’s consolidated financial statements included in this Form 10-K for the year ended December 31, 2020, reflect the retrospective combination of the entities as if the combination had been in effect since inception of common control.

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. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.

Subsequent Events

In preparing these consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these consolidated financial statements were issued. Refer to Note 6, Borrowings for disclosures on changes to the Company’s debt agreements and Note 12, Income Taxes for transactions subsequent to December 31, 2022.

Special Dividends

On February 25, 2021, our board of directors authorized and declared a cash dividend (the "2021 Special Dividend") of $1.11 per share to the holders of our Class A common stock. The 2021 Special Dividend was paid on March 23, 2021 to holders of the Class A common stock of record as of the close of business on March 9, 2021. The Company funded the 2021 Special
Dividend from cash distributions of approximately $2.2 billion by RKT Holdings, LLC to all of its members, including the Company.

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

Share Repurchase Authorization

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

Revenue Recognition

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

Loan servicing income (loss), net — includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSR asset as of the respective balance sheet date.

Interest income, net — includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Interest income is accrued and credited to income daily based on the unpaid principal balance outstanding. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

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

The following revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder:
    
Amrock closing fees — The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $157,853, $506,685, and $457,703 for the years ended December 31, 2022, 2021, and 2020, respectively.
Amrock appraisal revenue, net — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net was $65,082, $96,471, and $78,673 for the years ended December 31, 2022, 2021, and 2020, respectively.

Rocket Money (formerly known as Truebill) 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 $118,344 for the year ended December 31, 2022.

Rocket Homes real estate network referral fees — The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $48,207, $54,181, and $42,777 for the years ended December 31, 2022, 2021, and 2020, respectively.

Rock Connections and Rocket Auto contact center revenue — The Company recognizes contact center revenue for communication services including client support and sales. Consideration received mainly includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $17,476, $45,485, and $27,904 for the years ended December 31, 2022, 2021, and 2020, respectively.

Professional service fees — The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $12,111, $12,753, and $10,884 for the years ended December 31, 2022, 2021, and 2020, respectively, and were rendered entirely to related parties.

Core Digital Media lead generation revenue — The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $9,049, $27,699, and $24,231 for the years ended December 31, 2022, 2021, and 2020, respectively.

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.

The Company incurred marketing and advertising costs related to the naming rights for Rocket Mortgage Field House and other promotional sponsorships, which are related parties. Refer to Note 7. Transactions with Related Parties for further information.
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, 2022, 2021, and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond.
December 31,
202220212020
Cash and cash equivalents$722,293 $2,131,174 $1,971,085 
Restricted cash66,806 80,423 83,018 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$789,099 $2,211,597 $2,054,103 

Mortgage Loans Held for Sale

The Company has elected the fair value option for accounting for mortgage loans held for sale.

Included in mortgage loans held for sale are loans originated as held for sale that are expected to be sold into the secondary market and loans that have been previously sold and repurchased from investors that management intends to resell into the secondary market. Refer to Note 4, Mortgage Loans Held for Sale, for further information.

Derivative Financial Instruments

The Company enters into interest rate lock commitments, forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the 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. Changes in the fair value of the IRLCs and forward commitments to sell and purchase mortgage loans are recorded in current period earnings and are included in gain on sale of loans, net in the Consolidated Statements of Income and Comprehensive Income. Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in gain on sale of loans, net in the Consolidated Statements of Income and Comprehensive Income.

The Company enters into IRLCs to fund residential mortgage loans with its potential borrowers. These commitments are binding agreements to lend funds to these potential borrowers at specified interest rates within specified periods of time.

The fair value of IRLCs is derived from the fair value of similar mortgage loans or bonds, which is based on observable market data. Changes to the fair value of IRLCs are recognized based on changes in interest rates, changes in the probability that the commitment will be exercised, and the passage of time. The expected net future cash flows related to the associated servicing of the loan are included in the fair value measurement of rate locks.

IRLCs and uncommitted mortgage loans held for sale expose the Company to the risk that the value of the mortgage loans held and mortgage loans underlying the commitments may decline due to increases in mortgage interest rates during the life of the commitments. To protect against this risk, the Company uses forward loan sale commitments to economically hedge the risk of potential changes in the value of the loans. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the IRLCs and uncommitted mortgage loans held for sale. The changes in the fair value of these derivatives are recorded in gain on sale of loans, net.

MSR assets (including the MSR value associated with outstanding IRLCs) that the Company plans to sell expose the Company to the risk that the value of the MSR asset may decline due to decreases in mortgage interest rates prior to the sale of these assets. To protect against this risk, the Company uses forward loan purchase commitments to economically hedge the risk of potential changes in the value of MSR assets that have been identified for sale. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either
fully or partially offset the changes in fair value of the MSR assets the Company intends to sell. The changes in fair value of these derivatives are recorded in the change in fair value of MSRs, net.

Forward commitments include To-Be-Announced ("TBA") mortgage-backed securities that have been aggregated at the counterparty level for presentation and disclosure purposes. Counterparty agreements contain a legal right to offset amounts due to and from the same counterparty under legally enforceable master netting agreements to settle with the same counterparty, on a net basis, as well as the right to obtain cash collateral. Forward commitments also include commitments to sell loans to counterparties and to purchase loans from counterparties at determined prices. Refer to Note 13, Derivative Financial Instruments for further information.

Mortgage Servicing Rights

Mortgage servicing rights are recognized as assets on the Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSR asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various outside sources. Refer to Note 3, Mortgage Servicing Rights for further information.

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 5, Property and Equipment for further information.

Intangible Assets

Definite-lived intangible assets primarily consist of customer relationships and technology 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 9, Goodwill and Intangible Assets, for further information on the goodwill attributable to the Company’s acquisitions.

Loans subject to repurchase right from Ginnie Mae

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

Non-controlling interests

As noted above, we are the sole managing member of Holdings and consolidate the financial results of Holdings. Therefore, we report a non-controlling interest based on the Holdings Units of Holdings held by Dan Gilbert, our founder and Chairman (our "Chairman") and RHI (the "non-controlling interest holders") on our Consolidated Balance Sheets. Income or loss is attributed to the non-controlling interests based on the weighted average Holdings Units outstanding during the period and is presented on the Consolidated Statements of Income and Comprehensive Income. Refer to Note 17, Non-controlling Interests for more information.

Share-based Compensation

In connection with the IPO, equity-based awards were issued under the Rocket Companies, Inc. 2020 Omnibus Incentive Plan including restricted stock units and stock options to purchase shares of our Class A common stock at an exercise price equal to the price to the public in the initial public offering. Share-based compensation expense is recorded as a component of salaries, commissions and team member benefits. 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, refer to Note 18, Share-based Compensation 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.

Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. 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

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

Variable Interest Entities

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

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

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

Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended December 31, 2022. Prior to the reorganization and IPO, Rocket Companies, Inc. was not impacted by Holdings.

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 Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program, described in Note 18, Share-based Compensation are included in the weighted-average Class A shares outstanding in the calculation of basic EPS once the units are fully vested. Refer to Note 19, Earnings Per Share for more information.

Recently Adopted Accounting Standards

There are no recently issued accounting pronouncements adopted for the period.
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.

Fair value measurements are classified in the following manner:

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

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

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

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

The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of December 31, 2022 or December 31, 2021.

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

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

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

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

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 year ended December 31, 2022 or the year ended December 31, 2021.
Level 1Level 2Level 3Total
Balance at December 31, 2022
Assets:
Mortgage loans held for sale (1)$— $6,260,745 $1,082,730 $7,343,475 
IRLCs— — 90,635 90,635 
MSRs— — 6,946,940 6,946,940 
Forward commitments— 22,444 — 22,444 
Total assets$— $6,283,189 $8,120,305 $14,403,494 
Liabilities:
Forward commitments$— $25,117 $— $25,117 
Total liabilities$— $25,117 $— $25,117 
Balance at December 31, 2021
Assets:
Mortgage loans held for sale (1)$— $17,014,202 $2,309,366 $19,323,568 
IRLCs— — 538,861 538,861 
MSRs— — 5,385,613 5,385,613 
Forward commitments— 17,337 — 17,337 
Total assets$— $17,031,539 $8,233,840 $25,265,379 
Liabilities:
Forward commitments$— $19,911 $— $19,911 
Total liabilities$— $19,911 $— $19,911 

(1)    As of December 31, 2022 and 2021, $314.4 million and $830.1 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were considered in non-accrual status.

The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
December 31, 2022December 31, 2021
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
67% - 100%
86 %
89% - 103%
99 %
IRLCs
Loan funding probability
0% - 100%
68 %
0% - 100%
78 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.0% - 12.0%
9.5 %
Conditional prepayment rate
6.1% - 26.6%
6.9 %
6.8% - 36.9%
8.7 %

The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.
Loans Held for SaleIRLCs
Balance at December 31, 2021
$2,309,366 $538,861 
Transfers in (1)1,315,430 — 
Transfers out/principal reductions (1)(2,371,104)— 
Net transfers and revaluation losses— (448,226)
Total losses included in net income(170,962)— 
Balance at December 31, 2022
$1,082,730 $90,635 
Balance at December 31, 2020
$579,666 $1,897,194 
Transfers in (1)3,524,260 — 
Transfers out/principal reductions (1)(1,788,552)— 
Net transfers and revaluation losses— (1,358,333)
Total losses included in net income(6,008)— 
Balance at December 31, 2021
$2,309,366 $538,861 

(1)    Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.

Fair Value Option

The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance:
Fair ValuePrincipal Amount Due Upon MaturityDifference (1)
Balance at December 31, 2022
$7,343,475 $7,424,223 $(80,748)
Balance at December 31, 2021
$19,323,568 $19,018,552 $305,016 

(1)    Represents the amount of gains (losses) included in Gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.

Disclosures of the fair value of certain financial instruments are required when it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques.

The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
December 31, 2022December 31, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes, due 10/15/2026$1,141,432 $984,963 $1,139,146 $1,151,932 
Senior Notes, due 1/15/202861,330 57,039 61,197 64,251 
Senior Notes, due 3/1/2029743,815 595,493 742,812 752,805 
Senior Notes, due 3/1/20311,238,958 961,450 1,237,605 1,273,675 
Senior Notes, due 10/15/2033842,435 625,175 841,731 857,718 
Total Senior Notes, net$4,027,970 $3,224,120 $4,022,491 $4,100,381 

The fair value of Senior Notes was calculated using the observable bond price at December 31, 2022 and 2021, respectively. The Senior Notes are classified as Level 2 in the fair value hierarchy.
v3.22.4
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
The following table summarizes changes to the MSR assets for the year ended:
Year Ended December 31,
20222021
Fair value, beginning of period$5,385,613 $2,862,685 
MSRs originated1,970,647 3,864,359 
MSRs sales(671,968)(936,257)
MSRs purchases— 200,591 
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)1,285,981 589,852 
Due to collection/realization of cash flows(1,023,333)(1,195,617)
Total changes in fair value262,648 (605,765)
Fair value, end of period$6,946,940 $5,385,613 

(1)    Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale or the effects of contractual prepayment protection resulting from sales of MSRs.
The total UPB of mortgage loans serviced, excluding subserviced loans, at December 31, 2022 and 2021 was $486,540,840 and $485,087,214, respectively. The portfolio primarily consists of high-quality performing agency and government (FHA and VA) loans. As of December 31, 2022, delinquent loans (defined as 60-plus days past-due) were 1.20% of our total portfolio. Excluding clients in forbearance plans, our delinquent loans (defined as 60-plus days past-due) were 0.88% as of December 31, 2022.
The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio:
December 31, 2022December 31, 2021
Discount rate9.9 %9.5 %
Prepayment speeds6.9 %8.7 %
Life (in years)8.087.25
The key assumptions used to estimate the fair value of MSRs are prepayment speeds and the discount rate. Increases in prepayment speeds generally have an adverse effect on the value of MSRs as the underlying loans prepay faster. In a declining interest rate environment, the fair value of MSRs generally decreases as prepayments increase and therefore, the estimated life of the MSRs and related cash flows decrease. Decreases in prepayment speeds generally have a positive effect on the value of MSRs as the underlying loans prepay less frequently. In a rising interest rate environment, the fair value of MSRs generally increases as prepayments decrease and therefore, the estimated life of the MSRs and related cash flows increase. Increases in the discount rate result in a lower MSRs value and decreases in the discount rate result in a higher MSRs value. MSRs uncertainties are hypothetical and do not always have a direct correlation with each assumption. Changes in one assumption may result in changes to another assumption, which might magnify or counteract the uncertainties.
The following table stresses the discount rate and prepayment speeds at two different data points:
Discount RatePrepayment Speeds
100 BPS Adverse Change200 BPS Adverse Change10% Adverse Change20% Adverse Change
December 31, 2022
Mortgage servicing rights
$(295,754)$(565,704)$(171,297)$(334,664)
December 31, 2021
Mortgage servicing rights$(232,658)$(435,181)$(198,153)$(372,018)
v3.22.4
Mortgage Loans Held for Sale
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Mortgage Loans Held for Sale Mortgage Loans Held for Sale
The Company sells substantially all of its originated mortgage loans into the secondary market. The Company retains the right to service a majority of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Consolidated Statements of Cash Flows is below:

Year Ended December 31,
20222021
Balance at the beginning of period$19,323,568 $22,865,106 
Disbursements of mortgage loans held for sale134,326,580 352,968,791 
Proceeds from sales of mortgage loans held for sale (1)(147,952,800)(363,970,300)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2)1,646,127 7,459,971 
Balance at the end of period
$7,343,475 $19,323,568 

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

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

Credit Risk

The Company is subject to credit risk associated with mortgage loans that it purchases and originates during the period of time prior to the sale of these loans. The Company considers credit risk associated with these loans to be insignificant as it holds the loans for a short period of time, which for the year ended December 31, 2022 is, on average, approximately 43 days from the date of borrowing, and the market for these loans continues to be highly liquid. The Company is also subject to credit risk associated with mortgage loans it has repurchased as a result of breaches of representations and warranties during the period of time between repurchase and resale.
v3.22.4
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment are depreciated over lives primarily ranging from 3 to 7 years for office furniture, equipment, computer software and leasehold improvements. Property and equipment consist of the following:
December 31,
20222021
Office furniture, equipment, and technology$284,542 $419,583 
Leasehold improvements202,806 229,335 
Internally-developed software157,754 116,473 
Projects-in-process92,352 56,391 
Total cost$737,454 $821,782 
Accumulated depreciation and amortization(463,262)(567,406)
Total property and equipment, net$274,192 $254,376 
v3.22.4
Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company maintains various funding facilities and other non-funding debt as shown in the tables below. Interest rates typically have two main components: a base rate most commonly SOFR or LIBOR, which is sometimes subject to a minimum floor and 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, 2022 and 2021.

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

The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) merge, consolidate or sell, transfer or lease assets, and; (2) create liens on assets.
Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
MRA funding:
1) Master Repurchase Agreement (1)(9)
Mortgage loans held for sale (8)
10/20/2023$1,000,000 $100,000 $49,381 $249,119 
2) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
11/30/20231,000,000 100,000 138,057 1,328,727 
3) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
8/9/20242,000,000 250,000 702,128 1,714,806 
4) Master Repurchase Agreement (2)(9)
Mortgage loans held for sale (8)
10/26/20232,000,000 800,000 917,621 1,479,128 
5) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
5/4/20241,000,000 250,000 493,029 2,264,954 
6) Master Repurchase Agreement (3)(9)
Mortgage loans held for sale (8)
9/9/20241,500,000 250,000 101,152 498,335 
7) Master Repurchase Agreement (4)(9)
Mortgage loans held for sale (8)
(4)
— — — 542,846 
8) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
9/22/20231,250,000 250,000 186,707 539,257 
9) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
9/27/2024750,000 100,000 171,642 616,165 
10) Master Repurchase Agreement (5)(9)
Mortgage loans held for sale (8)
(5)
— — — 253,389 
10,500,000 2,100,000 2,759,717 9,486,726 
Early Funding:
11) Early Funding Facility (6)(9)
Mortgage loans held for sale (8)
(6)
5,000,000 — 561,874 2,071,154 
12) Early Funding Facility (7)(9)
Mortgage loans held for sale (8)
(7)
2,000,000 — 227,108 1,193,712 
7,000,000 — 788,982 3,264,866 
Total$17,500,000 $2,100,000 $3,548,699 $12,751,592 

(1)    Subsequent to December 31, 2022, this facility was amended to decrease the total facility size to $250,000 with $50,000 committed.

(2)    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, 2022, this facility was amended to decrease the committed amount to $550,000 and was extended to January 26, 2024.

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

(4)    This facility was voluntarily paid off and terminated in December 2022.

(5)    This facility matured in December 2022.

(6)    This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.
(7)    This facility will have an overall line size of $2,000,000, which 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.

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

(9)    The interest rates charged by lenders of the funding facilities included the applicable base rate plus a spread ranging from 1.00% and 1.85% for the year ended December 31, 2022, and 1.00% to 2.25%, for the year ended December 31, 2021.

Other Financing Facilities
Facility Type (5)
CollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
Line of Credit Financing Facilities
1) Unsecured line of credit (1)—7/27/2025$2,000,000 $— $— $— 
2) Unsecured line of credit (1)—7/31/2025100,000 — — — 
3) Revolving credit facility (4)—8/10/20251,000,000 1,000,000 — — 
4) MSR line of credit (4)MSRs10/20/2023200,000 — — — 
5) MSR line of credit (2)(4)MSRs9/9/20241,500,000 250,000 — — 
6) MSR line of credit (3)(4)MSRs(3)— — — 75,000 
$4,800,000 $1,250,000 $— $75,000 
Early Buyout Financing Facility
7) Early buy out facility (4)Loans/ Advances3/13/2024$1,500,000 $— $672,882 $1,896,784 

(1)    Refer to Note 7, Transactions with Related Parties for additional details regarding this unsecured line of credit

(2)    This facility is a sublimit of Master Repurchase Agreement 6, found above in Funding Facilities. Refer to subfootnote 3, Funding Facilities for additional details regarding this financing facility.

(3)    This facility was voluntarily paid off and terminated in March 2022.

(4)    The interest rates charged by lenders on the other funding facilities included the applicable base rate, plus a spread ranging from 1.45% to 4.00% for the years ended December 31, 2022 and December 31, 2021.

(5)    Subsequent to December 31, 2022, the Company established a new revolving credit facility for personal loans. Effective January 30, 2023 the facility has a line size of $75,000, maturing on January 30, 2025.
Unsecured Senior Notes
Facility TypeMaturityInterest Rate
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
Unsecured Senior Notes(1)10/15/20262.875 %$1,150,000 $1,150,000 
Unsecured Senior Notes(2)1/15/20285.250 %61,985 61,985 
Unsecured Senior Notes(3)3/1/20293.625 %750,000 750,000 
Unsecured Senior Notes(4)3/1/20313.875 %1,250,000 1,250,000 
Unsecured Senior Notes(5)10/15/20334.000 %850,000 850,000 
Total Senior Notes
$4,061,985 $4,061,985 
Weighted Average Interest Rate3.59 %3.59 %

(1)    The 2026 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Consolidated Balance Sheets by $8,569 and $10,854, as of December 31, 2022 and 2021, respectively. Prior to October 15, 2023 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after October 15, 2023, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to April 15, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 102.875% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2023101.438 %
2024100.719 %
2025 and thereafter100.000 %

(2)    The 2028 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. During the fourth quarter of 2021, we purchased $948,015 of the outstanding principal amount of the 2028 Senior Notes in a Tender Offer and Consent Solicitation. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Consolidated Balance Sheets by $358 and $298 as of December 31, 2022, respectively and reducing the $61,985 carrying amount on the Consolidated Balance Sheets by $430 and $358, as of December 31, 2021, respectively. At any time and from time to time on or after January 15, 2023, the Company may redeem the notes at its option, in whole or in part, upon not less than 30 nor more than 60 days' notice, at the redemption prices equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, to but excluding the redemption date, in cash, if redeemed during the twelve-month period beginning on January 15 in the years indicated below:
YearPercentage
2023102.625 %
2024101.750 %
2025100.875 %
2026 and thereafter100.000 %

(3)    The 2029 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $750,000 carrying amount on the Consolidated Balance Sheets by $6,185 and $7,188, as of December 31, 2022 and 2021,
respectively. Prior to March 1, 2024 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after March 1, 2024, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to September 1, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 103.625% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2024101.813 %
2025100.906 %
2026 and thereafter100.000 %

(4)    The 2031 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Consolidated Balance Sheets by $11,040 and $12,395 as of December 31, 2022 and 2021, respectively. Prior to March 1, 2026 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after March 1, 2026, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to September 1, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 103.875% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.

YearPercentage
2026101.938 %
2027101.292 %
2028100.646 %
2029 and thereafter100.000 %

(5)    The 2033 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $850,000 carrying amount on the Consolidated Balance Sheets by $7,565 and $8,269, as of December 31, 2022 and 2021, respectively. Prior to October 15, 2027 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after October 15, 2027, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to April 15, 2024, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 104.000% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2027102.000 %
2028101.333 %
2029100.667 %
2030 and thereafter100.000 %

The following table outlines the contractual maturities (by unpaid principal balance) of unsecured senior notes (excluding interest and debt discount) for the years ended.

YearAmount
2023$— 
2024— 
2025— 
20261,150,000 
2027— 
Thereafter2,911,985 
Total$4,061,985 

Refer to Note 2, Fair Value Measurements for information pertaining to the fair value of the Company’s debt as of December 31, 2022 and 2021.
v3.22.4
Transactions with Related Parties
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Transactions with Related Parties Transactions with Related Parties
The Company has entered into various transactions and agreements with RHI, its subsidiaries, certain other affiliates and related parties (collectively, “Related Parties”). These transactions include providing financing and services as well as obtaining financing and services from these Related Parties.

Financing Arrangements

On June 9, 2017, Rocket Mortgage and RHI entered into an unsecured line of credit, as further amended and restated on September 16, 2021 ("RHI Line of Credit"), pursuant to which Rocket Mortgage has a borrowing capacity of $2,000,000. The RHI Line of Credit matures on July 27, 2025. Borrowings under the line of credit bear interest at a rate per annum of the applicable base rate, plus a spread of 1.25%. The line of credit is uncommitted and RHI has sole discretion over advances. The RHI Line of Credit also contains negative covenants which restrict the ability of the Company to incur debt and create liens on certain assets. It also requires Rocket Mortgage to maintain a quarterly consolidated net income before taxes if adjusted tangible net worth meets certain requirements. There were no outstanding principal amounts due to RHI as of December 31, 2022 and December 31, 2021, pursuant to the RHI Line of Credit. Rocket Mortgage had no repayments in 2022, interest paid was $762 and related to the outstanding balance from prior year. Rocket Mortgage repaid an aggregate of $2,502,793, including interest of $2,793 for the year ended December 31, 2021.

RHI and ATI are parties to a surplus debenture, effective as of December 28, 2015, and as further amended and restated on December 31, 2019 (the “RHI/ATI Debenture”), pursuant to which ATI is indebted to RHI for an aggregate principal amount of $21,500. The RHI/ATI Debenture matures on December 31, 2030. Interest under the RHI/ATI Debenture accrues at an annual rate of 8%. Principal and interest under the RHI/ATI Debenture are due and payable quarterly, in each case subject to ATI achieving a certain amount of surplus and payments of all interest before principal payments begin. Any unpaid amounts of principal and interest shall be due and payable upon the maturity of the RHI/ATI Debenture. ATI repaid an aggregate of $1,000 for the years ended December 31, 2022 and 2021, respectively. The total amount of interest accrued under the RHI/ATI Debenture was $1,720 for the years ended December 31, 2022 and 2021, respectively.

On July 31, 2020, Holdings and RHI entered into an agreement for an uncommitted, unsecured revolving line of credit ("RHI 2nd Line of Credit’’), which will provide for financing from RHI to the Company of up to $100,000. The RHI 2nd Line of Credit matures on July 31, 2025. Borrowings under the line of credit will bear interest at a rate per annum of the applicable base rate plus a spread of 1.25%. The negative covenants of the line of credit restrict the ability of the Company to incur debt
and create liens on certain assets. The line of credit also contains customary events of default. As of December 31, 2022 and December 31, 2021 there were no draws on the RHI 2nd Line of Credit and no amounts outstanding.

The amounts receivable from and payable to Related Parties consisted of the following as of:

December 31, 2022December 31, 2021
PrincipalInterest RatePrincipalInterest Rate
Included in Notes receivable and due from affiliates on the Consolidated Balance Sheets
Affiliated receivables and other notes$10,796 — $9,753 — 
Notes receivable and due from affiliates$10,796 $9,753 
Included in Notes payable and due to affiliates on the Consolidated Balance Sheets
RHI/ATI Debenture$21,500 8.00 %$21,500 8.00 %
Affiliated payables11,963 — 12,150 — 
Notes payable and due to affiliates$33,463 $33,650 

Services, Products and Other Transactions

We have entered into transactions and agreements to provide certain services to Related Parties. We recognized revenue of $12,661, $13,275, and $14,081 for the years ended December 31, 2022, 2021, and 2020, respectively, for the performance of these services, which was included in Other income on the Consolidated Statements of Income and Comprehensive Income. We have also entered into transactions and agreements to purchase certain services, products and other transactions from Related Parties. We incurred expenses of $103,019, $168,581, and $215,728 for the years ended December 31, 2022, 2021, and 2020, respectively, for these products, services and other transactions, which are included in General and administrative expenses on the Consolidated Statements of Income and Comprehensive Income.

As further described in Note 18, Share-based Compensation, the Company is allocated compensation costs associated with awards granted by RHI in years prior to the reorganization and IPO. During the year ended December 31, 2022, all RHI restricted stock units and options were cancelled and replaced with cash or a modified award dominated in RKT shares. This resulted in RHI contributing approximately $42,000 in cash to the Company and its subsidiaries in exchange for the share-based compensation award modifications.

The Company has also entered into a Tax Receivable Agreement with RHI and our Chairman as described further in Note 12, Income Taxes. The Company has also guaranteed the debt of a related party as described further in Note 14, Commitments, Contingencies, and Guarantees.

Promotional Sponsorships

The Company incurred marketing and advertising costs related to the Rocket Mortgage Field House Naming Rights Contract and other promotional sponsorships, which are related parties. The Company incurred expenses of $8,942, $9,026, and $10,330 for the years ended December 31, 2022, 2021, and 2020, respectively, related to these arrangements.

Lease Transactions with Related Parties

The Company is a party to lease agreements for certain offices, including our headquarters in Detroit, with various affiliates of Bedrock Management Services LLC (“Bedrock”), a related party, and other related parties of the Company. The Company incurred expenses of $74,562, $76,960, and $70,157 for the years ended December 31, 2022, 2021, and 2020, respectively, related to these arrangements.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company enters into lease arrangements with independent third parties and with related parties. Upon adoption of ASU No. 2016-02, Leases (Topic 842) in 2019, the Company elected not to reassess its previous evaluation of the lease term, the exercise of any purchase options and impairment of right-of-use assets for transitioned leases.

The Company’s operating leases, in which the Company is the lessee, include real estate for our office facilities. 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 and Comprehensive Income. The Company currently does not have any finance leases, and the vast majority of the Company’s operating lease expense is paid to a related party. Refer to Note 7, 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 and Comprehensive Income and not recorded on the Consolidated Balance Sheets. The Company’s leases generally have remaining lease terms of one year to ten years. 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 for the years ended:
December 31,
20222021
Operating Lease Cost:
Fixed lease expense$79,621 $77,286 
Variable lease expense (1)
9,190 12,246 
Total operating lease cost $88,811 $89,532 

(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 utilities fees.

Supplemental cash flow information related to leases for the years ended:
December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$81,333 $77,967 

During the years ended December 31, 2022 and 2021, the right of use assets obtained in exchange for operating lease obligations of new and modified leases at the time of their commencement was $2,632 and $191,435, respectively.

Supplemental balance sheet information related to leases for the year ended:
December 31,
20222021
Operating Leases:
Total lease right-of-use assets$366,189 $427,895 
Total lease liabilities$422,769 $482,184 
Weighted average lease term 6.7 years7.5 years
Weighted average discount rate3.64 %3.61 %
Maturities of lease liabilities for the year ended:

Operating Leases:
2023$76,674 
202471,517 
202570,862 
202669,736 
202765,456 
Thereafter122,181 
Total lease payments$476,426 
Less imputed interest53,657 
Total$422,769 

When applying the requirements of Topic 842, 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.
v3.22.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

As of December 31, 2022 and 2021, there was approximately $1.1 billion of goodwill recorded in Goodwill and intangible assets on our Consolidated Balance Sheets. The Goodwill is primarily attributable to the acquisition of Rocket Money.

Acquisition of Rocket Money (formerly known as Truebill)

On December 23, 2021, we completed the acquisition of Rocket Money. The results of operations of Rocket Money are disclosed in the “All Other” category in the segment reporting from the date of acquisition as the operating segment is not individually significant to constitute a reportable segment.

The acquisition was accounted for as a business combination under ASC 805, Business Combinations, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2021. The purchase price and related allocation were finalized in the third quarter of 2022 and resulted in minor adjustments from the amounts previously disclosed. The final purchase price and related allocation to the acquired net assets of Rocket Money based on their estimated fair values is shown below:

Fair Value
Cash$33,084 
Accounts receivable, net2,564 
Other assets9,068 
Accounts payable and other liabilities(9,672)
Deferred revenue(4,454)
Deferred tax liabilities(2,508)
Net tangible assets acquired$28,082 
Intangible assets$122,700 
Goodwill1,118,823 
Total net assets acquired$1,269,605 
Intangible assets primarily include amounts recognized for the estimated fair value of customer relationships, which will be amortized over the estimated useful life of ten years and developed technology, which will be amortized over the estimated useful life of three years. The estimated fair value of these assets was based on third-party valuations utilizing an income approach. Goodwill recognized in this transaction is primarily attributable to broad synergies expected post-acquisition across multiple elements of the Rocket Platform and is not deductible for tax purposes.

We incurred $1.8 million of expenses directly related to the acquisition of Rocket Money for the year ended December 31, 2021 which are included in General and administrative expenses in the Consolidated Statements of Income and Comprehensive Income.

Goodwill resulting from the Rocket Money acquisition was allocated to two reporting units that are expected to benefit from the synergies of the acquisition, which includes the reporting unit in the Direct to Consumer reportable segment and the Rocket Money reporting unit that is not significant individually to constitute a reportable segment and is aggregated in the “All Other” category.

Goodwill Impairment Test

We completed a quantitative impairment assessment of goodwill as of October 1, 2022 and concluded there was no impairment. The Company utilized an income approach or a combination of an income approach and a market approach to estimate the fair value of each reporting unit if relevant comparable public companies could be identified. The income approach is based on projected cash flows which is discounted to the present value using discount rates that consider the timing and risk of cash flows. The discount rate used is the value-weighted average of the reporting unit's estimated cost of equity and of debt ("cost of capital"). The weighted average cost of capital is adjusted by reporting unit to reflect a risk factor, if necessary. The market approach is based on pricing multiples derived from comparable public companies and applied to historical and projected results. Other significant assumptions include terminal value growth rates, terminal value margin rates and future working capital requirements.

The following table summarizes changes to the carrying value of goodwill, by reporting unit, during the periods presented:

Direct to ConsumerAll OtherTotal
Goodwill as of December 31, 2020$— $17,950 $17,950 
Acquisitions718,675 412,314 1,130,989 
Foreign currency translation— (4)(4)
Goodwill as of December 31, 2021$718,675 $430,260 $1,148,935 
Foreign currency translation— (477)(477)
Purchase accounting adjustments— (12,166)(12,166)
Goodwill as of December 31, 2022$718,675 $417,617 $1,136,292 

Intangible Assets

As of December 31, 2022 and 2021, there was approximately $122.6 million and $148.0 million of intangible assets recorded in Goodwill and intangible assets on our Consolidated Balance Sheets, which primarily consist of customer relationships and developed technology recorded in connection with the acquisition of Rocket Money in 2021.
The following table summarizes changes to the carrying value of intangible assets:

December 31, 2022December 31, 2021
Definite-lived
intangible assets		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$90,875 $11,468 $79,407 $90,882 $1,574 $89,308 
Developed technology55,718 20,666 35,052 56,812 8,184 48,628 
Other6,984 4,657 2,327 6,973 2,768 4,205 
Total$153,577 $36,791 $116,786 $154,667 $12,526 $142,141 
Indefinite-lived
intangible assets
Title insurance assets$5,850 $— $5,850 $5,850 $— $5,850 
Total intangible assets$159,427 $36,791 $122,636 $160,517 $12,526 $147,991 

Weighted average amortization period for customer relationships, developed technology and other is 10 years, 5 years and 45 years, respectively.

During the year ended December 2022, 2021 and 2020 the aggregate amortization expense for the period was $24,744, $4,007 and $4,624.

The following table outlines the estimated aggregate amortization expense of intangible assets for the years ended.

YearAmount
2023$22,550 
202422,550 
202511,862 
202611,523 
202710,518 
v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
December 31,
20222021
Mortgage production related receivables$372,156 $393,513 
Prepaid expenses128,057 141,512 
Disbursement funds advanced64,826 27,493 
Non-production-related receivables56,619 114,557 
Ginnie Mae buyouts52,633 28,149 
Investment securities40,341 41,880 
Margin call receivables from counterparties24,102 137 
Real estate owned1,124 492 
Other59,301 71,155 
Total other assets$799,159 $818,888 
v3.22.4
Team Member Benefit Plan
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Team Member Benefit Plan Team Member Benefit PlanThe Company maintains a defined contribution 401(k) plan which is sponsored by RHI, 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 up to an annual maximum of $2.5 per team member. The Company’s contributions to the plan, net of team member forfeitures, for the years ended December 31, 2022, 2021, and 2020 amounted to $40,664, $44,060, and $47,072, respectively, and are included in Salaries, commissions and team member benefits in the Consolidated Statements of Income and Comprehensive Income.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes consists of the following:
Year Ended December 31,
202220212020
U.S.$763,400 $6,202,190 $9,544,721 
Canada(21,489)(17,289)(13,064)
Total income before income taxes
$741,911 $6,184,901 $9,531,657 

The provision for (benefit from) income taxes consists of the following:
Year Ended December 31,
202220212020
Current
U.S. Federal$4,669 $49,650 $38,000 
State and local575 14,493 27,971 
Canada
560 276 (120)
Total current$5,804 $64,419 $65,851 
Deferred
U.S. Federal$3,671 $49,426 $45,713 
State and local32,659 (1,041)20,817 
Canada(156)(66)— 
Total deferred$36,174 $48,319 $66,530 
Total provision for income taxes$41,978 $112,738 $132,381 

The reconciliation of the U.S. Federal statutory corporate income tax rate to the provision for income taxes consists of the following:
Year Ended December 31,
202220212020
U.S. Federal statutory tax rate21.00 %21.00 %21.00 %
Income attributable to non-controlling interest(23.77)(19.33)(20.27)
State and local taxes, net of U.S. Federal tax benefit3.70 0.20 0.47 
Valuation allowance3.15 0.10 0.03 
Other1.58 (0.15)0.16 
Effective tax rate5.66 %1.82 %1.39 %

For the year ended December 31, 2022, 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. For the years ended December 31, 2021 and 2020, the Company’s effective tax rate varies from the U.S. Federal statutory tax rate due
principally to its organizational structure. Rocket Companies owns a portion of the units of Holdings, which is treated as a partnership for U.S. federal tax purposes and in most applicable jurisdictions for state and local income tax purposes. The remaining portion of Holdings is owned by the LLC Members. As a partnership, Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Holdings is passed through and included in the taxable income or loss of its members, including Rocket Companies, in accordance with the terms of the operating agreement of Holdings (the "Holdings Operating Agreement"). Rocket Companies is a C Corporation and is subject to U.S. federal, state, and local income taxes with respect to its allocable share of any taxable income of Holdings.

Several subsidiaries of Holdings, such as Rocket Mortgage, Amrock and other subsidiaries, are single member LLC entities. As single member LLCs of Holdings, all taxable income or loss generated by these subsidiaries will pass through and be included in the income or loss of Holdings. A provision for state income taxes is required for certain jurisdictions that tax single member LLCs as regarded entities. Other subsidiaries of Holdings, such as Amrock Title Insurance Co., LMB Mortgage Services and others, are treated as C Corporations and will separately file and pay taxes apart from Holdings in various jurisdictions including U.S. federal, state, local and Canada.

The Inflation Reduction Act (“IRA”) was enacted on August 16, 2022. The IRA includes several provisions, one of which was the enactment of the corporate alternative minimum tax, which imposes a minimum tax on the adjusted financial statement income for an ‘applicable corporation’ as defined in the IRA. The corporate alternative minimum tax is effective for tax years beginning after December 31, 2022. There has been no material impact on the consolidated financial statements as of December 31, 2022 from the enactment of the corporate alternative minimum tax.

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 assets (liabilities) arise from the following components of temporary differences and carryforwards:
December 31,
20222021
Investment in partnership$501,153 $588,759 
Mortgage servicing rights(16,910)(11,055)
Interest rate lock commitments(273)(1,121)
Intangible assets(29,986)(30,445)
Net operating loss and credit carryforwards114,577 33,670 
Accruals and other, net12,578 2,522 
Valuation allowance(59,400)(38,663)
Net deferred tax assets$521,739 $543,667 

The deferred tax balance in the Consolidated Balance Sheets consists of the following:
December 31,
20222021
Deferred tax asset, net of valuation allowance$537,963 $572,049 
Deferred tax liability (included in Other liabilities)(16,224)(28,382)
Net deferred tax asset$521,739 $543,667 

As of December 31, 2022, the Company has a deferred tax asset before any valuation allowance of $597,363 and a deferred tax liability of $16,224. As of December 31, 2021, the Company had a deferred tax asset before any valuation allowance of $610,712 and a deferred tax liability of $28,382. The Company's deferred tax 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, 2022 and 2021, respectively, management has recorded $59,400 and $38,663 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 asset, net of valuation allowance for the investment in partnership recorded against Additional Paid-in Capital that occurred during the years ended December 31, 2022 and 2021 are included within Change in controlling interest of investment, net in the Consolidated Statements of Changes in Equity. The initial deferred tax asset, net of valuation allowance for the investment in partnership was recorded against Additional Paid-in Capital and included within Effect of reorganization transactions in the Consolidated Statements of Changes in Equity for the year ended December 31, 2020.

Of the $114,577 deferred tax assets related to the net operating loss and credit carryforwards at December 31, 2022, $32,202 will expire between 2031 and 2042 and $82,375 has no expiration.

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, 2022 and 2021, the Company has not recognized any uncertain tax positions. 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 and no accrued interest or penalty was recorded for uncertain tax positions on the Consolidated Balance Sheets as of December 31, 2022 and 2021. 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 state or local examinations by tax authorities for tax years ended December 31, 2016 or prior.

Tax Receivable Agreement

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

As indicated in Note 1, Business, Basis of Presentation and Accounting Policies, in connection with the reorganization completed prior to our IPO in 2020, the Company entered into a Tax Receivable Agreement with the LLC Members that will obligate the Company to make payments to the LLC Members generally equal to 90% of the applicable cash tax savings that the Company actually realizes or in some cases is deemed to realize as a result of the tax attributes generated by (i) certain increases in our allocable share of the tax basis in Holdings’ assets resulting from (a) the purchases of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) from the LLC Members (or their transferees of Holdings Units or other assignees) using the net proceeds from our initial public offering or in any future offering, (b) exchanges by the LLC Members (or their transferees of Holdings Units or other assignees) of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) for cash or shares of our Class B common stock or Class A common stock, as applicable, or (c) payments under the Tax Receivable Agreement; (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the Tax Receivable Agreement and (iii) disproportionate allocations (if any) of tax benefits to Holdings as a result of section 704(c) of the Code that relate to the reorganization transactions. The Company will retain the benefit of the remaining 10% of these tax savings.

On March 31, 2021, the Company exchanged 20,200,000 shares of Class A common stock for the equivalent number of shares of Class D common stock and Holdings Units with RHI, which resulted in an increase in the tax basis of assets of Holdings that is subject to the provisions of the Tax Receivable Agreement. The Company recorded an increase in its deferred tax asset on investment in partnership of $123,587, an increase in the valuation allowance of $3,146, and an increase in the Tax receivable agreement liability of $119,456 with the net offsetting amount of $985 recorded to Additional Paid-in Capital in the Change in controlling interest of investment, net in the Consolidated Statements of Changes in Equity.

The Company anticipates funding payments under the Tax Receivable Agreement from cash flows from operations, available cash and available borrowings. As of December 31, 2022 and 2021, respectively, the Company recognized a liability of $613,693 and $688,573 under the Tax Receivable Agreement after concluding that is the estimate of such TRA payments that would be paid based on its estimates of future taxable income. A payment of $40,721 was made to the LLC Members pursuant to the Tax Receivable Agreement during the year ended December 31, 2022. No payment was made to the LLC Members pursuant the Tax Receivable Agreement during the year ended December 31, 2021. Subsequent to December 31, 2022, a payment of $35,697 was made to the LLC Members 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 upon certain changes of control of the Company or a material breach of our obligations under the Tax Receivable Agreement, the Company is required to make a payment to the LLC Members in an amount equal to the present value of future payments (calculated using a discount rate equal to the lesser of 6.50% or the applicable base rate 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 (described in assumptions (i) through (v) in the following paragraph), 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 the LLC Members have interests that differ from or are in addition to those of our other stockholders. In addition, the Company 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

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

For the year ended December 31, 2022, Holdings paid tax distributions totaling $166,210 to holders of Holdings Units other than Rocket Companies. For the year ended December 31, 2021, Holdings paid tax distributions totaling $1,803,494 to holders of Holdings Units other than Rocket Companies.
v3.22.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial InstrumentsThe Company uses forward commitments in hedging the interest rate risk exposure on its fixed and adjustable rate commitments. Utilization of forward commitments involves some degree of basis risk. Basis risk is defined as the risk that the hedged instrument’s price does not move in parallel with the increase or decrease in the market price of the hedged financial instrument. The Company calculates an expected hedge ratio to mitigate a portion of this risk. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded
in current period earnings. Hedging gains and losses are included in Gain on sale of loans, net in the Consolidated Statements of Income and Comprehensive Income.

Net hedging gains and losses were as follows:
Year ended December 31,
2022 (1)
2021 (1)
2020 (1)
Hedging gains (losses)$2,577,902 $1,217,010 $(2,832,741)

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

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

Notional and Fair Value

The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows:

Notional ValueDerivative AssetDerivative Liability
Balance at December 31, 2022
IRLCs, net of loan funding probability (1)$4,373,465 $90,635 $— 
Forward commitments (2)$10,963,989 $22,444 $25,117 
Balance at December 31, 2021
IRLCs, net of loan funding probability (1)$21,194,326 $538,861 $— 
Forward commitments (2)$36,476,871 $17,337 $19,911 

(1)    IRLCs are also discussed in Note 14, Commitments, Contingencies, and Guarantees.

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

Counterparty agreements for forward commitments contain master netting agreements. The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Consolidated Balance Sheets. The Company had $24,102 and $137 of margin cash pledged to counterparties related to these forward commitments at December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021 there was $959 and $22,826 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at December 31, 2022
Forward commitments$71,484 $(49,040)$22,444 
Balance at December 31, 2021
Forward commitments$50,225 $(32,888)$17,337 
Offsetting of Derivative Liabilities
Balance at December 31, 2022
Forward commitments$(69,007)$43,890 $(25,117)
Balance at December 31, 2021
Forward commitments$(54,922)$35,011 $(19,911)

Counterparty Credit Risk

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

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

Certain counterparties have master netting agreements. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. Derivative assets in the Consolidated Balance Sheets represent derivative contracts in a gain position, net of loss positions with the same counterparty and, therefore, also represent the Company’s maximum counterparty credit risk. The Company incurred no credit losses due to nonperformance of any of its counterparties during the years ended December 31, 2022, 2021 and 2020.
v3.22.4
Commitments, Contingencies, and Guarantees
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies, and Guarantees Commitments, Contingencies, and Guarantees
Interest Rate Lock Commitments

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

The number of days from the date of the IRLC to expiration of fixed and variable rate lock commitments outstanding at December 31, 2022 and 2021 was 48 days and 43 days on average, respectively.
The UPB of IRLCs was as follows:
December 31, 2022December 31, 2021
Fixed RateVariable RateFixed RateVariable Rate
IRLCs$6,108,132 $326,638 $25,937,777 $1,239,762 

Commitments to Sell Mortgage Loans

In the ordinary course of business, the Company enters into contracts to sell existing mortgage loans held for sale into the secondary market at specified future dates. The amount of commitments to sell existing loans at December 31, 2022 and 2021 was $20,618 and $2,243,381, respectively.

Commitments to Sell Loans with Servicing Released

In the ordinary course of business, the Company enters into contracts to sell the MSRs of certain newly originated loans on a servicing released basis. In the event that a forward commitment is not filled and there has been an unfavorable market shift from the date of commitment to the date of settlement, the Company is contractually obligated to pay a pair-off fee on the undelivered balance. There were $223,314 and $333,594 of loans committed to be sold servicing released at December 31, 2022 and 2021, respectively.

Investor Reserves

The maximum exposure under the Company’s representations and warranties would be the outstanding principal balance and any premium received on all loans ever sold by the Company, less (i) loans that have already been paid in full by the mortgagee, (ii) loans that have defaulted without a breach of representations and warranties, (iii) loans that have been indemnified via settlement or make-whole, or (iv) loans that have been repurchased. Additionally, the Company may receive relief of certain representation and warranty obligations on loans sold to Fannie Mae or Freddie Mac on or after January 1, 2013 if Fannie Mae or Freddie Mac satisfactorily concludes a quality control loan file review or if the borrower meets certain acceptable payment history requirements within 12 or 36 months after the loan is sold to Fannie Mae or Freddie Mac. Investor reserves as of December 31, 2022 and 2021 were $110,147 and $78,888, respectively.

Escrow Payables

As a service to its clients, the Company administers escrow deposits representing undisbursed amounts received for payment of property taxes, insurance, funds for title services, and principal, and interest on mortgage loans held for sale. Cash held by the Company for property taxes, insurance, and settlement funds for title services was $3,471,913 and $3,682,366, and for principal and interest was $2,529,326 and $8,370,326 at December 31, 2022 and 2021, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the Consolidated Balance Sheets. The Company remains contingently liable for the disposition of these deposits.

Guarantees

As of December 31, 2022 and 2021, the Company guaranteed the debt of a related party consisting of three separate guarantees, totaling $3,495 and $5,216, respectively. As of December 31, 2022 and 2021, the Company did not record a liability on the Consolidated Balance Sheets for these guarantees because it was not probable that the Company would be required to make payments under these guarantees.

Tax Receivable Agreement

As indicated in Note 12, Income Taxes, the Company is party to a Tax Receivable Agreement.

Legal

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

In 2018, an initial judgment was entered against Rocket Mortgage, formerly known as Quicken Loans Inc., and Amrock, formerly known as Title Source, Inc., for a certified class action lawsuit in the U.S. District Court of the Northern District of West Virginia. The lawsuit alleged that Rocket Mortgage and Amrock violated West Virginia state law by unconscionably inducing the plaintiffs (and a class of other West Virginians who received loans through Rocket Mortgage and appraisals through Amrock) into loans by including the borrower’s own estimated home values on appraisal order forms. The district court judge ruled in favor of the plaintiffs and, in a split decision, the U.S. Court of Appeals for the Fourth Circuit affirmed the district court’s decision to grant (i) class certification and (ii) summary judgment on the statutory damages claim. The court of appeals reversed the district court’s summary judgment ruling on a separate breach-of-contract claim and remanded that claim for further proceedings. Rocket Mortgage and Amrock filed a petition for writ of certiorari with the Supreme Court of the United States and, on January 10, 2022, the Supreme Court granted the petition, vacated the court of appeals’ judgment, and remanded the case to the Fourth Circuit for further consideration. On October 28, 2022, the court of appeals followed the Supreme Court’s direction, vacated the district court’s decision, and remanded the case for further proceedings. Without any additional briefing or argument, on December 12, 2022, the district court reinstated its previous judgment. A notice of appeal was filed on December 19, 2022. The Company believes the resolution of this matter is not material to the consolidated financial statements.

Amrock is currently involved in civil litigation related to a business dispute between Amrock and HouseCanary, Inc. (“HouseCanary”). The lawsuit was filed on April 12, 2016, by Amrock—Title Source, Inc. v. HouseCanary, Inc., No. 2016-CI-06300 (37th Civil District Court, San Antonio, Texas)—and included claims against HouseCanary for breach of contract and fraudulent inducement stemming from a contract between Amrock and HouseCanary whereby HouseCanary was obligated to provide Amrock with appraisal and valuation software and services. HouseCanary filed counterclaims against Amrock 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 Bexar County, Texas, jury awarded damages in favor of HouseCanary and rejected Amrock's claims against HouseCanary. The district court entered judgment for HouseCanary on its misappropriation and fraud claims. On appeal (No. 04-19-00044-CV, Fourth Court of Appeals, San Antonio, Texas), the court of appeals affirmed judgment of no-cause on Amrock’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. The case is now set 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, Amrock intends to present new evidence, including evidence revealed by whistleblowers who came forward with evidence that undermined HouseCanary’s claims after the conclusion of the original trial, and to vigorously defend this case and any subsequent actions.

Quicken Loans and Rocket Homes are defending themselves against a tagalong 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 Quicken Loans’ and Rocket Homes’ dispositive motion.

On June 29, 2021 and July 13, 2021, two putative securities class action lawsuits were filed in the U.S. District Court for the Eastern District of Michigan asserting claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Rocket Companies, and certain executive officers and directors. These two putative class actions, later consolidated into one case, challenge particular positive statements about Rocket Companies’ operations and prospects, purport to bring claims on behalf of all persons who purchased Rocket Companies Class A common stock between February 25, 2021 and May 5, 2021, and do not claim a specific amount of damages. On August 19, 2021 and August 12, 2022, two alleged shareholders filed shareholder derivative actions asserting claims purportedly on behalf of Rocket Companies for breach of fiduciary duty, waste of corporate assets, and unjust enrichment against certain executive officers, the members of Rocket Companies’ Board, Rock Holdings, and, nominally, Rocket Companies in the Michigan State Circuit Court for the Third
Judicial Circuit, Wayne County. A motion to consolidate the August 2021 derivative action (which is stayed pending resolution of the parallel consolidated putative securities class action) with the August 2022 derivative action was filed on January 7, 2023. On November 23, 2021 and February 2, 2022, two alleged shareholders filed shareholder derivative actions asserting claims purportedly on behalf of Rocket Companies for breach of fiduciary duty against Rock Holdings, Daniel Gilbert, and, nominally, Rocket Companies in the Delaware Court of Chancery. The two Delaware derivative actions were also later consolidated. The derivative lawsuits allege Rock Holdings sold Rocket Companies Class A common stock on the basis of material nonpublic information and, in the Michigan state lawsuits, that certain positive statements about Rocket Companies’ business operations and prospects were false. None of the derivative lawsuits claim a specific amount of damages. Due to the early stage of these proceedings and the lack of specific damages requests, Rocket Companies is unable to estimate a range of reasonably possible losses for any of these matters.

As of December 31, 2022 and 2021, we have recorded reserves related to potential damages in connection with the above legal proceedings of $15,000. The ultimate outcome of these or other actions or proceedings, including any monetary awards against Rocket Companies or one or more of Rocket Companies' 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 the lawsuits. Plus, if a judgment for money that exceeds specified thresholds is rendered against a subsidiary of Rocket Companies or against Rocket Companies 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 of any such litigation is unfavorable in one or more of these actions, it could have a material adverse effect on the business, liquidity, financial condition, cash flows, and results of operations of Rocket Companies or a subsidiary of Rocket Companies.
v3.22.4
Minimum Net Worth Requirements
 12 Months Ended
Dec. 31, 2022
Mortgage Banking [Abstract]  
Minimum Net Worth Requirements Minimum Net Worth Requirements
Certain secondary market investors, warehouse lenders, and state regulators require the Company to maintain minimum net worth and capital requirements. To the extent that these requirements are not met, secondary market investors and/or the state regulators may utilize a range of remedies including sanctions, and/or suspension or termination of selling and servicing agreements, which may prohibit the Company from originating, securitizing or servicing these specific types of mortgage loans.

Rocket Mortgage is subject to certain minimum net worth, minimum capital ratio and minimum liquidity requirements established by the Federal Housing Finance Agency (“FHFA”) for Fannie Mae and Freddie Mac Seller/Servicers, and Ginnie Mae for single family issuers. Furthermore, refer to Note 6, Borrowings for additional information regarding compliance with all covenant requirements.

Minimum Net Worth

The minimum net worth requirement for Fannie Mae and Freddie Mac is defined as follows:

•    Base of $2,500 plus 25 basis points of outstanding UPB for total loans serviced.

•    Adjusted/Tangible Net Worth is defined as total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets.

The minimum net worth requirement for Ginnie Mae is defined as follows:

•    Base of $2,500 plus 35 basis points of the Ginnie Mae total single-family effective outstanding obligations.

•    Adjusted/Tangible Net Worth is defined as total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets. Effective for fiscal year 2020, under the Ginnie Mae MBS Guide, the issuers will no longer be permitted to include deferred tax assets when computing the minimum net worth requirements.

Minimum Capital Ratio

•    For Fannie Mae, Freddie Mac and Ginnie Mae, the Company is also required to hold a ratio of Adjusted/Tangible Net Worth to Total Assets greater than 6%.
Minimum Liquidity

The minimum liquidity requirement for Fannie Mae and Freddie Mac is defined as follows:

•    3.5 basis points of total Agency servicing.

•    Incremental 200 basis points of total nonperforming Agency, measured as 90+ delinquencies, servicing in excess of 6% of the total Agency servicing UPB.

•    Allowable assets for liquidity may include cash and cash equivalents (unrestricted) and available for sale or held for trading investment grade securities (e.g., Agency MBS, Obligations of GSEs, US Treasury Obligations).

The minimum liquidity requirement for Ginnie Mae is defined as follows:

•    Maintain liquid assets equal to the greater of $1,000 or 10 basis points of our outstanding single-family MBS.

The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $1,500,000 and $1,794,783 as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company was in compliance with this requirement.
v3.22.4
Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segments Segments
The Company’s Chief Executive Officer, who has been identified as its Chief Operating Decision Maker (“CODM”), has evaluated how the Company views and measures its performance. ASC 280, Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments - Direct to Consumer and Partner Network. The key factors used to identify these reportable segments are the Company’s internal operations and the nature of its marketing channels, which drive client acquisition into the mortgage platform. This determination reflects how its CODM monitors performance, allocates capital and makes strategic and operational decisions. The Company’s segments are described as follows:

Direct to Consumer

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

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

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

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

Other Information About Our Segments

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

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

The Company also reports an “all other” category that includes operations from Rocket Homes, Rock Connections, Rocket Auto, Core Digital Media, Rocket Loans, Rocket Money and includes professional service fee revenues from related parties. These operations are neither significant individually nor in aggregate and therefore do not constitute a reportable segment.

Key operating data for our business segments for the years ended:

Year Ended December 31, 2022
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$2,573,970 $540,234 $3,114,204 $23,213 $3,137,417 
Interest income222,621 125,034 347,655 2,936 350,591 
Interest expense on funding facilities(106,561)(59,818)(166,379)(9)(166,388)
Servicing fee income1,455,121 — 1,455,121 3,516 1,458,637 
Changes in fair value of MSRs185,036 — 185,036 — 185,036 
Other income449,813 33,163 482,976 390,224 873,200 
Total U.S. GAAP Revenue, net4,780,000 638,613 5,418,613 419,880 5,838,493 
Less: Increase in MSRs due to valuation assumptions (net of hedges)(1,210,947)— (1,210,947)— (1,210,947)
Adjusted revenue3,569,053 638,613 4,207,666 419,880 4,627,546 
Directly attributable expenses2,517,850 362,317 2,880,167 359,074 3,239,241 
Contribution margin$1,051,203 $276,296 $1,327,499 $60,806 $1,388,305 
Year Ended December 31, 2021
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$8,843,040 $1,597,569 $10,440,609 $27,965 $10,468,574 
Interest income265,438 161,256 426,694 3,392 430,086 
Interest expense on funding facilities(161,867)(99,226)(261,093)(53)(261,146)
Servicing fee income1,323,171 — 1,323,171 2,767 1,325,938 
Changes in fair value of MSRs(689,432)— (689,432)— (689,432)
Other income1,001,060 105,976 1,107,036 533,410 1,640,446 
Total U.S. GAAP Revenue, net10,581,410 1,765,575 12,346,985 567,481 12,914,466 
Less: Increase in MSRs due to valuation assumptions (net of hedges)(487,473)— (487,473)— (487,473)
Adjusted revenue10,093,937 1,765,575 11,859,512 567,481 12,426,993 
Directly attributable expenses3,697,774 686,296 4,384,070 274,546 4,658,616 
Contribution margin$6,396,163 $1,079,279 $7,475,442 $292,935 $7,768,377 

Year Ended December 31, 2020
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$12,076,569 $2,986,418 $15,062,987 $7,716 $15,070,703 
Interest income215,171 111,876 327,047 2,546 329,593 
Interest expense on funding facilities(161,478)(83,628)(245,106)(417)(245,523)
Servicing fee income1,070,463 — 1,070,463 3,792 1,074,255 
Changes in fair value of MSRs(2,379,355)— (2,379,355)— (2,379,355)
Other income900,520 165,699 1,066,219 734,175 1,800,394 
Total U.S. GAAP Revenue, net11,721,890 3,180,365 14,902,255 747,812 15,650,067 
Plus: Decrease in MSRs due to valuation assumptions1,288,156 — 1,288,156 — 1,288,156 
Adjusted revenue13,010,046 3,180,365 16,190,411 747,812 16,938,223 
Directly attributable expenses3,637,525 537,543 4,175,068 412,351 4,587,419 
Contribution margin$9,372,521 $2,642,822 $12,015,343 $335,461 $12,350,804 

The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the years ended:
Year Ended December 31,
202220212020
Contribution margin, excluding change in MSRs due to valuation assumptions$1,388,305 $7,768,377 $12,350,804 
Increase (decrease) in MSRs due to valuation assumptions1,210,947 487,473 (1,288,156)
Contribution margin, including change in MSRs due to valuation assumptions2,599,252 8,255,850 11,062,648 
Less expenses not allocated to segments:
Salaries, commissions and team member benefits968,709 936,255 815,940 
General and administrative expenses632,344 801,696 443,085 
Depreciation and amortization94,020 74,713 74,316 
Interest and amortization expense on non-funding debt153,596 230,740 186,301 
Other expenses8,672 27,545 11,349 
Income before income taxes$741,911 $6,184,901 $9,531,657 
v3.22.4
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Non-controlling Interests
The non-controlling interest balance represents the economic interest in Holdings held by our Chairman and RHI. The following table summarizes the ownership of Holdings Units in Holdings as of:

December 31, 2022December 31, 2021
Holdings
 Units		Ownership
 Percentage		Holdings
 Units		Ownership
 Percentage
Rocket Companies, Inc.'s ownership of Holdings Units123,491,606 6.26 %126,437,703 6.40 %
Holdings Units held by our Chairman1,101,822 0.06 %1,101,822 0.06 %
Holdings Units held by RHI1,847,777,661 93.68 %1,847,777,661 93.54 %
Balance at end of period1,972,371,089 100.00 %1,975,317,186 100.00 %

The non-controlling interest holders have the right to exchange Holdings Units, together with a corresponding number of shares of our Class D common stock or Class C common stock (together referred to as “Paired Interests”), for, at our option, (i) shares of our Class B common stock or Class A common stock or (ii) cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock). As such, future exchanges of Paired Interests by non-controlling interest holders will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in-capital when Holdings has positive or negative net assets, respectively. As of December 31, 2022, our Chairman has not exchanged any Paired Interests.

On March 31, 2021, the Company exchanged 20,200,000 shares of Class A common stock for the equivalent number of shares of Class D common stock and Holdings Units with RHI. This transaction resulted in an increase of Rocket Companies' controlling interest and a corresponding decrease of non-controlling interest of approximately 1.0%.

During the year ended December 31, 2022 and 2021, Rocket Companies has repurchased 17,698,472 and 14,442,195 shares respectively of Class A common stock under the extended and renewed Share Repurchase Program.
v3.22.4
Share-based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Restricted stock units ("RSUs") and stock options are granted to team members and directors of the Company and its affiliates under the 2020 Omnibus Incentive Plan. Share-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant, with forfeitures recognized as they occur.

Stock Options

In connection with the IPO and annually thereafter, 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 period from July 1, 2020 to December 31, 2022 was as follows:
Number of
Stock Options		Weighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding on July 1, 2020—— —— 
Granted26,393,381$18.01 9.6 years59,246 
Exercised—— —— 
Expired—— —— 
Forfeited411,952$18.00 —1,661 
Outstanding as of December 31, 2020
25,981,429$18.01 9.6 years57,585 
Granted49,02016.98 —— 
Exercised10,46618.00 —9 
Expired144,25718.00 —— 
Forfeited1,375,310$18.00 —2,942 
Outstanding as of December 31, 2021
24,500,416$18.01 8.6 years— 
Granted60,0008.38 —— 
Exercised—— —— 
Expired1,652,40818.01 —— 
Forfeited1,253,25817.99 —— 
Outstanding as of December 31, 2022
21,654,750$17.98 8.5 years— 

The Company had 16,919,368, 10,995,518 and zero stock options exercisable as of December 31, 2022, 2021 and 2020, 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 are as follows:

Year Ended December 31, 2022
Year Ended December 31, 2021
July 1, 2020 to December 31, 2020
Expected volatility
34.0% - 36.4%
35.5 %
34.0% - 34.7%
Expected dividend yield1.5 %0.0151.5 %
Risk-free interest rates
0.3% - 3.9%
1.3 %
0.3% - 0.5%
Expected term5.85 years5.85 years5.85 years

The weighted average grant-date fair value of options granted during the years 2022, 2021 and 2020 was $3.11, $5.10 and $4.87, respectively.

Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. The expected volatility was based on the historical 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. The Company estimates the expected term as the mid-point between actual or expected vesting date and the contractual term. An increase in the expected term would increase compensation expense.
Restricted Stock Units

In connection with the IPO and annually thereafter, the Company has granted RSUs to certain team members that generally vest on the two year anniversary of the grant date or 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. Certain non-employee directors of the Company received RSUs that vest on the first anniversary of the grant date, subject to the grantee's continued service through the vesting date.

In connection with the acquisition of Rocket Money, the Company granted RSUs to certain team members that generally vest quarterly over an accelerated four-year period, subject to the grantee’s employment service with the Company through each applicable vesting date.

The RSU activity for the period from July 1, 2020 to December 31, 2022 was as follows:

Number of UnitsWeighted Average Grant Date Fair ValueWeighted
Average Remaining
Service Period
Outstanding on July 1, 2020— — — 
Granted16,828,361 $18.03 2.2 years
Vested76,007 18.00 — 
Forfeited429,974 $18.00 — 
Outstanding as of December 31, 2020
16,322,380 $18.03 2.2 years
Granted1,678,230 17.01 — 
Vested3,276,242 18.02 — 
Forfeited1,367,051 $18.10 — 
Outstanding as of December 31, 2021
13,357,317 $17.90 1.2 years
Granted24,382,033 13.22 — 
Vested15,199,692 15.54 — 
Forfeited1,743,308 16.37 — 
Outstanding as of December 31, 2022
20,796,350 $14.28 2.1 years

Team Member Stock Purchase Plan

The Team Member Stock Purchase Plan ("TMSPP") was initiated in December 2020, with the first offering period beginning in January 2021. Under the TMSPP, the Company is authorized to issue up to 15,526,316 shares of its common stock to qualifying team members. Eligible team members may direct the Company, during each three-month option period, to withhold up to 15% of their gross pay, the proceeds from which are used to purchase shares of common stock at a price equal to 85% of the closing market price on the exercise date. Under ASC 718, 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. There were 4,609,697 and 2,778,209 shares purchased during the year ended December 31, 2022 and 2021, respectively, under the TMSPP.

Other Awards

We allocated costs associated with awards granted by Rock Holdings, Inc. (“RHI”) in the years prior to the reorganization and IPO. During the year ended December 31, 2022, all remaining RHI restricted stock units and options were cancelled and replaced with cash or a modified award denominated in Rocket Companies, Inc. shares. The incremental compensation expense related to these modifications is not material.

Additionally, certain of our subsidiaries have individual compensation plans that include equity awards and stock appreciation rights.
Share-based Compensation Expense

The components of share-based compensation expense included in Salaries, commissions and team member benefits on the Consolidated Statements of Income and Comprehensive Income is as follows:
Year ended December 31,
2022
2021
2020
Rocket Companies, Inc. sponsored plans
Restricted stock units (1)$170,768 $107,867 $49,203 
Stock options (2)36,583 40,100 17,207 
Team Member Stock Purchase Plan5,714 9,388 — 
Subtotal Rocket Companies, Inc. sponsored plans$213,065 $157,355 $66,410 
Rock Holdings, Inc sponsored plans.
Restricted stock units14,451 5,413 69,548 
Cash settled awards— — 26,421 
Stock options1,295 — 32 
Subtotal Rock Holdings, Inc. sponsored plans$15,746 $5,413 $96,001 
Subsidiary plans123 970 197 
Total share-based compensation expense$228,934 $163,738 $162,608 

(1)    Unrecognized compensation expense as of December 31, 2022 related to these RSUs was $232,067 and is expected to be recognized over a weighted average period of 2.2 years.

(2)    Unrecognized compensation expense as of December 31, 2022 related to these Stock Options was $20,383 and is expected to be recognized over a weighted average period of 0.6 years.
v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program are included in the weighted-average Class A shares outstanding in the calculation of basic earnings per share once the units are fully vested.

Basic earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There was no Class B common stock outstanding as of December 31, 2022, 2021 and 2020.

The basic and diluted earnings per share period for the year ended December 31, 2020, represents only the period from August 6, 2020 to December 31, 2020, which represents the period wherein the Company had outstanding Class A common stock.

See Note 17, Non-controlling Interests for a description of Paired Interests and their potential impact on Class A and Class B share ownership.
The following table sets forth the calculation of the basic and diluted earnings per share for the period:
Years Ended December 31,
202220212020
Net income$699,933 $6,072,163 $9,399,276 
Net income attributable to non-controlling interest(653,512)(5,763,953)(9,201,325)
Net income attributable to Rocket Companies46,421 308,210 197,951 
Add: Reallocation of Net income attributable to vested, undelivered stock awards22 150 — 
Net income attributable to common shareholders$46,443 $308,360 $197,951 
Numerator:
Net income attributable to Class A common shareholders - basic$46,443 $308,360 $197,951 
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares (1)503,007 4,301,126 — 
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (2)545 10,948 7,092 
Net income attributable to Class A common shareholders - diluted$549,995 $4,620,434 $205,043 
Denominator:
Weighted average shares of Class A common stock outstanding - basic120,577,548130,578,206111,926,619
Add: Dilutive impact of conversion of Class D shares to Class A shares1,848,879,4831,853,804,962—
Add: Dilutive impact of share-based compensation awards (3)2,163,5425,050,3994,311,874
Weighted average shares of Class A common stock outstanding - diluted1,971,620,5731,989,433,567116,238,493
Earnings per share of Class A common stock outstanding - basic$0.39 $2.36 $1.77 
Earnings per share of Class A common stock outstanding - diluted$0.28 $2.32 $1.76 

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

(2)    Reallocation of net income attributable to dilutive impact of share-based compensation awards for the years ended December 31, 2022, 2021 and 2020 comprised of $491, $10,660 and $6,683 related to restricted stock units, zero, zero and $409 related to stock options and $54, $288 and zero related to TMSPP.

(3)    Dilutive impact of share-based compensation awards for the years ended December 31, 2022, 2021 and 2020 comprised of 1,948,608, 4,917,705 and 4,063,444 related to restricted stock units, zero, zero and 248,430 related to stock options and 214,934, 132,694 and zero related to TMSPP.

For the years ended December 31, 2022 and 2021, 21,654,750 and 24,500,416 stock options, each weighted for the portion of the period for which they were outstanding, were excluded from the computation of diluted earnings per share as the effect was determined to be anti-dilutive.

For the period from August 6, 2020 to December 31, 2020, 1,872,476,780 Holdings Units, each weighted for the portion of the period for which they were outstanding, together with a corresponding number of shares of our Class D common stock, were exchangeable, at our option, for shares of our Class A common stock. 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.
v3.22.4
Business, Basis of Presentation and Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation
Rocket Companies, Inc. (the "Company", and together with its consolidated subsidiaries, "Rocket Companies", "we", "us", "our") was incorporated in Delaware on February 26, 2020 as a wholly owned subsidiary of Rock Holdings Inc. ("RHI") for the purpose of facilitating an initial public offering ("IPO") of its Class A common stock, $0.00001 par value (the “Class A common stock”) and other related transactions in order to carry on the business of RKT Holdings, LLC ("Holdings") and its wholly owned subsidiaries.

We are a Detroit-based fintech holding company consisting of tech-driven mortgage, real estate and financial services businesses. We are committed to providing an industry-leading client experience powered by our simple, fast and trusted digital solutions. In addition to Rocket Mortgage, one of the nation’s largest mortgage lenders, we have expanded into complementary industries, such as real estate services, personal lending, solar, and personal finance. Through these industries, we seek to deliver innovative client solutions leveraging our Rocket platform. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, refer to Note 16, Segments.

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

Edison Financial ULC, changed its name to "Rocket Mortgage Canada ULC", effective as of July 12, 2022.

Basis of Presentation and Consolidation

Prior to the completion of the initial public offering, RHI, Holdings and its subsidiaries consummated an internal reorganization in which Rocket Companies, Inc. became the sole managing member of Holdings. Prior to the reorganization, Rocket Companies, Inc. had no operations.

As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our Net income is allocated to Net income attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 17, Non-controlling Interests.

Income from Holdings and its subsidiaries prior to the reorganization and IPO has been accounted for as a non-controlling interest in our Consolidated Statements of Income and Comprehensive Income. Accumulated net income prior to the reorganization and IPO is presented in Net Parent Investment in our Consolidated Statements of Changes in Equity as the financial statements prior to the reorganization and IPO reflect combined subsidiaries operating as part of RHI.

We have accounted for the reorganization as one of entities under common control and the Net Parent Investment was allocated between Total Non-controlling Interest and Additional Paid-in Capital based on the ownership of Holdings.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
The Company's derivatives, IRLCs, mortgage loans held for sale, and MSRs are measured at fair value on a recurring basis. Additionally, other assets may be required to be measured at fair value in the consolidated financial statements on a nonrecurring basis. Examples of such measurements are mortgage loans transferred between held for investment and held for sale, certain impaired loans, and other real estate owned. For further details of the Company's transactions refer to Note 2, Fair Value Measurements.

All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 7, Transactions with Related Parties.
Basis of Presentation Our consolidated financial statements are audited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.We believe the assumptions underlying the consolidated financial statements, including the assumptions regarding allocation of expenses from RHI are reasonable. Prior to the reorganization and IPO, the executive management compensation expense has been allocated based on time incurred for services provided to Holdings and its subsidiaries for 2020. Total costs allocated to us for these services were $96,199 for the year ended December 31, 2020. This amount was included in salaries, commissions and team member benefits in our Consolidated Statements of Income and Comprehensive Income. In our opinion, these consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented.
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. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.
Revenue Recognition
Revenue Recognition

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

Loan servicing income (loss), net — includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSR asset as of the respective balance sheet date.

Interest income, net — includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Interest income is accrued and credited to income daily based on the unpaid principal balance outstanding. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

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

The following revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder:
    
Amrock closing fees — The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $157,853, $506,685, and $457,703 for the years ended December 31, 2022, 2021, and 2020, respectively.
Amrock appraisal revenue, net — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net was $65,082, $96,471, and $78,673 for the years ended December 31, 2022, 2021, and 2020, respectively.

Rocket Money (formerly known as Truebill) 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 $118,344 for the year ended December 31, 2022.

Rocket Homes real estate network referral fees — The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $48,207, $54,181, and $42,777 for the years ended December 31, 2022, 2021, and 2020, respectively.

Rock Connections and Rocket Auto contact center revenue — The Company recognizes contact center revenue for communication services including client support and sales. Consideration received mainly includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $17,476, $45,485, and $27,904 for the years ended December 31, 2022, 2021, and 2020, respectively.

Professional service fees — The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $12,111, $12,753, and $10,884 for the years ended December 31, 2022, 2021, and 2020, respectively, and were rendered entirely to related parties.

Core Digital Media lead generation revenue — The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $9,049, $27,699, and $24,231 for the years ended December 31, 2022, 2021, and 2020, respectively.
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.
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, 2022, 2021, and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond.
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale

The Company has elected the fair value option for accounting for mortgage loans held for sale.
Included in mortgage loans held for sale are loans originated as held for sale that are expected to be sold into the secondary market and loans that have been previously sold and repurchased from investors that management intends to resell into the secondary market.
Derivative Financial Instruments
Derivative Financial Instruments

The Company enters into interest rate lock commitments, forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the 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. Changes in the fair value of the IRLCs and forward commitments to sell and purchase mortgage loans are recorded in current period earnings and are included in gain on sale of loans, net in the Consolidated Statements of Income and Comprehensive Income. Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in gain on sale of loans, net in the Consolidated Statements of Income and Comprehensive Income.

The Company enters into IRLCs to fund residential mortgage loans with its potential borrowers. These commitments are binding agreements to lend funds to these potential borrowers at specified interest rates within specified periods of time.

The fair value of IRLCs is derived from the fair value of similar mortgage loans or bonds, which is based on observable market data. Changes to the fair value of IRLCs are recognized based on changes in interest rates, changes in the probability that the commitment will be exercised, and the passage of time. The expected net future cash flows related to the associated servicing of the loan are included in the fair value measurement of rate locks.

IRLCs and uncommitted mortgage loans held for sale expose the Company to the risk that the value of the mortgage loans held and mortgage loans underlying the commitments may decline due to increases in mortgage interest rates during the life of the commitments. To protect against this risk, the Company uses forward loan sale commitments to economically hedge the risk of potential changes in the value of the loans. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the IRLCs and uncommitted mortgage loans held for sale. The changes in the fair value of these derivatives are recorded in gain on sale of loans, net.

MSR assets (including the MSR value associated with outstanding IRLCs) that the Company plans to sell expose the Company to the risk that the value of the MSR asset may decline due to decreases in mortgage interest rates prior to the sale of these assets. To protect against this risk, the Company uses forward loan purchase commitments to economically hedge the risk of potential changes in the value of MSR assets that have been identified for sale. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either
fully or partially offset the changes in fair value of the MSR assets the Company intends to sell. The changes in fair value of these derivatives are recorded in the change in fair value of MSRs, net.

Forward commitments include To-Be-Announced ("TBA") mortgage-backed securities that have been aggregated at the counterparty level for presentation and disclosure purposes. Counterparty agreements contain a legal right to offset amounts due to and from the same counterparty under legally enforceable master netting agreements to settle with the same counterparty, on a net basis, as well as the right to obtain cash collateral. Forward commitments also include commitments to sell loans to counterparties and to purchase loans from counterparties at determined prices. Refer to Note 13, Derivative Financial Instruments for further information.
Mortgage Servicing Rights
Mortgage Servicing Rights

Mortgage servicing rights are recognized as assets on the Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSR asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various outside sources. Refer to Note 3, Mortgage Servicing Rights for further information.
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. Refer to Note 5, Property and Equipment for further information.
Intangible Assets
Intangible Assets

Definite-lived intangible assets primarily consist of customer relationships and technology 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 GoodwillGoodwill 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.
Loans subject to repurchase right from Ginnie Mae
Loans subject to repurchase right from Ginnie Mae

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

As noted above, we are the sole managing member of Holdings and consolidate the financial results of Holdings. Therefore, we report a non-controlling interest based on the Holdings Units of Holdings held by Dan Gilbert, our founder and Chairman (our "Chairman") and RHI (the "non-controlling interest holders") on our Consolidated Balance Sheets. Income or loss is attributed to the non-controlling interests based on the weighted average Holdings Units outstanding during the period and is presented on the Consolidated Statements of Income and Comprehensive Income. Refer to Note 17, Non-controlling Interests for more information.
Share-based Compensation
Share-based Compensation

In connection with the IPO, equity-based awards were issued under the Rocket Companies, Inc. 2020 Omnibus Incentive Plan including restricted stock units and stock options to purchase shares of our Class A common stock at an exercise price equal to the price to the public in the initial public offering. Share-based compensation expense is recorded as a component of salaries, commissions and team member benefits. 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, refer to Note 18, Share-based Compensation for additional information.
Income Taxes
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.

Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. 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

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

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

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

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

Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended December 31, 2022. Prior to the reorganization and IPO, Rocket Companies, Inc. was not impacted by Holdings.
Basic and Diluted Earnings Per Share Basic and Diluted Earnings Per ShareThe Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program, described in Note 18, Share-based Compensation are included in the weighted-average Class A shares outstanding in the calculation of basic EPS once the units are fully vested.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

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

Fair value measurements are classified in the following manner:

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

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

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

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

The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of December 31, 2022 or December 31, 2021.

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

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

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

Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy.
v3.22.4
Business, Basis of Presentation and Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of December 31, 2022, 2021, and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond.
December 31,
202220212020
Cash and cash equivalents$722,293 $2,131,174 $1,971,085 
Restricted cash66,806 80,423 83,018 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$789,099 $2,211,597 $2,054,103 
Schedule of Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of December 31, 2022, 2021, and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, principal and interest received in collection accounts for purchased assets, and a $25,000 bond.
December 31,
202220212020
Cash and cash equivalents$722,293 $2,131,174 $1,971,085 
Restricted cash66,806 80,423 83,018 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$789,099 $2,211,597 $2,054,103 
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Statement Items Measured at Estimated Fair Value on a Recurring Basis The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the year ended December 31, 2022 or the year ended December 31, 2021.
Level 1Level 2Level 3Total
Balance at December 31, 2022
Assets:
Mortgage loans held for sale (1)$— $6,260,745 $1,082,730 $7,343,475 
IRLCs— — 90,635 90,635 
MSRs— — 6,946,940 6,946,940 
Forward commitments— 22,444 — 22,444 
Total assets$— $6,283,189 $8,120,305 $14,403,494 
Liabilities:
Forward commitments$— $25,117 $— $25,117 
Total liabilities$— $25,117 $— $25,117 
Balance at December 31, 2021
Assets:
Mortgage loans held for sale (1)$— $17,014,202 $2,309,366 $19,323,568 
IRLCs— — 538,861 538,861 
MSRs— — 5,385,613 5,385,613 
Forward commitments— 17,337 — 17,337 
Total assets$— $17,031,539 $8,233,840 $25,265,379 
Liabilities:
Forward commitments$— $19,911 $— $19,911 
Total liabilities$— $19,911 $— $19,911 

(1)    As of December 31, 2022 and 2021, $314.4 million and $830.1 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were considered in non-accrual status.
Schedule of Quantitative Information About Fair Value Measurements of Level 3 Financial Instruments
The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
December 31, 2022December 31, 2021
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
67% - 100%
86 %
89% - 103%
99 %
IRLCs
Loan funding probability
0% - 100%
68 %
0% - 100%
78 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.0% - 12.0%
9.5 %
Conditional prepayment rate
6.1% - 26.6%
6.9 %
6.8% - 36.9%
8.7 %
Schedule of Reconciliation of Level 3 Assets The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.
Loans Held for SaleIRLCs
Balance at December 31, 2021
$2,309,366 $538,861 
Transfers in (1)1,315,430 — 
Transfers out/principal reductions (1)(2,371,104)— 
Net transfers and revaluation losses— (448,226)
Total losses included in net income(170,962)— 
Balance at December 31, 2022
$1,082,730 $90,635 
Balance at December 31, 2020
$579,666 $1,897,194 
Transfers in (1)3,524,260 — 
Transfers out/principal reductions (1)(1,788,552)— 
Net transfers and revaluation losses— (1,358,333)
Total losses included in net income(6,008)— 
Balance at December 31, 2021
$2,309,366 $538,861 

(1)    Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.
Schedule of Fair Value Option for Mortgage Loans Held For Sale
The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance:
Fair ValuePrincipal Amount Due Upon MaturityDifference (1)
Balance at December 31, 2022
$7,343,475 $7,424,223 $(80,748)
Balance at December 31, 2021
$19,323,568 $19,018,552 $305,016 

(1)    Represents the amount of gains (losses) included in Gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.
Schedule of Liabilities not Recorded at Fair Value on a Recurring or Nonrecurring Basis The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
December 31, 2022December 31, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes, due 10/15/2026$1,141,432 $984,963 $1,139,146 $1,151,932 
Senior Notes, due 1/15/202861,330 57,039 61,197 64,251 
Senior Notes, due 3/1/2029743,815 595,493 742,812 752,805 
Senior Notes, due 3/1/20311,238,958 961,450 1,237,605 1,273,675 
Senior Notes, due 10/15/2033842,435 625,175 841,731 857,718 
Total Senior Notes, net$4,027,970 $3,224,120 $4,022,491 $4,100,381 
v3.22.4
Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Summary of Changes to MSR Assets
The following table summarizes changes to the MSR assets for the year ended:
Year Ended December 31,
20222021
Fair value, beginning of period$5,385,613 $2,862,685 
MSRs originated1,970,647 3,864,359 
MSRs sales(671,968)(936,257)
MSRs purchases— 200,591 
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)1,285,981 589,852 
Due to collection/realization of cash flows(1,023,333)(1,195,617)
Total changes in fair value262,648 (605,765)
Fair value, end of period$6,946,940 $5,385,613 

(1)    Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale or the effects of contractual prepayment protection resulting from sales of MSRs.
Schedule of Assumptions Used to Determine Fair Value of MSRs
The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio:
December 31, 2022December 31, 2021
Discount rate9.9 %9.5 %
Prepayment speeds6.9 %8.7 %
Life (in years)8.087.25
Summary of Discount Rate and Prepayment Speeds at Two Different Data Points
The following table stresses the discount rate and prepayment speeds at two different data points:
Discount RatePrepayment Speeds
100 BPS Adverse Change200 BPS Adverse Change10% Adverse Change20% Adverse Change
December 31, 2022
Mortgage servicing rights
$(295,754)$(565,704)$(171,297)$(334,664)
December 31, 2021
Mortgage servicing rights$(232,658)$(435,181)$(198,153)$(372,018)
v3.22.4
Mortgage Loans Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Reconciliation of Changes in Mortgage Loans Held for Sale A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Consolidated Statements of Cash Flows is below:
Year Ended December 31,
20222021
Balance at the beginning of period$19,323,568 $22,865,106 
Disbursements of mortgage loans held for sale134,326,580 352,968,791 
Proceeds from sales of mortgage loans held for sale (1)(147,952,800)(363,970,300)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2)1,646,127 7,459,971 
Balance at the end of period
$7,343,475 $19,323,568 

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

(2)    The Gain on sale of loans excluding fair value of MSRs, net on the Consolidated Statements of Cash Flows includes amounts related to the sale of consumer loans, interest rate lock commitments, forward commitments, and provisions for investor reserves.
v3.22.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment Property and equipment consist of the following:
December 31,
20222021
Office furniture, equipment, and technology$284,542 $419,583 
Leasehold improvements202,806 229,335 
Internally-developed software157,754 116,473 
Projects-in-process92,352 56,391 
Total cost$737,454 $821,782 
Accumulated depreciation and amortization(463,262)(567,406)
Total property and equipment, net$274,192 $254,376 
v3.22.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Funding Facilities
Funding Facilities
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
MRA funding:
1) Master Repurchase Agreement (1)(9)
Mortgage loans held for sale (8)
10/20/2023$1,000,000 $100,000 $49,381 $249,119 
2) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
11/30/20231,000,000 100,000 138,057 1,328,727 
3) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
8/9/20242,000,000 250,000 702,128 1,714,806 
4) Master Repurchase Agreement (2)(9)
Mortgage loans held for sale (8)
10/26/20232,000,000 800,000 917,621 1,479,128 
5) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
5/4/20241,000,000 250,000 493,029 2,264,954 
6) Master Repurchase Agreement (3)(9)
Mortgage loans held for sale (8)
9/9/20241,500,000 250,000 101,152 498,335 
7) Master Repurchase Agreement (4)(9)
Mortgage loans held for sale (8)
(4)
— — — 542,846 
8) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
9/22/20231,250,000 250,000 186,707 539,257 
9) Master Repurchase Agreement (9)
Mortgage loans held for sale (8)
9/27/2024750,000 100,000 171,642 616,165 
10) Master Repurchase Agreement (5)(9)
Mortgage loans held for sale (8)
(5)
— — — 253,389 
10,500,000 2,100,000 2,759,717 9,486,726 
Early Funding:
11) Early Funding Facility (6)(9)
Mortgage loans held for sale (8)
(6)
5,000,000 — 561,874 2,071,154 
12) Early Funding Facility (7)(9)
Mortgage loans held for sale (8)
(7)
2,000,000 — 227,108 1,193,712 
7,000,000 — 788,982 3,264,866 
Total$17,500,000 $2,100,000 $3,548,699 $12,751,592 

(1)    Subsequent to December 31, 2022, this facility was amended to decrease the total facility size to $250,000 with $50,000 committed.

(2)    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, 2022, this facility was amended to decrease the committed amount to $550,000 and was extended to January 26, 2024.

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

(4)    This facility was voluntarily paid off and terminated in December 2022.

(5)    This facility matured in December 2022.

(6)    This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.
(7)    This facility will have an overall line size of $2,000,000, which 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.

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

(9)    The interest rates charged by lenders of the funding facilities included the applicable base rate plus a spread ranging from 1.00% and 1.85% for the year ended December 31, 2022, and 1.00% to 2.25%, for the year ended December 31, 2021.
Schedule of Other Financing Facilities
Other Financing Facilities
Facility Type (5)
CollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
Line of Credit Financing Facilities
1) Unsecured line of credit (1)—7/27/2025$2,000,000 $— $— $— 
2) Unsecured line of credit (1)—7/31/2025100,000 — — — 
3) Revolving credit facility (4)—8/10/20251,000,000 1,000,000 — — 
4) MSR line of credit (4)MSRs10/20/2023200,000 — — — 
5) MSR line of credit (2)(4)MSRs9/9/20241,500,000 250,000 — — 
6) MSR line of credit (3)(4)MSRs(3)— — — 75,000 
$4,800,000 $1,250,000 $— $75,000 
Early Buyout Financing Facility
7) Early buy out facility (4)Loans/ Advances3/13/2024$1,500,000 $— $672,882 $1,896,784 

(1)    Refer to Note 7, Transactions with Related Parties for additional details regarding this unsecured line of credit

(2)    This facility is a sublimit of Master Repurchase Agreement 6, found above in Funding Facilities. Refer to subfootnote 3, Funding Facilities for additional details regarding this financing facility.

(3)    This facility was voluntarily paid off and terminated in March 2022.

(4)    The interest rates charged by lenders on the other funding facilities included the applicable base rate, plus a spread ranging from 1.45% to 4.00% for the years ended December 31, 2022 and December 31, 2021.
(5)    Subsequent to December 31, 2022, the Company established a new revolving credit facility for personal loans. Effective January 30, 2023 the facility has a line size of $75,000, maturing on January 30, 2025.
Schedule of Unsecured Senior Notes
Unsecured Senior Notes
Facility TypeMaturityInterest Rate
Outstanding Balance as of December 31, 2022
Outstanding Balance as of December 31, 2021
Unsecured Senior Notes(1)10/15/20262.875 %$1,150,000 $1,150,000 
Unsecured Senior Notes(2)1/15/20285.250 %61,985 61,985 
Unsecured Senior Notes(3)3/1/20293.625 %750,000 750,000 
Unsecured Senior Notes(4)3/1/20313.875 %1,250,000 1,250,000 
Unsecured Senior Notes(5)10/15/20334.000 %850,000 850,000 
Total Senior Notes
$4,061,985 $4,061,985 
Weighted Average Interest Rate3.59 %3.59 %

(1)    The 2026 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Consolidated Balance Sheets by $8,569 and $10,854, as of December 31, 2022 and 2021, respectively. Prior to October 15, 2023 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after October 15, 2023, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to April 15, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 102.875% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2023101.438 %
2024100.719 %
2025 and thereafter100.000 %

(2)    The 2028 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. During the fourth quarter of 2021, we purchased $948,015 of the outstanding principal amount of the 2028 Senior Notes in a Tender Offer and Consent Solicitation. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Consolidated Balance Sheets by $358 and $298 as of December 31, 2022, respectively and reducing the $61,985 carrying amount on the Consolidated Balance Sheets by $430 and $358, as of December 31, 2021, respectively. At any time and from time to time on or after January 15, 2023, the Company may redeem the notes at its option, in whole or in part, upon not less than 30 nor more than 60 days' notice, at the redemption prices equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, to but excluding the redemption date, in cash, if redeemed during the twelve-month period beginning on January 15 in the years indicated below:
YearPercentage
2023102.625 %
2024101.750 %
2025100.875 %
2026 and thereafter100.000 %

(3)    The 2029 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $750,000 carrying amount on the Consolidated Balance Sheets by $6,185 and $7,188, as of December 31, 2022 and 2021,
respectively. Prior to March 1, 2024 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after March 1, 2024, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to September 1, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 103.625% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2024101.813 %
2025100.906 %
2026 and thereafter100.000 %

(4)    The 2031 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Consolidated Balance Sheets by $11,040 and $12,395 as of December 31, 2022 and 2021, respectively. Prior to March 1, 2026 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after March 1, 2026, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to September 1, 2023, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 103.875% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.

YearPercentage
2026101.938 %
2027101.292 %
2028100.646 %
2029 and thereafter100.000 %

(5)    The 2033 Senior Notes are unsecured obligation notes with no requirement to pledge collateral for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $850,000 carrying amount on the Consolidated Balance Sheets by $7,565 and $8,269, as of December 31, 2022 and 2021, respectively. Prior to October 15, 2027 the Company may redeem the notes at its option, in whole or in part upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount redeemed, plus a “make whole” premium and accrued and unpaid interest. At any time on or after October 15, 2027, the Company may redeem the note at its option, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices set forth below. The Company may also redeem the notes prior to April 15, 2024, at any time or from time to time, in an amount equal to the cash proceeds received by the Company from an equity offering at a redemption price equal to 104.000% of the principal amount plus accrued and unpaid interest, if any, to but excluding the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the notes, provided that the redemption take place not later than 90 days after the closing of the related equity offering; and not less than 60% of the principal amount of the notes remains outstanding immediately thereafter.
YearPercentage
2027102.000 %
2028101.333 %
2029100.667 %
2030 and thereafter100.000 %
Schedule of Contractual Maturities of Unsecured Senior Notes
The following table outlines the contractual maturities (by unpaid principal balance) of unsecured senior notes (excluding interest and debt discount) for the years ended.

YearAmount
2023$— 
2024— 
2025— 
20261,150,000 
2027— 
Thereafter2,911,985 
Total$4,061,985 
v3.22.4
Transactions with Related Parties (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Schedule of Receivables from and Payables to Related Parties
The amounts receivable from and payable to Related Parties consisted of the following as of:

December 31, 2022December 31, 2021
PrincipalInterest RatePrincipalInterest Rate
Included in Notes receivable and due from affiliates on the Consolidated Balance Sheets
Affiliated receivables and other notes$10,796 — $9,753 — 
Notes receivable and due from affiliates$10,796 $9,753 
Included in Notes payable and due to affiliates on the Consolidated Balance Sheets
RHI/ATI Debenture$21,500 8.00 %$21,500 8.00 %
Affiliated payables11,963 — 12,150 — 
Notes payable and due to affiliates$33,463 $33,650 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Components of Lease Expense and Supplemental Cash Flow Information
The components of lease expense for the years ended:
December 31,
20222021
Operating Lease Cost:
Fixed lease expense$79,621 $77,286 
Variable lease expense (1)
9,190 12,246 
Total operating lease cost $88,811 $89,532 

(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 utilities fees.

Supplemental cash flow information related to leases for the years ended:
December 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$81,333 $77,967 
Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases for the year ended:
December 31,
20222021
Operating Leases:
Total lease right-of-use assets$366,189 $427,895 
Total lease liabilities$422,769 $482,184 
Weighted average lease term 6.7 years7.5 years
Weighted average discount rate3.64 %3.61 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities for the year ended:

Operating Leases:
2023$76,674 
202471,517 
202570,862 
202669,736 
202765,456 
Thereafter122,181 
Total lease payments$476,426 
Less imputed interest53,657 
Total$422,769 
v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Preliminary Purchase Price Allocation for Business Combination The final purchase price and related allocation to the acquired net assets of Rocket Money based on their estimated fair values is shown below:
Fair Value
Cash$33,084 
Accounts receivable, net2,564 
Other assets9,068 
Accounts payable and other liabilities(9,672)
Deferred revenue(4,454)
Deferred tax liabilities(2,508)
Net tangible assets acquired$28,082 
Intangible assets$122,700 
Goodwill1,118,823 
Total net assets acquired$1,269,605 
Schedule of Goodwill
The following table summarizes changes to the carrying value of goodwill, by reporting unit, during the periods presented:

Direct to ConsumerAll OtherTotal
Goodwill as of December 31, 2020$— $17,950 $17,950 
Acquisitions718,675 412,314 1,130,989 
Foreign currency translation— (4)(4)
Goodwill as of December 31, 2021$718,675 $430,260 $1,148,935 
Foreign currency translation— (477)(477)
Purchase accounting adjustments— (12,166)(12,166)
Goodwill as of December 31, 2022$718,675 $417,617 $1,136,292 
Schedule of Finite-Lived Intangible Assets
The following table summarizes changes to the carrying value of intangible assets:

December 31, 2022December 31, 2021
Definite-lived
intangible assets		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$90,875 $11,468 $79,407 $90,882 $1,574 $89,308 
Developed technology55,718 20,666 35,052 56,812 8,184 48,628 
Other6,984 4,657 2,327 6,973 2,768 4,205 
Total$153,577 $36,791 $116,786 $154,667 $12,526 $142,141 
Indefinite-lived
intangible assets
Title insurance assets$5,850 $— $5,850 $5,850 $— $5,850 
Total intangible assets$159,427 $36,791 $122,636 $160,517 $12,526 $147,991 
Schedule of Indefinite-Lived Intangible Assets
The following table summarizes changes to the carrying value of intangible assets:

December 31, 2022December 31, 2021
Definite-lived
intangible assets		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$90,875 $11,468 $79,407 $90,882 $1,574 $89,308 
Developed technology55,718 20,666 35,052 56,812 8,184 48,628 
Other6,984 4,657 2,327 6,973 2,768 4,205 
Total$153,577 $36,791 $116,786 $154,667 $12,526 $142,141 
Indefinite-lived
intangible assets
Title insurance assets$5,850 $— $5,850 $5,850 $— $5,850 
Total intangible assets$159,427 $36,791 $122,636 $160,517 $12,526 $147,991 
Schedule of Estimated Aggregate Amortization Expense of Intangible Assets
The following table outlines the estimated aggregate amortization expense of intangible assets for the years ended.

YearAmount
2023$22,550 
202422,550 
202511,862 
202611,523 
202710,518 
v3.22.4
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consist of the following:
December 31,
20222021
Mortgage production related receivables$372,156 $393,513 
Prepaid expenses128,057 141,512 
Disbursement funds advanced64,826 27,493 
Non-production-related receivables56,619 114,557 
Ginnie Mae buyouts52,633 28,149 
Investment securities40,341 41,880 
Margin call receivables from counterparties24,102 137 
Real estate owned1,124 492 
Other59,301 71,155 
Total other assets$799,159 $818,888 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Taxes and Noncontrolling interest
Income (loss) before income taxes consists of the following:
Year Ended December 31,
202220212020
U.S.$763,400 $6,202,190 $9,544,721 
Canada(21,489)(17,289)(13,064)
Total income before income taxes
$741,911 $6,184,901 $9,531,657 
Schedule of Provision For (Benefit From) Income Taxes
The provision for (benefit from) income taxes consists of the following:
Year Ended December 31,
202220212020
Current
U.S. Federal$4,669 $49,650 $38,000 
State and local575 14,493 27,971 
Canada
560 276 (120)
Total current$5,804 $64,419 $65,851 
Deferred
U.S. Federal$3,671 $49,426 $45,713 
State and local32,659 (1,041)20,817 
Canada(156)(66)— 
Total deferred$36,174 $48,319 $66,530 
Total provision for income taxes$41,978 $112,738 $132,381 
Schedule of Income Tax Rate Reconciliation
The reconciliation of the U.S. Federal statutory corporate income tax rate to the provision for income taxes consists of the following:
Year Ended December 31,
202220212020
U.S. Federal statutory tax rate21.00 %21.00 %21.00 %
Income attributable to non-controlling interest(23.77)(19.33)(20.27)
State and local taxes, net of U.S. Federal tax benefit3.70 0.20 0.47 
Valuation allowance3.15 0.10 0.03 
Other1.58 (0.15)0.16 
Effective tax rate5.66 %1.82 %1.39 %
Schedule of Deferred Tax Assets and Liabilities The Company’s deferred tax assets (liabilities) arise from the following components of temporary differences and carryforwards:
December 31,
20222021
Investment in partnership$501,153 $588,759 
Mortgage servicing rights(16,910)(11,055)
Interest rate lock commitments(273)(1,121)
Intangible assets(29,986)(30,445)
Net operating loss and credit carryforwards114,577 33,670 
Accruals and other, net12,578 2,522 
Valuation allowance(59,400)(38,663)
Net deferred tax assets$521,739 $543,667 

The deferred tax balance in the Consolidated Balance Sheets consists of the following:
December 31,
20222021
Deferred tax asset, net of valuation allowance$537,963 $572,049 
Deferred tax liability (included in Other liabilities)(16,224)(28,382)
Net deferred tax asset$521,739 $543,667 
v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Hedging Losses and Gains
Net hedging gains and losses were as follows:
Year ended December 31,
2022 (1)
2021 (1)
2020 (1)
Hedging gains (losses)$2,577,902 $1,217,010 $(2,832,741)

(1)    Includes the change in fair value related to derivatives economically hedging MSRs identified for sale.
Schedule of Notional and Fair Values of Derivative Financial Instruments
The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows:

Notional ValueDerivative AssetDerivative Liability
Balance at December 31, 2022
IRLCs, net of loan funding probability (1)$4,373,465 $90,635 $— 
Forward commitments (2)$10,963,989 $22,444 $25,117 
Balance at December 31, 2021
IRLCs, net of loan funding probability (1)$21,194,326 $538,861 $— 
Forward commitments (2)$36,476,871 $17,337 $19,911 

(1)    IRLCs are also discussed in Note 14, Commitments, Contingencies, and Guarantees.

(2)    Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale.
Schedule of Gross Amounts of Recognized Assets Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Consolidated Balance Sheets. The Company had $24,102 and $137 of margin cash pledged to counterparties related to these forward commitments at December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021 there was $959 and $22,826 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at December 31, 2022
Forward commitments$71,484 $(49,040)$22,444 
Balance at December 31, 2021
Forward commitments$50,225 $(32,888)$17,337 
Offsetting of Derivative Liabilities
Balance at December 31, 2022
Forward commitments$(69,007)$43,890 $(25,117)
Balance at December 31, 2021
Forward commitments$(54,922)$35,011 $(19,911)
Schedule of Gross Amounts of Recognized Liabilities Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Consolidated Balance Sheets. The Company had $24,102 and $137 of margin cash pledged to counterparties related to these forward commitments at December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021 there was $959 and $22,826 of margin cash held on behalf of counterparties, respectively.
Gross Amount of Recognized Assets or LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at December 31, 2022
Forward commitments$71,484 $(49,040)$22,444 
Balance at December 31, 2021
Forward commitments$50,225 $(32,888)$17,337 
Offsetting of Derivative Liabilities
Balance at December 31, 2022
Forward commitments$(69,007)$43,890 $(25,117)
Balance at December 31, 2021
Forward commitments$(54,922)$35,011 $(19,911)
v3.22.4
Commitments, Contingencies, and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of IRLC Unpaid Principal Balance
The UPB of IRLCs was as follows:
December 31, 2022December 31, 2021
Fixed RateVariable RateFixed RateVariable Rate
IRLCs$6,108,132 $326,638 $25,937,777 $1,239,762 
v3.22.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Key Operating Data for Business Segments
Key operating data for our business segments for the years ended:

Year Ended December 31, 2022
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$2,573,970 $540,234 $3,114,204 $23,213 $3,137,417 
Interest income222,621 125,034 347,655 2,936 350,591 
Interest expense on funding facilities(106,561)(59,818)(166,379)(9)(166,388)
Servicing fee income1,455,121 — 1,455,121 3,516 1,458,637 
Changes in fair value of MSRs185,036 — 185,036 — 185,036 
Other income449,813 33,163 482,976 390,224 873,200 
Total U.S. GAAP Revenue, net4,780,000 638,613 5,418,613 419,880 5,838,493 
Less: Increase in MSRs due to valuation assumptions (net of hedges)(1,210,947)— (1,210,947)— (1,210,947)
Adjusted revenue3,569,053 638,613 4,207,666 419,880 4,627,546 
Directly attributable expenses2,517,850 362,317 2,880,167 359,074 3,239,241 
Contribution margin$1,051,203 $276,296 $1,327,499 $60,806 $1,388,305 
Year Ended December 31, 2021
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$8,843,040 $1,597,569 $10,440,609 $27,965 $10,468,574 
Interest income265,438 161,256 426,694 3,392 430,086 
Interest expense on funding facilities(161,867)(99,226)(261,093)(53)(261,146)
Servicing fee income1,323,171 — 1,323,171 2,767 1,325,938 
Changes in fair value of MSRs(689,432)— (689,432)— (689,432)
Other income1,001,060 105,976 1,107,036 533,410 1,640,446 
Total U.S. GAAP Revenue, net10,581,410 1,765,575 12,346,985 567,481 12,914,466 
Less: Increase in MSRs due to valuation assumptions (net of hedges)(487,473)— (487,473)— (487,473)
Adjusted revenue10,093,937 1,765,575 11,859,512 567,481 12,426,993 
Directly attributable expenses3,697,774 686,296 4,384,070 274,546 4,658,616 
Contribution margin$6,396,163 $1,079,279 $7,475,442 $292,935 $7,768,377 

Year Ended December 31, 2020
Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$12,076,569 $2,986,418 $15,062,987 $7,716 $15,070,703 
Interest income215,171 111,876 327,047 2,546 329,593 
Interest expense on funding facilities(161,478)(83,628)(245,106)(417)(245,523)
Servicing fee income1,070,463 — 1,070,463 3,792 1,074,255 
Changes in fair value of MSRs(2,379,355)— (2,379,355)— (2,379,355)
Other income900,520 165,699 1,066,219 734,175 1,800,394 
Total U.S. GAAP Revenue, net11,721,890 3,180,365 14,902,255 747,812 15,650,067 
Plus: Decrease in MSRs due to valuation assumptions1,288,156 — 1,288,156 — 1,288,156 
Adjusted revenue13,010,046 3,180,365 16,190,411 747,812 16,938,223 
Directly attributable expenses3,637,525 537,543 4,175,068 412,351 4,587,419 
Contribution margin$9,372,521 $2,642,822 $12,015,343 $335,461 $12,350,804 
Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income Before Taxes
The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the years ended:
Year Ended December 31,
202220212020
Contribution margin, excluding change in MSRs due to valuation assumptions$1,388,305 $7,768,377 $12,350,804 
Increase (decrease) in MSRs due to valuation assumptions1,210,947 487,473 (1,288,156)
Contribution margin, including change in MSRs due to valuation assumptions2,599,252 8,255,850 11,062,648 
Less expenses not allocated to segments:
Salaries, commissions and team member benefits968,709 936,255 815,940 
General and administrative expenses632,344 801,696 443,085 
Depreciation and amortization94,020 74,713 74,316 
Interest and amortization expense on non-funding debt153,596 230,740 186,301 
Other expenses8,672 27,545 11,349 
Income before income taxes$741,911 $6,184,901 $9,531,657 
v3.22.4
Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interests The following table summarizes the ownership of Holdings Units in Holdings as of:
December 31, 2022December 31, 2021
Holdings
 Units		Ownership
 Percentage		Holdings
 Units		Ownership
 Percentage
Rocket Companies, Inc.'s ownership of Holdings Units123,491,606 6.26 %126,437,703 6.40 %
Holdings Units held by our Chairman1,101,822 0.06 %1,101,822 0.06 %
Holdings Units held by RHI1,847,777,661 93.68 %1,847,777,661 93.54 %
Balance at end of period1,972,371,089 100.00 %1,975,317,186 100.00 %
v3.22.4
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity The Stock Options activity for the period from July 1, 2020 to December 31, 2022 was as follows:
Number of
Stock Options		Weighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding on July 1, 2020—— —— 
Granted26,393,381$18.01 9.6 years59,246 
Exercised—— —— 
Expired—— —— 
Forfeited411,952$18.00 —1,661 
Outstanding as of December 31, 2020
25,981,429$18.01 9.6 years57,585 
Granted49,02016.98 —— 
Exercised10,46618.00 —9 
Expired144,25718.00 —— 
Forfeited1,375,310$18.00 —2,942 
Outstanding as of December 31, 2021
24,500,416$18.01 8.6 years— 
Granted60,0008.38 —— 
Exercised—— —— 
Expired1,652,40818.01 —— 
Forfeited1,253,25817.99 —— 
Outstanding as of December 31, 2022
21,654,750$17.98 8.5 years— 
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 are as follows:

Year Ended December 31, 2022
Year Ended December 31, 2021
July 1, 2020 to December 31, 2020
Expected volatility
34.0% - 36.4%
35.5 %
34.0% - 34.7%
Expected dividend yield1.5 %0.0151.5 %
Risk-free interest rates
0.3% - 3.9%
1.3 %
0.3% - 0.5%
Expected term5.85 years5.85 years5.85 years
Schedule of RSU Activity
The RSU activity for the period from July 1, 2020 to December 31, 2022 was as follows:

Number of UnitsWeighted Average Grant Date Fair ValueWeighted
Average Remaining
Service Period
Outstanding on July 1, 2020— — — 
Granted16,828,361 $18.03 2.2 years
Vested76,007 18.00 — 
Forfeited429,974 $18.00 — 
Outstanding as of December 31, 2020
16,322,380 $18.03 2.2 years
Granted1,678,230 17.01 — 
Vested3,276,242 18.02 — 
Forfeited1,367,051 $18.10 — 
Outstanding as of December 31, 2021
13,357,317 $17.90 1.2 years
Granted24,382,033 13.22 — 
Vested15,199,692 15.54 — 
Forfeited1,743,308 16.37 — 
Outstanding as of December 31, 2022
20,796,350 $14.28 2.1 years
Schedule of Share-based Compensation Expense
The components of share-based compensation expense included in Salaries, commissions and team member benefits on the Consolidated Statements of Income and Comprehensive Income is as follows:
Year ended December 31,
2022
2021
2020
Rocket Companies, Inc. sponsored plans
Restricted stock units (1)$170,768 $107,867 $49,203 
Stock options (2)36,583 40,100 17,207 
Team Member Stock Purchase Plan5,714 9,388 — 
Subtotal Rocket Companies, Inc. sponsored plans$213,065 $157,355 $66,410 
Rock Holdings, Inc sponsored plans.
Restricted stock units14,451 5,413 69,548 
Cash settled awards— — 26,421 
Stock options1,295 — 32 
Subtotal Rock Holdings, Inc. sponsored plans$15,746 $5,413 $96,001 
Subsidiary plans123 970 197 
Total share-based compensation expense$228,934 $163,738 $162,608 

(1)    Unrecognized compensation expense as of December 31, 2022 related to these RSUs was $232,067 and is expected to be recognized over a weighted average period of 2.2 years.

(2)    Unrecognized compensation expense as of December 31, 2022 related to these Stock Options was $20,383 and is expected to be recognized over a weighted average period of 0.6 years.
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
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:
Years Ended December 31,
202220212020
Net income$699,933 $6,072,163 $9,399,276 
Net income attributable to non-controlling interest(653,512)(5,763,953)(9,201,325)
Net income attributable to Rocket Companies46,421 308,210 197,951 
Add: Reallocation of Net income attributable to vested, undelivered stock awards22 150 — 
Net income attributable to common shareholders$46,443 $308,360 $197,951 
Numerator:
Net income attributable to Class A common shareholders - basic$46,443 $308,360 $197,951 
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares (1)503,007 4,301,126 — 
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (2)545 10,948 7,092 
Net income attributable to Class A common shareholders - diluted$549,995 $4,620,434 $205,043 
Denominator:
Weighted average shares of Class A common stock outstanding - basic120,577,548130,578,206111,926,619
Add: Dilutive impact of conversion of Class D shares to Class A shares1,848,879,4831,853,804,962—
Add: Dilutive impact of share-based compensation awards (3)2,163,5425,050,3994,311,874
Weighted average shares of Class A common stock outstanding - diluted1,971,620,5731,989,433,567116,238,493
Earnings per share of Class A common stock outstanding - basic$0.39 $2.36 $1.77 
Earnings per share of Class A common stock outstanding - diluted$0.28 $2.32 $1.76 

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

(2)    Reallocation of net income attributable to dilutive impact of share-based compensation awards for the years ended December 31, 2022, 2021 and 2020 comprised of $491, $10,660 and $6,683 related to restricted stock units, zero, zero and $409 related to stock options and $54, $288 and zero related to TMSPP.

(3)    Dilutive impact of share-based compensation awards for the years ended December 31, 2022, 2021 and 2020 comprised of 1,948,608, 4,917,705 and 4,063,444 related to restricted stock units, zero, zero and 248,430 related to stock options and 214,934, 132,694 and zero related to TMSPP.
v3.22.4
Business, Basis of Presentation and Accounting Policies - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Nov. 01, 2022
USD ($)
Feb. 24, 2022
USD ($)
$ / shares
Mar. 23, 2021
$ / shares
Feb. 25, 2021
USD ($)
$ / shares
Aug. 14, 2020
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
segment
$ / shares
Dec. 31, 2020
USD ($)
Dec. 31, 2021
$ / shares
Basis of Presentation [Line Items]                
Number of operating segments | segment           2    
Share repurchase program authorization $ 1,000,000              
Share repurchase program period in effect 2 years              
Share repurchase program remaining availability           $ 590,700    
Holdings                
Basis of Presentation [Line Items]                
Management and voting interest as managing member in Holdings (percent)           100.00%    
ATI                
Basis of Presentation [Line Items]                
Total aggregate consideration         $ 14,400      
Holding units issued in acquisition (in shares) | shares         800,000      
Value of holding units issued in acquisition (in dollars per share) | $ / shares         $ 18.00      
Holdings                
Basis of Presentation [Line Items]                
Cash distribution   $ 2,000,000   $ 2,200,000        
Affiliated entity                
Basis of Presentation [Line Items]                
Executive management compensation expense             $ 96,199  
Class A common stock                
Basis of Presentation [Line Items]                
Common stock, par value (in dollars per share) | $ / shares           $ 0.00001   $ 0.00001
Common stock dividend declared (in dollars per share) | $ / shares   $ 1.01   $ 1.11        
Common stock dividend paid (in dollars per share) | $ / shares     $ 1.11          
v3.22.4
Business, Basis of Presentation and Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Closing fees      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer $ 157,853 $ 506,685 $ 457,703
Appraisal revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 65,082 96,471 78,673
Subscription revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 118,344    
Real estate network referral fees      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 48,207 54,181 42,777
Contact center      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 17,476 45,485 27,904
Professional services      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 12,111 12,753 10,884
Core Digital Media lead generation revenue      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer $ 9,049 $ 27,699 $ 24,231
v3.22.4
Business, Basis of Presentation and Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Reconciliation (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 722,293 $ 2,131,174 $ 1,971,085  
Restricted cash 66,806 80,423 83,018  
Total cash, cash equivalents, and restricted cash in the statement of cash flows 789,099 2,211,597 2,054,103 $ 1,455,725
Bond        
Restricted Cash and Cash Equivalents Items [Line Items]        
Bond in restricted cash $ 25,000 $ 25,000 $ 25,000  
v3.22.4
Fair Value Measurements - Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets:      
Mortgage loans held for sale $ 7,343,475 $ 19,323,568  
MSRs 6,946,940 5,385,613 $ 2,862,685
Liabilities:      
Derivative Liability 25,117 19,911  
Fair Value, Recurring      
Assets:      
Mortgage loans held for sale 7,343,475 19,323,568  
MSRs 6,946,940 5,385,613  
Total assets 14,403,494 25,265,379  
Liabilities:      
Total liabilities 25,117 19,911  
IRLCs      
Assets:      
Derivative Asset 90,635 538,861  
IRLCs | Fair Value, Recurring      
Assets:      
Derivative Asset 90,635 538,861  
Forward commitments      
Assets:      
Derivative Asset 22,444 17,337  
Forward commitments | Fair Value, Recurring      
Assets:      
Derivative Asset 22,444 17,337  
Liabilities:      
Derivative Liability 25,117 19,911  
Level 1 | Fair Value, Recurring      
Assets:      
Mortgage loans held for sale 0 0  
MSRs 0 0  
Total assets 0 0  
Liabilities:      
Total liabilities 0 0  
Level 1 | IRLCs | Fair Value, Recurring      
Assets:      
Derivative Asset 0 0  
Level 1 | Forward commitments | Fair Value, Recurring      
Assets:      
Derivative Asset 0 0  
Liabilities:      
Derivative Liability 0 0  
Level 2 | Fair Value, Recurring      
Assets:      
Mortgage loans held for sale 6,260,745 17,014,202  
MSRs 0 0  
Total assets 6,283,189 17,031,539  
Liabilities:      
Total liabilities 25,117 19,911  
Level 2 | IRLCs | Fair Value, Recurring      
Assets:      
Derivative Asset 0 0  
Level 2 | Forward commitments | Fair Value, Recurring      
Assets:      
Derivative Asset 22,444 17,337  
Liabilities:      
Derivative Liability 25,117 19,911  
Level 3 | Financial Asset, Equal to or Greater than 90 Days Past Due      
Liabilities:      
Unpaid principal balance 314,400 830,100  
Level 3 | Fair Value, Recurring      
Assets:      
Mortgage loans held for sale 1,082,730 2,309,366  
MSRs 6,946,940 5,385,613  
Total assets 8,120,305 8,233,840  
Liabilities:      
Total liabilities 0 0  
Level 3 | IRLCs | Fair Value, Recurring      
Assets:      
Derivative Asset 90,635 538,861  
Level 3 | Forward commitments | Fair Value, Recurring      
Assets:      
Derivative Asset 0 0  
Liabilities:      
Derivative Liability $ 0 $ 0  
v3.22.4
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Level 3
Dec. 31, 2022
Dec. 31, 2021
Model pricing | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 0.67 0.89
Model pricing | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 1 1.03
Model pricing | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans held for sale 0.86 0.99
Loan funding probability | IRLCs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 0 0
Loan funding probability | IRLCs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 1 1
Loan funding probability | IRLCs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
IRLCs 0.68 0.78
Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.095 0.090
Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.125 0.120
Discount rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.099 0.095
Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.061 0.068
Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.266 0.369
Conditional prepayment rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MSRs 0.069 0.087
v3.22.4
Fair Value Measurements - Reconciliation of Level 3 Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Loans Held for Sale    
Reconciliation of Level 3 Assets:    
Beginning balance $ 2,309,366 $ 579,666
Transfers in 1,315,430 3,524,260
Transfers out/principal reductions (2,371,104) (1,788,552)
Net transfers and revaluation losses 0 0
Total losses included in net income (170,962) (6,008)
Ending balance 1,082,730 2,309,366
IRLCs    
Reconciliation of Level 3 Assets:    
Beginning balance 538,861 1,897,194
Transfers in 0 0
Transfers out/principal reductions 0 0
Net transfers and revaluation losses (448,226) (1,358,333)
Total losses included in net income 0 0
Ending balance $ 90,635 $ 538,861
v3.22.4
Fair Value Measurements - Fair Value Option for Mortgage Loans Held for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]    
Mortgage loans held for sale, at fair value $ 7,343,475 $ 19,323,568
Principal Amount Due Upon Maturity 7,424,223 19,018,552
Difference $ (80,748) $ 305,016
v3.22.4
Fair Value Measurements - Liabilities not Recorded at Fair Value on Recurring or Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes $ 4,027,970 $ 4,022,491
Carrying Amount | 2026 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 1,141,432 1,139,146
Carrying Amount | 2028 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 61,330 61,197
Carrying Amount | 2029 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 743,815 742,812
Carrying Amount | 2031 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 1,238,958 1,237,605
Carrying Amount | 2033 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 842,435 841,731
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 3,224,120 4,100,381
Estimated Fair Value | 2026 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 984,963 1,151,932
Estimated Fair Value | 2028 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 57,039 64,251
Estimated Fair Value | 2029 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 595,493 752,805
Estimated Fair Value | 2031 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes 961,450 1,273,675
Estimated Fair Value | 2033 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior Notes $ 625,175 $ 857,718
v3.22.4
Mortgage Servicing Rights - Changes to MSR Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Changes to MSR Assets    
Fair value, beginning of period $ 5,385,613 $ 2,862,685
MSRs originated 1,970,647 3,864,359
MSRs sales (671,968) (936,257)
MSRs purchases 0 200,591
Changes in fair value:    
Due to changes in valuation model inputs or assumptions 1,285,981 589,852
Due to collection/realization of cash flows (1,023,333) (1,195,617)
Total changes in fair value 262,648 (605,765)
Fair value, end of period $ 6,946,940 $ 5,385,613
Servicing asset, fair value, change in fair value, other, statement of income or comprehensive income Gain (Loss) on Sales of Loans, Net Gain (Loss) on Sales of Loans, Net
v3.22.4
Mortgage Servicing Rights - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Transfers and Servicing [Abstract]    
UPB of mortgage loans serviced $ 486,540,840 $ 485,087,214
Delinquent loans as a percentage of total portfolio (percent) 1.20%  
Delinquent loans as a percentage of total portfolio, excluding clients in forbearance plans (percent) 0.88%  
v3.22.4
Mortgage Servicing Rights - Fair Value Assumptions (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Transfers and Servicing [Abstract]    
Discount rate 9.90% 9.50%
Prepayment speeds 6.90% 8.70%
Life (in years) 8 years 29 days 7 years 3 months
v3.22.4
Mortgage Servicing Rights - Discount Rate and Prepayment Speeds at Two Different Data Points (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Discount Rate    
Discount Rate, 100 BPS Adverse Change $ (295,754) $ (232,658)
Discount Rate, 200 BPS Adverse Change (565,704) (435,181)
Prepayment Speeds    
Prepayment Speeds, 10% Adverse Change (171,297) (198,153)
Prepayment Speeds, 20% Adverse Change $ (334,664) $ (372,018)
v3.22.4
Mortgage Loans Held for Sale (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]    
Balance at the beginning of period $ 19,323,568 $ 22,865,106
Disbursements of mortgage loans held for sale 134,326,580 352,968,791
Proceeds from sales of mortgage loans held for sale (147,952,800) (363,970,300)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net 1,646,127 7,459,971
Balance at the end of period $ 7,343,475 $ 19,323,568
Mortgage loans held for sale average holding period 43 days  
v3.22.4
Property and Equipment - Narrative (Details) - Office furniture, equipment, computer software, and leasehold improvements
 12 Months Ended
Dec. 31, 2022
Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment useful life 3 years
Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment useful life 7 years
v3.22.4
Property and Equipment - Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Total cost $ 737,454 $ 821,782
Accumulated depreciation and amortization (463,262) (567,406)
Total property and equipment, net 274,192 254,376
Office furniture, equipment, and technology    
Property, Plant and Equipment [Line Items]    
Total cost 284,542 419,583
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total cost 202,806 229,335
Internally-developed software    
Property, Plant and Equipment [Line Items]    
Total cost 157,754 116,473
Projects-in-process    
Property, Plant and Equipment [Line Items]    
Total cost $ 92,352 $ 56,391
v3.22.4
Borrowings - Narrative (Details)
 12 Months Ended
Dec. 31, 2022
Funding facilities and Other financing facilities  
Debt Instrument [Line Items]  
Commitment fees (percent) 0.50%
v3.22.4
Borrowings - Funding Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Mar. 01, 2023
Line of Credit Facility [Line Items]      
Total Funding Facilities $ 3,548,699,000 $ 12,751,592,000  
Funding Facilities      
Line of Credit Facility [Line Items]      
Line Amount 17,500,000,000    
Committed Line Amount $ 2,100,000,000    
Funding Facilities | Base rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00% 1.00%  
Funding Facilities | Base rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.85% 2.25%  
Funding Facilities | MRA funding      
Line of Credit Facility [Line Items]      
Line Amount $ 10,500,000,000    
Committed Line Amount 2,100,000,000    
Outstanding Balance 2,759,717,000 $ 9,486,726,000  
Funding Facilities | Master Repurchase Agreement Due Oct 20 2023      
Line of Credit Facility [Line Items]      
Line Amount 1,000,000,000    
Committed Line Amount 100,000,000    
Outstanding Balance 49,381,000 249,119,000  
Funding Facilities | Master Repurchase Agreement Due Oct 20 2023 | Subsequent event      
Line of Credit Facility [Line Items]      
Line Amount     $ 50,000
Committed Line Amount     250,000,000
Funding Facilities | Master Repurchase Agreement Due Nov 30 2023      
Line of Credit Facility [Line Items]      
Line Amount 1,000,000,000    
Committed Line Amount 100,000,000    
Outstanding Balance 138,057,000 1,328,727,000  
Funding Facilities | Master Repurchase Agreement Due Aug 9 2024      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 250,000,000    
Outstanding Balance 702,128,000 1,714,806,000  
Funding Facilities | Master Repurchase Agreement Due Oct 26 2023      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 800,000,000    
Outstanding Balance $ 917,621,000 1,479,128,000  
Facility term 12 months    
Extension term 3 months    
Timing option for extending facility 3 months    
Funding Facilities | Master Repurchase Agreement Due Oct 26 2023 | Subsequent event      
Line of Credit Facility [Line Items]      
Line Amount     550,000,000
Funding Facilities | Master Repurchase Agreement Due May 4 2024      
Line of Credit Facility [Line Items]      
Line Amount $ 1,000,000,000    
Committed Line Amount 250,000,000    
Outstanding Balance 493,029,000 2,264,954,000  
Funding Facilities | Master Repurchase Agreement Due Sep 9 2024      
Line of Credit Facility [Line Items]      
Line Amount 1,500,000,000    
Committed Line Amount 250,000,000    
Outstanding Balance 101,152,000 498,335,000  
Funding Facilities | Master Repurchase Agreement Due Sep 9 2024 | Subsequent event      
Line of Credit Facility [Line Items]      
Line Amount     1,500,000
Committed Line Amount     $ 1,500,000
Funding Facilities | Master Repurchase Agreement, One      
Line of Credit Facility [Line Items]      
Line Amount 0    
Committed Line Amount 0    
Outstanding Balance 0 542,846,000  
Funding Facilities | Master Repurchase Agreement Due Sep 22 2023      
Line of Credit Facility [Line Items]      
Line Amount 1,250,000,000    
Committed Line Amount 250,000,000    
Outstanding Balance 186,707,000 539,257,000  
Funding Facilities | Master Repurchase Agreement Due Sep 27 2024      
Line of Credit Facility [Line Items]      
Line Amount 750,000,000    
Committed Line Amount 100,000,000    
Outstanding Balance 171,642,000 616,165,000  
Funding Facilities | Master Repurchase Agreement, Two      
Line of Credit Facility [Line Items]      
Line Amount 0    
Committed Line Amount 0    
Outstanding Balance 0 253,389,000  
Funding Facilities | Early Funding      
Line of Credit Facility [Line Items]      
Line Amount 7,000,000,000    
Committed Line Amount 0    
Early Funding Facilities 788,982,000 3,264,866,000  
Funding Facilities | Early Funding Facility, one      
Line of Credit Facility [Line Items]      
Line Amount 5,000,000,000    
Committed Line Amount 0    
Early Funding Facilities 561,874,000 2,071,154,000  
Funding Facilities | Early Funding Facility, two      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 0    
Early Funding Facilities $ 227,108,000 $ 1,193,712,000  
Timing for review of agreement 90 days    
v3.22.4
Borrowings - Other Financing Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Mar. 01, 2023
Line of Credit Facility [Line Items]      
Line of Credit Financing Facilities $ 0 $ 75,000,000  
Early Buyout Financing Facilities 672,882,000 1,896,784,000  
Line of Credit Financing Facilities      
Line of Credit Facility [Line Items]      
Line Amount 4,800,000,000    
Committed Line Amount 1,250,000,000    
Line of Credit Financing Facilities 0 $ 75,000,000  
Line of Credit Financing Facilities | Base rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate   1.45%  
Line of Credit Financing Facilities | Base rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate   4.00%  
Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | Affiliated entity      
Line of Credit Facility [Line Items]      
Line Amount 2,000,000,000    
Committed Line Amount 0    
Line of Credit Financing Facilities 0 $ 0  
Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI | Affiliated entity      
Line of Credit Facility [Line Items]      
Line Amount 100,000,000    
Committed Line Amount 0    
Line of Credit Financing Facilities 0 0  
Line of Credit | MSR line of credit, maturing Oct 20 2023      
Line of Credit Facility [Line Items]      
Line Amount 200,000,000    
Committed Line Amount 0    
Line of Credit Financing Facilities 0 0  
Line of Credit | MSR line of credit, maturing Sep 9 2024      
Line of Credit Facility [Line Items]      
Line Amount 1,500,000,000    
Committed Line Amount 250,000,000    
Line of Credit Financing Facilities 0 0  
Line of Credit | MSR line of credit, maturing Sep 9 2024 | Subsequent event      
Line of Credit Facility [Line Items]      
Line of Credit Financing Facilities     $ 75,000,000
Line of Credit | Mortgage serving rights line of credit      
Line of Credit Facility [Line Items]      
Line Amount 0    
Committed Line Amount 0    
Line of Credit Financing Facilities 0 75,000,000  
Revolving Credit Facility | Revolving credit facility due Aug 10 2025      
Line of Credit Facility [Line Items]      
Line Amount 1,000,000,000    
Committed Line Amount 1,000,000,000    
Line of Credit Financing Facilities 0 $ 0  
Early Buyout Financing Facility      
Line of Credit Facility [Line Items]      
Line Amount 1,500,000,000    
Committed Line Amount $ 0    
Early Buyout Financing Facility | Base rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.45%    
Early Buyout Financing Facility | Base rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 4.00%    
v3.22.4
Borrowings - Unsecured Senior Notes (Details) - Unsecured Senior Notes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Outstanding Balance $ 4,061,985 $ 4,061,985
Weighted Average Interest Rate (percent) 3.59% 3.59%
2026 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate (percent) 2.875%  
Outstanding Balance $ 1,150,000 $ 1,150,000
Unamortized debt issuance costs and discounts $ 8,569 $ 10,854
Redemption period start date   Oct. 15, 2023
2026 Senior Notes | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   10 days
2026 Senior Notes | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   60 days
2026 Senior Notes | Redemption period one    
Debt Instrument [Line Items]    
Redemption price (percent) 101.438%  
2026 Senior Notes | Redemption period two    
Debt Instrument [Line Items]    
Redemption price (percent) 100.719%  
2026 Senior Notes | Redemption period three    
Debt Instrument [Line Items]    
Redemption price (percent) 100.00%  
2026 Senior Notes | Redemption with makewhole premium    
Debt Instrument [Line Items]    
Redemption period end date   Oct. 15, 2023
Redemption price (percent)   100.00%
2026 Senior Notes | Redemption with makewhole premium | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   10 days
2026 Senior Notes | Redemption with makewhole premium | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   60 days
2026 Senior Notes | Redemption with proceeds from equity offering    
Debt Instrument [Line Items]    
Redemption period end date   Apr. 15, 2023
Redemption price (percent)   102.875%
Maximum principal amount that can be redeemed (percent)   40.00%
Time for redemption from closing of equity offering   90 days
Minimum principal amount that must remain outstanding (percent)   60.00%
2028 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate (percent) 5.25%  
Outstanding Balance $ 61,985 $ 61,985
Redemption period start date Jan. 15, 2023  
Purchase of debt   948,015
Unamortized debt issuance costs $ 358 430
Unamortized discounts $ 298 358
2028 Senior Notes | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 30 days  
2028 Senior Notes | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 60 days  
2028 Senior Notes | Redemption period one    
Debt Instrument [Line Items]    
Redemption price (percent) 102.625%  
2028 Senior Notes | Redemption period two    
Debt Instrument [Line Items]    
Redemption price (percent) 101.75%  
2028 Senior Notes | Redemption period three    
Debt Instrument [Line Items]    
Redemption price (percent) 100.875%  
2028 Senior Notes | Redemption period four    
Debt Instrument [Line Items]    
Redemption price (percent) 100.00%  
2029 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate (percent) 3.625%  
Outstanding Balance $ 750,000 750,000
Unamortized debt issuance costs and discounts $ 6,185 7,188
Redemption period start date Mar. 01, 2024  
2029 Senior Notes | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 10 days  
2029 Senior Notes | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 60 days  
2029 Senior Notes | Redemption period one    
Debt Instrument [Line Items]    
Redemption price (percent) 101.813%  
2029 Senior Notes | Redemption period two    
Debt Instrument [Line Items]    
Redemption price (percent) 100.906%  
2029 Senior Notes | Redemption period three    
Debt Instrument [Line Items]    
Redemption price (percent) 100.00%  
2029 Senior Notes | Redemption with makewhole premium    
Debt Instrument [Line Items]    
Redemption period end date Mar. 01, 2024  
Redemption price (percent) 100.00%  
2029 Senior Notes | Redemption with makewhole premium | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 10 days  
2029 Senior Notes | Redemption with makewhole premium | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 60 days  
2029 Senior Notes | Redemption with proceeds from equity offering    
Debt Instrument [Line Items]    
Redemption period end date Sep. 01, 2023  
Redemption price (percent) 103.625%  
Maximum principal amount that can be redeemed (percent) 40.00%  
Time for redemption from closing of equity offering 90 days  
Minimum principal amount that must remain outstanding (percent) 60.00%  
2031 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate (percent) 3.875%  
Outstanding Balance $ 1,250,000 1,250,000
Unamortized debt issuance costs and discounts $ 11,040 12,395
Redemption period start date Mar. 01, 2026  
2031 Senior Notes | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 10 days  
2031 Senior Notes | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 60 days  
2031 Senior Notes | Redemption period one    
Debt Instrument [Line Items]    
Redemption price (percent) 101.938%  
2031 Senior Notes | Redemption period two    
Debt Instrument [Line Items]    
Redemption price (percent) 101.292%  
2031 Senior Notes | Redemption period three    
Debt Instrument [Line Items]    
Redemption price (percent) 100.646%  
2031 Senior Notes | Redemption period four    
Debt Instrument [Line Items]    
Redemption price (percent) 100.00%  
2031 Senior Notes | Redemption with makewhole premium    
Debt Instrument [Line Items]    
Redemption period end date Mar. 01, 2026  
Redemption price (percent) 100.00%  
2031 Senior Notes | Redemption with makewhole premium | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 10 days  
2031 Senior Notes | Redemption with makewhole premium | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days) 60 days  
2031 Senior Notes | Redemption with proceeds from equity offering    
Debt Instrument [Line Items]    
Redemption period end date Sep. 01, 2023  
Redemption price (percent) 103.875%  
Maximum principal amount that can be redeemed (percent) 40.00%  
Time for redemption from closing of equity offering 90 days  
Minimum principal amount that must remain outstanding (percent) 60.00%  
2033 Senior Notes    
Debt Instrument [Line Items]    
Interest Rate (percent) 4.00%  
Outstanding Balance $ 850,000 850,000
Unamortized debt issuance costs and discounts $ 7,565 $ 8,269
Redemption period start date   Oct. 15, 2027
2033 Senior Notes | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   10 days
2033 Senior Notes | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   60 days
2033 Senior Notes | Redemption period one    
Debt Instrument [Line Items]    
Redemption price (percent) 102.00%  
2033 Senior Notes | Redemption period two    
Debt Instrument [Line Items]    
Redemption price (percent) 101.333%  
2033 Senior Notes | Redemption period three    
Debt Instrument [Line Items]    
Redemption price (percent) 100.667%  
2033 Senior Notes | Redemption period four    
Debt Instrument [Line Items]    
Redemption price (percent) 100.00%  
2033 Senior Notes | Redemption with makewhole premium    
Debt Instrument [Line Items]    
Redemption period end date   Oct. 15, 2027
Redemption price (percent)   100.00%
2033 Senior Notes | Redemption with makewhole premium | Minimum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   10 days
2033 Senior Notes | Redemption with makewhole premium | Maximum    
Debt Instrument [Line Items]    
Redemption notice period (in days)   60 days
2033 Senior Notes | Redemption with proceeds from equity offering    
Debt Instrument [Line Items]    
Redemption period end date   Apr. 15, 2024
Redemption price (percent)   104.00%
Maximum principal amount that can be redeemed (percent)   40.00%
Time for redemption from closing of equity offering   90 days
Minimum principal amount that must remain outstanding (percent)   60.00%
v3.22.4
Borrowings - Contractual Maturities of Unsecured Senior Notes (Details) - Unsecured Senior Notes - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Contractual Maturities of Unsecured Senior Notes    
2023 $ 0  
2024 0  
2025 0  
2026 1,150,000  
2027 0  
Thereafter 2,911,985  
Total $ 4,061,985 $ 4,061,985
v3.22.4
Transactions with Related Parties - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 16, 2021
Jul. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]          
Lines of credit     $ 0 $ 75,000,000  
Aggregate repayments     75,000,000 300,000,000  
Interest paid     6,408,000 7,167,000 $ 3,486,000
Draws on line of credit         210,000,000
Notes receivable and due from affiliates     10,796,000 9,753,000  
Marketing and advertising expenses     945,694,000 1,249,583,000 949,933,000
RHI Agreements          
Related Party Transaction [Line Items]          
Notes receivable and due from affiliates     42,000,000    
Affiliated entity          
Related Party Transaction [Line Items]          
Surplus debenture with related party     $ 21,500,000 $ 21,500,000  
Interest rate (percent)     8.00% 8.00%  
Notes receivable and due from affiliates     $ 10,796,000 $ 9,753,000  
Affiliated entity | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI          
Related Party Transaction [Line Items]          
Line amount     2,000,000,000    
Lines of credit     0 0  
Affiliated entity | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI          
Related Party Transaction [Line Items]          
Line amount     100,000,000    
Lines of credit     0 0  
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI          
Related Party Transaction [Line Items]          
Line amount $ 2,000,000,000        
Lines of credit     0 0  
Aggregate repayments     0 2,502,793,000  
Interest paid     762,000 2,793,000  
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | Base rate          
Related Party Transaction [Line Items]          
Basis spread on variable rate 1.25%        
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI          
Related Party Transaction [Line Items]          
Line amount   $ 100,000,000      
Lines of credit     0 0  
Draws on line of credit     0 0  
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI | Base rate          
Related Party Transaction [Line Items]          
Basis spread on variable rate   1.25%      
Affiliated entity | RHI/ATI Debenture          
Related Party Transaction [Line Items]          
Interest paid     1,000,000 1,000,000  
Surplus debenture with related party     $ 21,500,000    
Interest rate (percent)     8.00%    
Interest accrued     $ 1,720,000 1,720,000  
Affiliated entity | Services, products and other transactions          
Related Party Transaction [Line Items]          
Revenue from related parties     12,661,000 13,275,000 14,081,000
General and administrative expenses from transactions with related parties     103,019,000 168,581,000 215,728,000
Affiliated entity | Promotional sponsorships          
Related Party Transaction [Line Items]          
Marketing and advertising expenses     8,942,000 9,026,000 10,330,000
Affiliated entity | Bedrock lease agreements          
Related Party Transaction [Line Items]          
Expenses from transaction with related parties     $ 74,562,000 $ 76,960,000 $ 70,157,000
v3.22.4
Transactions with Related Parties - Receivables from and Payables to Related Parties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Included in Notes receivable and due from affiliates on the Consolidated Balance Sheets    
Notes receivable and due from affiliates $ 10,796 $ 9,753
Included in Notes payable and due to affiliates on the Consolidated Balance Sheets    
Notes payable and due to affiliates 33,463 33,650
Affiliated entity    
Included in Notes receivable and due from affiliates on the Consolidated Balance Sheets    
Affiliated receivables and other notes 10,796 9,753
Notes receivable and due from affiliates 10,796 9,753
Included in Notes payable and due to affiliates on the Consolidated Balance Sheets    
RHI/ATI Debenture 21,500 21,500
Affiliated payables 11,963 12,150
Notes payable and due to affiliates $ 33,463 $ 33,650
Interest rate (percent) 8.00% 8.00%
v3.22.4
Leases - Operating Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Lease Cost:    
Fixed lease expense $ 79,621 $ 77,286
Variable lease expense 9,190 12,246
Total operating lease cost $ 88,811 $ 89,532
Minimum    
Lessee, Lease, Description [Line Items]    
Remaining lease terms 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Remaining lease terms 10 years  
v3.22.4
Leases - Supplemental Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating cash flows from operating leases $ 81,333 $ 77,967
Right-of-use assets obtained in exchange for operating lease obligations 2,632 191,435
Total lease right-of-use assets 366,189 427,895
Total lease liabilities $ 422,769 $ 482,184
Weighted average lease term 6 years 8 months 12 days 7 years 6 months
Weighted average discount rate 3.64% 3.61%
v3.22.4
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Operating Leases:    
2023 $ 76,674  
2024 71,517  
2025 70,862  
2026 69,736  
2027 65,456  
Thereafter 122,181  
Total lease payments 476,426  
Less imputed interest 53,657  
Total lease liabilities $ 422,769 $ 482,184
v3.22.4
Goodwill and Intangible Assets - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 23, 2021
USD ($)
Dec. 31, 2022
USD ($)
reportingUnit
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]          
Goodwill   $ 1,136,292 $ 1,148,935 $ 17,950  
Intangible assets, net   122,636 147,991    
Amortization expense   $ 24,744 4,007 $ 4,624  
Weighted Average | Customer relationships          
Business Acquisition [Line Items]          
Weighted average amortization period   10 years      
Weighted Average | Developed technology          
Business Acquisition [Line Items]          
Weighted average amortization period   5 years      
Weighted Average | Other          
Business Acquisition [Line Items]          
Weighted average amortization period   45 years      
Truebill Acquisition          
Business Acquisition [Line Items]          
Goodwill         $ 1,118,823
Tax deductible goodwill $ 0        
Acquisition-related expenses     1,800    
Number of reporting units | reportingUnit   2      
Intangible assets, net   $ 122,600 $ 148,000    
Truebill Acquisition | Customer relationships          
Business Acquisition [Line Items]          
Useful lives 10 years        
Truebill Acquisition | Developed technology          
Business Acquisition [Line Items]          
Useful lives 3 years        
v3.22.4
Goodwill and Intangible Assets - Schedule of Preliminary Purchase Price Allocation for Business Combination (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]        
Goodwill $ 1,136,292   $ 1,148,935 $ 17,950
Truebill Acquisition        
Business Acquisition [Line Items]        
Cash   $ 33,084    
Accounts receivable, net   2,564    
Other assets   9,068    
Accounts payable and other liabilities   (9,672)    
Deferred revenue   (4,454)    
Deferred tax liabilities   (2,508)    
Net tangible assets acquired   28,082    
Intangible assets   122,700    
Goodwill   1,118,823    
Total net assets acquired   $ 1,269,605    
v3.22.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Goodwill fair value, beginning balance $ 1,148,935 $ 17,950
Acquisitions   1,130,989
Foreign currency translation (477) (4)
Purchase accounting adjustments (12,166)  
Goodwill fair value, end of period 1,136,292 1,148,935
Direct to Consumer    
Goodwill [Roll Forward]    
Goodwill fair value, beginning balance 718,675 0
Acquisitions   718,675
Foreign currency translation 0 0
Purchase accounting adjustments 0  
Goodwill fair value, end of period 718,675 718,675
All Other    
Goodwill [Roll Forward]    
Goodwill fair value, beginning balance 430,260 17,950
Acquisitions   412,314
Foreign currency translation (477) (4)
Purchase accounting adjustments (12,166)  
Goodwill fair value, end of period $ 417,617 $ 430,260
v3.22.4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 153,577 $ 154,667
Accumulated Amortization 36,791 12,526
Net Carrying Amount 116,786 142,141
Indefinite-lived intangible assets    
Gross Carrying Amount 159,427 160,517
Accumulated Amortization 36,791 12,526
Net Carrying Amount 122,636 147,991
Title insurance assets    
Indefinite-Lived Intangible Assets [Line Items]    
Title insurance assets 5,850 5,850
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 90,875 90,882
Accumulated Amortization 11,468 1,574
Net Carrying Amount 79,407 89,308
Indefinite-lived intangible assets    
Accumulated Amortization 11,468 1,574
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 55,718 56,812
Accumulated Amortization 20,666 8,184
Net Carrying Amount 35,052 48,628
Indefinite-lived intangible assets    
Accumulated Amortization 20,666 8,184
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 6,984 6,973
Accumulated Amortization 4,657 2,768
Net Carrying Amount 2,327 4,205
Indefinite-lived intangible assets    
Accumulated Amortization $ 4,657 $ 2,768
v3.22.4
Goodwill and Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2023 $ 22,550
2024 22,550
2025 11,862
2026 11,523
2027 $ 10,518
v3.22.4
Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Mortgage production related receivables $ 372,156 $ 393,513
Prepaid expenses 128,057 141,512
Disbursement funds advanced 64,826 27,493
Non-production-related receivables 56,619 114,557
Ginnie Mae buyouts 52,633 28,149
Investment securities 40,341 41,880
Margin call receivables from counterparties 24,102 137
Real estate owned 1,124 492
Other 59,301 71,155
Total other assets $ 799,159 $ 818,888
v3.22.4
Team Member Benefit Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Retirement Benefits [Abstract]      
Discretionary matching contribution as percentage of team members' contributions 50.00%    
Annual maximum discretionary matching contribution per team member $ 2,500    
Discretionary contributions to the plan $ 40,664,000 $ 44,060,000 $ 47,072,000
v3.22.4
Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income (loss) before income taxes      
U.S. $ 763,400 $ 6,202,190 $ 9,544,721
Canada (21,489) (17,289) (13,064)
Income before income taxes $ 741,911 $ 6,184,901 $ 9,531,657
v3.22.4
Income Taxes - Components of Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current      
U.S. Federal $ 4,669 $ 49,650 $ 38,000
State and local 575 14,493 27,971
Canada 560 276 (120)
Total current 5,804 64,419 65,851
Deferred      
U.S. Federal 3,671 49,426 45,713
State and local 32,659 (1,041) 20,817
Canada (156) (66) 0
Total deferred 36,174 48,319 66,530
Total provision for income taxes $ 41,978 $ 112,738 $ 132,381
v3.22.4
Income Taxes - Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Rate Reconciliation      
U.S. Federal statutory tax rate 21.00% 21.00% 21.00%
Income attributable to non-controlling interest (23.77%) (19.33%) (20.27%)
State and local taxes, net of U.S. Federal tax benefit 3.70% 0.20% 0.47%
Valuation allowance 3.15% 0.10% 0.03%
Other 1.58% (0.15%) 0.16%
Effective tax rate 5.66% 1.82% 1.39%
v3.22.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred Tax Assets (Liabilities)    
Investment in partnership $ 501,153 $ 588,759
Mortgage servicing rights (16,910) (11,055)
Interest rate lock commitments (273) (1,121)
Intangible assets (29,986) (30,445)
Net operating loss and credit carryforwards 114,577 33,670
Accruals and other, net 12,578 2,522
Valuation allowance (59,400) (38,663)
Net deferred tax asset 521,739 543,667
Deferred tax balance in the Consolidated Balance Sheets    
Deferred tax asset, net of valuation allowance 537,963 572,049
Deferred tax liability (included in Other liabilities) (16,224) (28,382)
Net deferred tax asset $ 521,739 $ 543,667
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Mar. 01, 2023
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Deferred tax asset before valuation allowance     $ 597,363,000 $ 610,712,000
Deferred tax liability     16,224,000 28,382,000
Tax valuation allowance     59,400,000 38,663,000
Deferred tax assets related to the net operating loss and credit carryforwards     114,577,000 33,670,000
Carryforwards subject to expiration     32,202,000  
Carryforwards not subject to expiration     82,375,000  
Interest or penalties expense     0 0
Accrued interest or penalties     $ 0 0
Percentage of applicable tax savings payable per tax receivable agreement     90.00%  
Percentage of applicable tax savings retained by the Company per tax receivable agreement     10.00%  
Increase in Tax receivable agreement liability   $ 119,456,000    
Offsetting amount to additional paid-in capital   985,000    
Tax receivable agreement liability     $ 613,693,000 688,573,000
Payments pursuant to tax receivable agreement     $ 40,721,000 0
Discount rate for payment valuation if change of control or material breach     6.50%  
Basis points upon base rate for payment valuation if change of control or material breach     0.0100  
Discount rate for payment valuation if early termination of agreement     6.50%  
Basis points upon base rate for payment valuation if early termination of agreement     0.0100  
Tax distributions to holders of Holdings Units     $ 166,210,000 1,803,494,000
Income Taxes [Line Items]        
Payments pursuant to tax receivable agreement     $ 40,721,000 $ 0
Subsequent event        
Income Tax Disclosure [Abstract]        
Payments pursuant to tax receivable agreement $ 35,697,000      
Income Taxes [Line Items]        
Payments pursuant to tax receivable agreement $ 35,697,000      
Investment In Subsidiary Or Partnership        
Income Taxes [Line Items]        
Increase in deferred tax asset   123,587,000    
Increase in valuation allowance   $ 3,146,000    
Class A common stock        
Income Taxes [Line Items]        
Shares received in exchange of paired interests (in shares)   20,200,000    
v3.22.4
Derivative Financial Instruments - Net Hedging Losses and Gains (Details) - Forward commitments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Hedging gains $ 2,577,902 $ 1,217,010  
Hedging (losses)     $ (2,832,741)
v3.22.4
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative Liability $ 25,117 $ 19,911
IRLCs, net of loan funding probability    
Derivative [Line Items]    
Derivative Asset 90,635 538,861
Derivative Liability 0 0
Forward commitments    
Derivative [Line Items]    
Derivative Asset 22,444 17,337
Derivative Liability 25,117 19,911
Not Designated | IRLCs, net of loan funding probability    
Derivative [Line Items]    
Notional Value 4,373,465 21,194,326
Not Designated | Forward commitments    
Derivative [Line Items]    
Notional Value $ 10,963,989 $ 36,476,871
v3.22.4
Derivative Financial Instruments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash pledged to counterparties $ 24,102,000 $ 137,000  
Cash pledged from counterparties 959,000 22,826,000  
Credit losses due to nonperformance of counterparty $ 0 $ 0 $ 0
v3.22.4
Derivative Financial Instruments - Gross Amounts Recognized Subject to Master Netting Agreements (Details) - Not Designated - Forward commitments - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Offsetting Assets [Line Items]    
Gross Amount of Recognized Assets $ 71,484 $ 50,225
Gross Amounts Offset in the Consolidated Balance Sheets (49,040) (32,888)
Net Assets Presented in the Condensed Consolidated Balance Sheets 22,444 17,337
Gross Amount of Recognized Liabilities (69,007) (54,922)
Gross Amounts Offset in the Consolidated Balance Sheets 43,890 35,011
Net Liabilities Presented in the Condensed Consolidated Balance Sheets $ (25,117) $ (19,911)
v3.22.4
Commitments, Contingencies, and Guarantees - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
lawsuit
guarantee
Dec. 31, 2021
USD ($)
guarantee
Aug. 12, 2022
lawsuit
Feb. 02, 2022
lawsuit
Nov. 23, 2021
lawsuit
Aug. 19, 2021
lawsuit
Jul. 13, 2021
lawsuit
Jun. 29, 2021
lawsuit
Other Commitments [Line Items]                
Investor reserves $ 110,147 $ 78,888            
Administrated escrow deposits for property taxes and insurance 3,471,913 3,682,366            
Administrated escrow deposits for principal and interest 2,529,326 8,370,326            
Recorded reserves related to potential damages in connection with legal proceedings $ 15 $ 15            
Putative securities class action lawsuits                
Other Commitments [Line Items]                
Number of lawsuits | lawsuit 1           2 2
Shareholder derivative actions                
Other Commitments [Line Items]                
Number of lawsuits | lawsuit 2   2 2 2 2    
Financial Guarantee                
Other Commitments [Line Items]                
Number of separate guarantees | guarantee 3 3            
Guaranteed debt total amount $ 3,495 $ 5,216            
IRLCs                
Other Commitments [Line Items]                
Average number of days until expiration of interest rate lock commitments 48 days 43 days            
Mortgages                
Other Commitments [Line Items]                
Commitments to sell loans $ 20,618 $ 2,243,381            
MSRs with Servicing Released                
Other Commitments [Line Items]                
Commitments to sell loans $ 223,314 $ 333,594            
v3.22.4
Commitments, Contingencies, and Guarantees - Interest Rate Lock Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
IRLCs UPB, Fixed Rate $ 6,108,132 $ 25,937,777
IRLCs UPB, Variable Rate $ 326,638 $ 1,239,762
v3.22.4
Minimum Net Worth Requirements (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]    
Minimum capital ratio requirement, Adjusted/Tangible Net Worth to Total Assets 0.06  
Minimum adjusted net worth balance $ 1,500,000,000 $ 1,794,783,000
Fannie Mae and Freddie Mac    
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]    
Minimum base net worth requirement $ 2,500,000  
Minimum net worth requirement, basis point component per outstanding UPB 0.25%  
Minimum liquidity requirement, basis points per total Agency servicing 0.035%  
Minimum liquidity requirement, basis points per total nonperforming Agency servicing 2.00%  
Minimum liquidity requirement, threshold percentage of nonperforming Agency servicing in excess of total Agency servicing 6.00%  
Ginnie Mae    
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]    
Minimum base net worth requirement $ 2,500,000  
Minimum net worth requirement, basis point component per single-family effective outstanding obligations 0.35%  
Minimum liquidity requirement, liquid assets amount $ 1,000,000  
Minimum liquidity requirement, liquid assets as basis points per outstanding single-family MBS 0.10%  
v3.22.4
Segments - Key Operating Data for Business Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
segment
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segment 2    
Segment Reporting Information [Line Items]      
Gain on sale $ 3,137,417 $ 10,468,574 $ 15,070,703
Interest income 350,591 430,086 329,593
Interest expense on funding facilities (166,388) (261,146) (245,523)
Servicing fee income 1,458,637 1,325,938 1,074,255
Changes in fair value of MSRs 185,036 (689,432) (2,379,355)
Other income 873,200 1,640,446 1,800,394
Total revenue, net 5,838,493 12,914,466 15,650,067
Less: Increase in MSRs due to valuation assumptions (net of hedges) (1,210,947) (487,473) 1,288,156
Adjusted revenue 4,627,546 12,426,993 16,938,223
Directly attributable expenses 3,239,241 4,658,616 4,587,419
Contribution margin 1,388,305 7,768,377 12,350,804
Reportable Segments      
Segment Reporting Information [Line Items]      
Gain on sale 3,114,204 10,440,609 15,062,987
Interest income 347,655 426,694 327,047
Interest expense on funding facilities (166,379) (261,093) (245,106)
Servicing fee income 1,455,121 1,323,171 1,070,463
Changes in fair value of MSRs 185,036 (689,432) (2,379,355)
Other income 482,976 1,107,036 1,066,219
Total revenue, net 5,418,613 12,346,985 14,902,255
Less: Increase in MSRs due to valuation assumptions (net of hedges) (1,210,947) (487,473) 1,288,156
Adjusted revenue 4,207,666 11,859,512 16,190,411
Directly attributable expenses 2,880,167 4,384,070 4,175,068
Contribution margin 1,327,499 7,475,442 12,015,343
Reportable Segments | Direct to Consumer      
Segment Reporting Information [Line Items]      
Gain on sale 2,573,970 8,843,040 12,076,569
Interest income 222,621 265,438 215,171
Interest expense on funding facilities (106,561) (161,867) (161,478)
Servicing fee income 1,455,121 1,323,171 1,070,463
Changes in fair value of MSRs 185,036 (689,432) (2,379,355)
Other income 449,813 1,001,060 900,520
Total revenue, net 4,780,000 10,581,410 11,721,890
Less: Increase in MSRs due to valuation assumptions (net of hedges) (1,210,947) (487,473) 1,288,156
Adjusted revenue 3,569,053 10,093,937 13,010,046
Directly attributable expenses 2,517,850 3,697,774 3,637,525
Contribution margin 1,051,203 6,396,163 9,372,521
Reportable Segments | Partner Network      
Segment Reporting Information [Line Items]      
Gain on sale 540,234 1,597,569 2,986,418
Interest income 125,034 161,256 111,876
Interest expense on funding facilities (59,818) (99,226) (83,628)
Servicing fee income 0 0 0
Changes in fair value of MSRs 0 0 0
Other income 33,163 105,976 165,699
Total revenue, net 638,613 1,765,575 3,180,365
Less: Increase in MSRs due to valuation assumptions (net of hedges) 0 0 0
Adjusted revenue 638,613 1,765,575 3,180,365
Directly attributable expenses 362,317 686,296 537,543
Contribution margin 276,296 1,079,279 2,642,822
All Other      
Segment Reporting Information [Line Items]      
Gain on sale 23,213 27,965 7,716
Interest income 2,936 3,392 2,546
Interest expense on funding facilities (9) (53) (417)
Servicing fee income 3,516 2,767 3,792
Changes in fair value of MSRs 0 0 0
Other income 390,224 533,410 734,175
Total revenue, net 419,880 567,481 747,812
Less: Increase in MSRs due to valuation assumptions (net of hedges) 0 0 0
Adjusted revenue 419,880 567,481 747,812
Directly attributable expenses 359,074 274,546 412,351
Contribution margin $ 60,806 $ 292,935 $ 335,461
v3.22.4
Segments - Reconciliation of Segment Contribution Margin to U.S. GAAP Net Income Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment reporting reconciliation [Line Items]      
Contribution margin, excluding change in MSRs due to valuation assumptions $ 1,388,305 $ 7,768,377 $ 12,350,804
Increase (decrease) in MSRs due to valuation assumptions 1,210,947 487,473 (1,288,156)
Contribution margin, including change in MSRs due to valuation assumptions 2,599,252 8,255,850 11,062,648
Salaries, commissions and team member benefits 2,797,868 3,356,815 3,238,301
General and administrative expenses 906,195 1,183,418 1,053,080
Depreciation and amortization 94,020 74,713 74,316
Interest and amortization expense on non-funding debt 153,596 230,740 186,301
Other expenses 199,209 634,296 616,479
Income before income taxes 741,911 6,184,901 9,531,657
Expenses not allocated to segments      
Segment reporting reconciliation [Line Items]      
Salaries, commissions and team member benefits 968,709 936,255 815,940
General and administrative expenses 632,344 801,696 443,085
Depreciation and amortization 94,020 74,713 74,316
Interest and amortization expense on non-funding debt 153,596 230,740 186,301
Other expenses $ 8,672 $ 27,545 $ 11,349
v3.22.4
Noncontrolling Interests - Summary of Ownership (Details) - Holdings - shares
Dec. 31, 2022
Dec. 23, 2021
Dec. 31, 2021
Noncontrolling Interest [Line Items]      
Holdings Units (in shares) 1,972,371,089   1,975,317,186
Ownership Percentage 100.00% 100.00%  
Rocket Companies Inc.      
Noncontrolling Interest [Line Items]      
Holdings Units (in shares) 123,491,606   126,437,703
Ownership Percentage 6.26% 6.40%  
Chairman      
Noncontrolling Interest [Line Items]      
Holdings Units (in shares) 1,101,822   1,101,822
Ownership Percentage 0.06% 0.06%  
RHI      
Noncontrolling Interest [Line Items]      
Holdings Units (in shares) 1,847,777,661   1,847,777,661
Ownership Percentage 93.68% 93.54%  
v3.22.4
Noncontrolling Interests - Narrative (Details) - shares
 12 Months Ended
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Noncontrolling Interest [Line Items]      
Increase in controlling interest (percent) 1.00%    
Class A common stock      
Noncontrolling Interest [Line Items]      
Shares received in exchange of paired interests (in shares) 20,200,000    
Shares repurchased (in shares)   17,698,472 14,442,195
v3.22.4
Share-based Compensation - RKT Awards Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 228,934 $ 163,738 $ 162,608
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Award expiration period 10 years    
Period for expected expense recognition 7 months 6 days    
Weighted-average fair value (in dollars per share) $ 3.11 $ 5.10 $ 4.87
Stock options | One third of options vest on first anniversary      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting rights (percent) 33.33%    
Stock options | Period after first anniversary for option vesting ratably on monthly basis      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 24 months    
Vesting rights (percent) 66.67%    
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting rights (percent) 33.00%    
Period for expected expense recognition 2 years 2 months 12 days    
RSUs | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 2 years    
RSUs | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
2020 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 213,065 $ 157,355 $ 66,410
2020 Plan | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 36,583 40,100 17,207
2020 Plan | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 170,768 $ 107,867 $ 49,203
v3.22.4
Share-based Compensation - RKT Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Number of Stock Options      
Outstanding, beginning balance (in shares) 0 24,500,416 25,981,429
Granted (in shares) 26,393,381 60,000 49,020
Exercised (in shares) 0 0 10,466
Expired (in shares) 0 1,652,408 144,257
Forfeited (in shares) 411,952 1,253,258 1,375,310
Outstanding, ending balance (in shares) 25,981,429 21,654,750 24,500,416
Exercisable (in shares) 0 16,919,368 10,995,518
Weighted Average Exercise Price      
Outstanding, beginning balance (in dollars per share) $ 0 $ 18.01 $ 18.01
Granted (in dollars per share) 18.01 8.38 16.98
Exercised (in dollars per share) 0 0 18.00
Expired (in dollars per share) 0 18.01 18.00
Forfeited (in dollars per share) 18.00 17.99 18.00
Outstanding, ending balance (in dollars per share) $ 18.01 $ 17.98 $ 18.01
Weighted Average Remaining Contractual Term      
Granted (years) 9 years 7 months 6 days    
Outstanding (years) 9 years 7 months 6 days 8 years 6 months 8 years 7 months 6 days
Aggregate Intrinsic Value      
Granted $ 59,246    
Exercised     $ 9
Forfeited 1,661   2,942
Outstanding $ 57,585 $ 0 $ 0
v3.22.4
Share-based Compensation - Fair Value of Stock Options (Details) - Stock options
 6 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility, minimum 34.00% 34.00%    
Expected volatility, maximum 34.70% 36.40%    
Expected volatility     35.50%  
Expected dividend yield   1.50% 1.50% 1.50%
Risk-free interest rates, minimum 0.30% 0.30%    
Risk-free interest rates, maximum 0.50% 3.90%    
Risk-free interest rates     1.30%  
Expected term   5 years 10 months 6 days 5 years 10 months 6 days 5 years 10 months 6 days
v3.22.4
Share-based Compensation - RKT Restricted Stock Unit Activity (Details) - RSUs - $ / shares
 6 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Number of Units      
Outstanding, beginning balance (in units) 0 13,357,317 16,322,380
Granted (in units) 16,828,361 24,382,033 1,678,230
Vested (in units) 76,007 15,199,692 3,276,242
Forfeited (in units) 429,974 1,743,308 1,367,051
Outstanding, ending balance (in units) 16,322,380 20,796,350 13,357,317
Weighted Average Grant Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 0 $ 17.90 $ 18.03
Granted (in dollars per share) 18.03 13.22 17.01
Vested (in dollars per share) 18.00 15.54 18.02
Forfeited (in dollars per share) 18.00 16.37 18.10
Outstanding, ending balance (in dollars per share) $ 18.03 $ 14.28 $ 17.90
Weighted Average Remaining Service Period      
Granted (years) 2 years 2 months 12 days    
Outstanding (years) 2 years 2 months 12 days 2 years 1 month 6 days 1 year 2 months 12 days
v3.22.4
Share-based Compensation - Team Member Stock Purchase Plan (Details) - TMSPP - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock authorized for issuance (in shares) 15,526,316  
Percentage of gross pay eligible for utilization 15.00%  
Percentage of closing market price for purchases 85.00%  
Shares purchased during the year (in shares) 4,609,697 2,778,209
v3.22.4
Share-based Compensation - Share-based Compensation Expense RKT and RHI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 228,934 $ 163,738 $ 162,608
RKT-denominated awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 213,065 157,355 66,410
RKT-denominated awards | Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 170,768 107,867 49,203
RKT-denominated awards | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 36,583 40,100 17,207
RKT-denominated awards | Team Member Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 5,714 9,388 0
RHI-denominated awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 15,746 5,413 96,001
RHI-denominated awards | Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 14,451 5,413 69,548
RHI-denominated awards | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 1,295 0 32
RHI-denominated awards | Cash settled awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 0 0 26,421
Other Sponsored Plans | Subsidiary Plan Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 123 $ 970 $ 197
v3.22.4
Share-based Compensation - Equity-Based and Cash-Settled Compensation Expense and Subsequent Event (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 228,934 $ 163,738 $ 162,608
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Period for expected expense recognition 2 years 2 months 12 days    
Unrecognized compensation expense $ 232,067    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense $ 20,383    
Period for expected expense recognition 7 months 6 days    
RHI Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 15,746 5,413 96,001
RHI Plan | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 14,451 5,413 69,548
RHI Plan | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 1,295 0 32
Other Sponsored Plans | Subsidiary Plan Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 123 $ 970 $ 197
v3.22.4
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share Reconciliation      
Net income $ 699,933,000 $ 6,072,163,000 $ 9,399,276,000
Net income attributable to non-controlling interest (653,512,000) (5,763,953,000) (9,201,325,000)
Net income attributable to Rocket Companies 46,421,000 308,210,000 197,951,000
Add: Reallocation of Net income attributable to vested, undelivered stock awards 22,000 150,000 0
Net income attributable to common shareholders 46,443,000 308,360,000 197,951,000
Numerator:      
Net income attributable to Class A common shareholders - basic 46,443,000 308,360,000 197,951,000
Add: Reallocation of net income attributable to dilutive impact of pro-forma conversion of Class D shares to Class A shares 503,007,000 4,301,126,000 0
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards 545,000 10,948,000 7,092,000
Net income attributable to Class A common shareholders - diluted $ 549,995,000 $ 4,620,434,000 $ 205,043,000
Denominator:      
Weighted average shares of Class A common stock outstanding - basic (in shares) 120,577,548 130,578,206 111,926,619
Add: Dilutive impact of conversion of Class D shares to Class A shares (in shares) 1,848,879,483 1,853,804,962 0
Add: Dilutive impact of share-based compensation awards (in shares) 2,163,542 5,050,399 4,311,874
Weighted average shares of Class A common stock outstanding - diluted (in shares) 1,971,620,573 1,989,433,567 116,238,493
Earnings per share of Class A common stock outstanding - basic (in dollars per share) $ 0.39 $ 2.36 $ 1.77
Earnings per share of Class A common stock outstanding - diluted (in dollars per share) $ 0.28 $ 2.32 $ 1.76
Restricted stock units      
Numerator:      
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards $ 491,000 $ 10,660,000 $ 6,683,000
Denominator:      
Add: Dilutive impact of share-based compensation awards (in shares) 1,948,608 4,917,705 4,063,444
Stock options      
Numerator:      
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards $ 0 $ 0 $ 409,000
Denominator:      
Add: Dilutive impact of share-based compensation awards (in shares) 0 0 248,430
TMSPP      
Numerator:      
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards $ 54,000 $ 288,000 $ 0
Denominator:      
Add: Dilutive impact of share-based compensation awards (in shares) 214,934 132,694 0
v3.22.4
Earnings Per Share - Narrative (Details) - shares
 5 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted EPS (in shares)   21,654,750 24,500,416
Holdings Units and corresponding Class D common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted EPS (in shares) 1,872,476,780,000