What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.


Quicken Loans parent Rocket Companies reportedly slashing IPO from as high as $3.3 billion to $2 billion or less

The nation’s top mortgage lender is expected to price its IPO below expectations at $18 to 20 per share

Rocket Companies announced post-publication that it had priced its IPO at $18 a share, and that it is selling 100 million shares. This means it is seeking to raise $1.8 billion in its offering.

Rocket Companies, parent company of Quicken Loans, is expected to price its initial public offering (IPO) at a significantly lower price than originally anticipated, according to multiple reports.

Earlier today, Crain’s Detroit Business reported that the nation’s top mortgage lender is expected to price its IPO below expectations at $18 to $20 per share, according to unnamed “people familiar with the matter.” It’s also reportedly only selling 100 million shares in its offering, lower than the 150 million it had originally planned.

With the revised numbers, that means Rocket Companies is seeking to raise about $1.8 billion to $2 billion instead of the up to $3.3 billion originally projected.

The shares are expected to begin trading on the New York Stock Exchange on August 6, under the ticker symbol “RKT.”

Rocket Companies has not responded to requests for comment on its pricing.

On July 7, we reported on the nation’s largest online mortgage lender dropping its S-1. Then on July 28, HousingWire reported that, according to its S-1A filed with the U.S. Securities and Exchange Commission, Rocket planned to offer 150 million shares of its common stock at a price of $20 to $22 per share. That means the company aimed to raise between $3 billion and $3.3 billion in its IPO.

At the time, Rocket Companies had said it was actually registering a total of 172.5 million shares, including 22.5 million shares that underwriters had the option to purchase.

According to Crain’s Detroit Business: “The reduction comes as investors pushed back on the company’s valuation, believing it should be priced as a consumer or financial company rather than a technology business.”

Founded in 1985, Quicken Loans has seen record numbers of refinance and purchase applications in recent months in the midst of the COVID-19 pandemic. But investors remain cautious.

In its S-1A, Rocket also revealed its preliminary financial results for the second quarter of 2020, which it noted are not complete and will not be available until after the completion of its offering.

For the second quarter of 2020, based on preliminary results, Rocket estimated that its total revenue, net, was between $4.93 billion and $5.13 billion and net income was between $3.35 billion and $3.55 billion.

Are you a financial services professional hungry for better fintech news and info? HW Media is proud to introduce FinLedger, a fintech media brand that will cover the critical news impacting financial services professionals — from SaaS to big data, and cybersecurity to regtech. Want to be notified when we launch? Enter your email here and follow us on Twitter.

Leave a comment

Most Popular Articles

Do higher mortgage rates mark the end of the refi wave?

As mortgage rates rose over the last week, refi activity fell. But millions of borrowers are still eligible if lenders can get them through the pipeline.

Feb 23, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please