Rocket Companies, the parent company of Rocket Mortgage, reported on Thursday a first-quarter net loss of $212 million, or $0.08 per share, on net revenue of $1 billion. The loss was due to fluctuating rates and a reduction in mortgage activity during the quarter. The company reported $1.3 billion in adjusted revenue. Rocket’s earnings were down sharply from a net income of $291 million in the first quarter of 2024.
The company reported $21.6 billion in closed loan origination volume for the first quarter, a 7% increase from the $20.2 billion in loan volume from the first quarter a year ago. Rocket generated $26.1 billion in net rate lock volume, up 17% from the same period last year.
Rocket stated that its home equity loan offering reached record levels in the first quarter as homeowners accessed their equity without affecting their first-lien mortgage rate. The company also highlighted its acquisition of Mr. Cooper Group for $9.4 billion and Redfin Corp. for $1.75 billion during the quarter.
“We entered 2025 with strength, delivering $1.3 billion in adjusted revenue, at the high end of our guidance range in the first quarter. This demonstrates the power of the Rocket platform and our ability to execute in any market,” said Varun Krishna, CEO and director of Rocket Companies. “With Redfin and Mr. Cooper, we are accelerating our mission to ‘help everyone home.’ By integrating home search, origination and servicing into one platform, Rocket is building the future of homeownership.”
Krishna noted that global tariff announcements during the first quarter sparked market volatility, resulting in fluctuating Treasury yields and rising mortgage rates that impacted already softening consumer sentiment.
