Rocket Companies (NYSE: RKT) reported Q3 EPS of $1.21, $0.12 better than the analyst estimate of $1.09.

Third Quarter Highlights During the third quarter of 2020, Rocket Companies:

• Generated record closed loan origination volume of $89.0 billion and net rate lock volume of $94.7 billion, which represented year-over-year improvements of 122% and 101%, respectively.
• Increased gain on sale margin by 37% year-over-year to a historically strong 4.52%.
• Continued to leverage our approximately 2,900 technology team members and more than $500 million annual investment in the Company's technology2 to further innovate, increase monthly loan production capacity, and enhance efficiency.
• Grew our total revenue, net, by 186% and Adjusted Revenue by 163% as compared to the third quarter of 2019; during this time total expenses increased by 46%, primarily driven by higher variable compensation and an increase in team members in production roles to support growth.
• Increased other income by 140% year-over-year, which included Amrock's strong growth from title insurance services, property valuation, and settlement services as a result of the increase in origination volume noted above.
• Successfully completed one of the largest U.S. IPOs of the last five years.
• Through our subsidiary Rocket Mortgage,3 we issued $750 million of 3.625% senior notes due 2029 and $1.25 billion of 3.875% senior notes due 2031. A part of the proceeds from the newly issued notes was used to refinance our $1.25 billion of 5.75% senior notes due 2025 that were paid off subsequent to quarter end. The remaining net proceeds are expected to be used for general corporate purposes. The newly issued notes will produce an annualized interest savings of approximately $25 million through May 1, 2025.

Jay Farner, CEO of Rocket Companies, stated, "In the midst of the pandemic, we were able to help an unprecedented number of Americans buy and refinance homes, providing financial relief through our tech-driven platform and award-winning service. Rocket Companies assisted more clients in the third quarter of 2020 than any quarter in our 35-year history. More importantly, the Company did this while maintaining industry-leading margins and profitability, demonstrating the sheer power of our platform as Rocket executes at incredible scale.

"While the mortgage industry sits at a critical inflection point, Rocket Companies continues to build for the future – always looking for the next opportunity. Throughout the first three quarters of 2020, we have generated $6.6 billion in GAAP net income. As the Company enters the last quarter of 2020, it does so with all cylinders firing and looks forward to a strong end to the year."

For earnings history and earnings-related data on Rocket Companies (RKT) click here.