Rocket Mortgage will use VantageScore 4.0 as its preferred model on eligible loans after testing 1.4 million credit reports.

Redfin is being taken private in an all-stock transaction that values the real estate listing platform at $1.75 billion. The acquiring company is Rocket Companies, a Detroit, Michigan-based finance and...

(Reuters) -A group of U.S. Senators have demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies’ $1.75 billion acquisition of real estate listing platform Redfin (NASDAQ:RDFN), saying the deal could raise costs for homebuyers. U.S. senators including Elizabeth Warren and Cory Booker, the top Democrats on the Senate banking and antitrust committees, wrote to the U.S. Department of Justice and Federal Trade Commission on Wednesday asking why they had not challenged the merger announced in March. Redfin shareholders are scheduled to vote on whether to approve the deal on Wednesday. Rocket’s announcement that it plans to acquire mortgage servicer Mr. Cooper for $9.4 billion only raises further concerns about consolidation in the homebuying industry, said the group, which included Senator Bernie Sanders of Vermont, an Independent, and Democratic Senators Mazie Hirono of Hawaii and Tina Smith of Minnesota. "These deals would combine the second-largest mortgage originator, the largest mortgage servicer, and the third-most-visited real estate brokerage website in the United States, into a massive, vertically integrated conglomerate that may reduce choice and raise prices for American families in the housing market," the lawmakers said. A spokesperson for Rocket did not immediately respond to a request for comment. DOJ antitrust division head Gail Slater and FTC Chairman Andrew Ferguson have said they will not get in the way of lawful mergers, but said they will scrutinize deals for anticompetitive effects that hit consumers or workers, in an approach Slater dubbed "America First antitrust." The Redfin acquisition could allow Rocket to steer homebuyers using Redfin towards its real estate agents and mortgage offerings, and leverage data about user behavior to raise mortgage rates, the senators said. Average home prices are more than 50% above where they were in 2019, before the COVID-19 pandemic, and expected to continue rising this year. The rate for 30-year fixed-rate mortgages was 6.89% last week, reflecting pressure on the U.S. bond market from Congress’ consideration of a massive tax and spending bill. Is RDFN truely undervalued? With RDFN making headlines, investors are asking: Is it truly valued fairly? InvestingPro's advanced AI algorithms have analyzed RDFN alongside thousands of other stocks to uncover hidden gems with massive upside. And guess what? RDFN wasn't at the top of the list.

Super conforming mortgages have a higher loan limit that helps buyers afford a home in high-cost counties without needing a jumbo mortgage.

Rocket Companies posted a first-quarter net loss of $212 million on net revenue of $1 billion, down from first-quarter net income of $291 million it recorded a year ago, the parent company of mortgage lending giant Rocket Mortgage reported Thursday. Rocket Companies' net revenue of $1.0 billion during the first quarter is a slight decrease from $1.384 billion in the same period last year. The company reported adjusted revenue of $1.296 billion for the first quarter, up from $1.163 billion a year ago. "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," Varun Krishna, CEO and director of Rocket Companies, said in a statement Thursday. "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." Rocket Companies reported $21.58 billion in closed loan origination volume for the first quarter of 2025, a 7% increase from $20.2 billion in the first quarter of 2024. The gain-on-sale margin for the first quarter was 2.89%, down from 3.1% in the first quarter of 2024. Rocket Companies' broader portfolio includes Rocket Mortgage, Rocket Loans, Rocket Homes and Rocket Money. cwilliams@detroitnews.com @CWilliams_DN This article originally appeared on The Detroit News: Rocket posts net loss in first quarter

Detroit's Rocket Companies said Monday it is buying the real estate listing platform Redfin in a deal valued at $1.75 billion. The all-stock deal, expected to close in within about six months, would incorporate one of the country's largest mortgage…

Rocket Companies bounced back from a third-quarter slump, reporting $649 million in net income for the fourth quarter of 2024, the parent company of mortgage lending giant Rocket Mortgage said Thursday. This is up from a $481 million net loss reported in…