Rocket Companies has just completed the acquisition of Redfin, bringing together the most-visited real estate brokerage website with America's largest mortgage lender. The acquisition has resulted in the introduction of "Rocket Preferred Pricing," where clients who finance their home through Rocket Mortgage and buy a home listed by a Redfin agent or purchase with the help of a Redfin agent will receive a one percentage point reduction in their interest rate for the first year of their loan or a lender credit at closing, up to $6,000.
Redfin has also adopted a refreshed brand identity of "Redfin powered by Rocket" to further unify the homebuying experience. Rocket Companies collapsed its "up-c" structure, eliminating its high-vote/low-vote structure and reducing its classes of common stock from four to two. This move simplifies Rocket's organizational structure, enhances equity liquidity, and improves its ability to use its common stock as currency in acquisition transactions.
Founded in 1985, Rocket Companies includes mortgage, real estate, and personal finance businesses such as Rocket Mortgage, Redfin, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans. With details from more than 65 million calls with clients each year and 14 petabytes of data, Rocket Companies is well-positioned to be the destination for AI-fueled homeownership. J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender. As a result of these announcements, the company's shares have moved 2.12% on the market, and are now trading at a price of $14.48. For the full picture, make sure to review Rocket's 8-K report.
