Rocket Companies, which owns the subsidiary Rocket Mortgage, reported a net income of $636 million on $5.1 billion in total revenue for 2024, a jump of more than 34% from 2023.

Last year’s results were a major jump for Rocket, which suffered a $390 million loss on $3.8 billion in revenue for 2023. The company generated $101.2 billion in closed loan origination volume, up 29% from the previous year. Rocket also generated $100.8 billion in net rate lock volume, a 28% increase from the prior year.

The gain on sales margin was 2.95%, an increase of 32 basis points when compared to 2023.

Some of the company’s highlights for the year included growing its purchase market share by 8% year over year. Rocket’s home equity loan volume more than doubled from 2023.

Rocket launched Rocket.com and a new homeownership platform that integrates home search, financing and mortgage servicing in one place. Rocket also focused heavily on artificial intelligence, launching an AI-powered chat assistant, a loan origination system and a workflow platform.

“2024 was a foundational year for the next chapter of Rocket,” said Varun Krishna, CEO and director of Rocket Companies. “We expanded our purchase market share, drove significant operating leverage and continued building the future of homeownership.”