Rocket Companies (RKT) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-39432
Entity Registrant Name	Rocket Companies, Inc.
Entity Central Index Key	0001805284
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4946470
Entity Address, Address Line One	1050 Woodward Avenue
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226
City Area Code	313
Local Phone Number	373-7990
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	RKT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		136,473,972
Class D common stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		1,848,879,483

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 2,864,906	$ 1,971,085
Restricted cash	75,647	83,018
Mortgage loans held for sale, at fair value	18,825,444	22,865,106
Mortgage servicing rights (“MSRs”), at fair value	4,304,762	2,862,685
MSRs collateral for financing liability, at fair value	233,687	205,033
Notes receivable and due from affiliates	11,901	22,172
Property and equipment, net of accumulated depreciation and amortization of $511,934 and $497,812, respectively	232,155	211,161
Deferred tax asset, net	608,351	519,933
Lease right of use assets	227,078	238,546
Loans subject to repurchase right from Ginnie Mae	4,970,601	5,696,608
Other assets	703,377	941,477
Total assets	34,732,277	37,534,602
Liabilities
Funding facilities	14,452,672	17,742,573
Lines of credit	375,000	375,000
Senior Notes, net	2,974,177	2,973,046
Early buy out facility	635,712	330,266
MSRs financing liability, at fair value	223,756	187,794
Accounts payable	297,459	251,960
Lease liabilities	261,774	272,274
Forward commitments, at fair value	54,412	506,071
Investor reserves	93,937	87,191
Notes payable and due to affiliates	73,769	73,896
Tax receivable agreement liability	669,738	550,282
Loans subject to repurchase right from Ginnie Mae	4,970,601	5,696,608
Other liabilities	1,343,441	605,485
Total liabilities	26,426,448	29,652,446
Equity
Additional paid-in capital	370,210	282,743
Retained earnings	184,939	207,422
Accumulated other comprehensive income	365	317
Non-controlling interest	7,750,295	7,391,654
Total equity	8,305,829	7,882,156
Total liabilities and equity	34,732,277	37,534,602
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	0	0
Class C common stock
Equity
Common stock	0	0
Class D common stock
Equity
Common stock	19	19
IRLCs
Assets
Derivatives, at fair value	765,215	1,897,194
Forward commitments
Assets
Derivatives, at fair value	909,153	20,584
Liabilities
Forward commitments, at fair value	$ 54,412	$ 506,071

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property and equipment, accumulated depreciation and amortization	$ 511,934	$ 497,812
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock authorized (shares)	10,000,000,000	10,000,000,000
Common stock issued (shares)	135,574,865	115,372,565
Common stock outstanding (shares)	135,574,865	115,372,565
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock authorized (shares)	6,000,000,000	6,000,000,000
Common stock issued (shares)	0	0
Common stock outstanding (shares)	0	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock authorized (shares)	6,000,000,000	6,000,000,000
Common stock issued (shares)	0	0
Common stock outstanding (shares)	0	0
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock authorized (shares)	6,000,000,000	6,000,000,000
Common stock issued (shares)	1,848,879,483	1,869,079,483
Common stock outstanding (shares)	1,848,879,483	1,869,079,483

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain on sale of loans
Gain on sale of loans excluding fair value of MSRs, net	$ 2,379,278	$ 1,286,690
Fair value of originated MSRs	1,173,164	535,419
Gain on sale of loans, net	3,552,442	1,822,109
Loan servicing income (loss)
Servicing fee income	292,361	257,093
Change in fair value of MSRs	245,921	(991,252)
Loan servicing income (loss), net	538,282	(734,159)
Interest income
Interest income	95,245	74,042
Interest expense on funding facilities	(67,844)	(39,459)
Interest income, net	27,401	34,583
Other income	466,112	243,776
Total revenue, net	4,584,237	1,366,309
Expenses
Salaries, commissions and team member benefits	842,199	683,606
General and administrative expenses	291,419	194,074
Marketing and advertising expenses	320,843	217,993
Depreciation and amortization	15,304	16,115
Interest and amortization expense on non-funding debt	35,571	33,107
Other expenses	235,731	121,135
Total expenses	1,741,067	1,266,030
Income before income taxes	2,843,170	100,279
Provision for income taxes	(65,832)	(1,232)
Net income	2,777,338	99,047
Net income attributable to non-controlling interest	(2,653,636)	(99,047)
Net income attributable to Rocket Companies	$ 123,702	0
Earnings per share of Class A common stock
Basic (in dollars per share)	$ 1.07
Diluted (in dollars per share)	$ 1.07
Weighted average shares outstanding
Basic (shares)	115,673,524
Diluted (shares)	122,011,916
Comprehensive income
Net income	$ 2,777,338	99,047
Cumulative translation adjustment	307	(1,760)
Unrealized loss on investment securities	(364)	0
Comprehensive income	2,777,281	97,287
Comprehensive income attributable to non-controlling interest	(2,653,586)	(97,287)
Comprehensive income attributable to Rocket Companies	$ 123,695	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common StockClass A common stock	Common StockClass D common stock	Additional Paid-in Capital	Retained Earnings	Net Parent Investment	Accumulated Other Comprehensive Income (Loss)	Total Non-controlling Interest
Beginning Balance at Dec. 31, 2019	$ 3,515,555	$ 0	$ 0	$ 0	$ 0	$ 3,510,698	$ (151)	$ 5,008
Beginning Balance (shares) at Dec. 31, 2019		0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	99,047					99,487		(440)
Other comprehensive income (loss)	(1,760)						(1,439)	(321)
Net transfers to Parent	21,919					21,919
Share-based compensation, net	29,058					29,049		9
Unrealized loss on investment securities	0
Ending Balance at Mar. 31, 2020	3,663,819	$ 0	$ 0	0	0	3,661,153	(1,590)	4,256
Ending Balance (shares) at Mar. 31, 2020		0	0
Beginning Balance at Dec. 31, 2020	7,882,156	$ 1	$ 19	282,743	207,422	0	317	7,391,654
Beginning Balance (shares) at Dec. 31, 2020		115,372,565	1,869,079,483
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,777,338				123,702			2,653,636
Other comprehensive income (loss)	307						14	293
Share-based compensation, net	39,149			2,116				37,033
Share-based compensation, net (shares)		2,300
Unrealized loss on investment securities	(364)						(21)	(343)
Distributions for state taxes on behalf of unit holders (members), net	(4,840)				(281)			(4,559)
Distributions to unit holders (members) from subsidiary investment	(2,242,999)							(2,242,999)
Special Dividend to Class A Shareholders	(145,903)				(145,903)
Increase in controlling interest of investment, net of income taxes and Tax receivable agreement liability	985			85,351	(1)		55	(84,420)
Increase in controlling interest of investment, net of income taxes and Tax receivable agreement liability (shares)		20,200,000	(20,200,000)
Ending Balance at Mar. 31, 2021	$ 8,305,829	$ 1	$ 19	$ 370,210	$ 184,939	$ 0	$ 365	$ 7,750,295
Ending Balance (shares) at Mar. 31, 2021		135,574,865	1,848,879,483

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 2,777,338	$ 99,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,304	16,115
Provision for deferred income taxes	38,457	0
Origination of mortgage servicing rights	(1,173,164)	(535,419)
Change in fair value of MSRs	(245,921)	991,252
Gain on sale of loans excluding fair value of MSRs, net	(2,379,278)	(1,286,690)
Disbursements of mortgage loans held for sale	(104,103,499)	(50,418,371)
Proceeds from sale of loans held for sale	110,280,681	52,261,240
Share-based compensation expense	42,072	29,058
Change in assets and liabilities
Due from affiliates	10,272	7,051
Other assets	132,324	(820,657)
Accounts payable	45,499	77,282
Due to affiliates	(302)	15,298
Premium recapture and indemnification losses paid	1,399	(297)
Other liabilities	832,332	(53,317)
Total adjustments	3,496,176	282,545
Net cash provided by operating activities	6,273,514	381,592
Investing activities
Proceeds from sale of MSRs	10,204	167,662
Net decrease in notes receivable from affiliates	0	59,632
(Increase) decrease in mortgage loans held for investment	(12,462)
(Increase) decrease in mortgage loans held for investment		2,130
Purchase and other additions of property and equipment, net of disposals	(36,633)	(18,782)
Net cash (used in) provided by investing activities	(38,891)	210,642
Financing activities
Net payments on funding facilities	(3,289,901)	(618,754)
Net borrowings on lines of credit	0	810,000
Net borrowings on early buy out facility	305,446	90,875
Net borrowings notes payable from unconsolidated affiliates	175	1,212
Proceeds from MSRs financing liability	11,704	9,513
Distributions to other unit holders (members) of Holdings	(2,375,904)	0
Net transfer to parent	0	21,919
Net cash (used in) provided by financing activities	(5,348,480)	314,765
Effects of exchange rate changes on cash and cash equivalents	307	(1,760)
Net increase in cash and cash equivalents and restricted cash	886,450	905,239
Cash and cash equivalents and restricted cash, beginning of period	2,054,103	1,455,725
Cash and cash equivalents and restricted cash, end of period	2,940,553	2,360,964
Non-cash activities
Loans transferred to other real estate owned	578	383
Supplemental disclosures
Cash paid for interest on related party borrowings	$ 1,460	$ 1,059

Business, Basis of Presentation

Business, Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Accounting Policies	Business, Basis of Presentation and Accounting Policies Rocket Companies, Inc. (the "Company", and together with its consolidated subsidiaries, "Rocket Companies", "we", "us", "our") was incorporated in Delaware on February 26, 2020 as a wholly owned subsidiary of Rock Holdings Inc. ("RHI") for the purpose of facilitating an initial public offering ("IPO") of its Class A common stock, $0.00001 par value (the “Class A common stock”) and other related transactions in order to carry on the business of RKT Holdings, LLC ("Holdings") and its wholly owned subsidiaries. We are a Detroit-based holding company consisting of tech-driven real estate, mortgage and eCommerce businesses. We are committed to providing an industry-leading client experience powered by our platform. In addition to Rocket Mortgage, the nation’s largest mortgage lender, we have expanded into complementary industries, such as real estate services, personal lending, and auto sales where we seek to deliver innovative client solutions leveraging our Rocket platform. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, refer to Note 12, Segments. Rocket Companies, Inc. is a holding company. Its primary material asset is the equity interest in Holdings which, through its direct and indirect subsidiaries, conducts all of the Company's operations. Holdings is a Michigan limited liability company and wholly owns the following entities, with each entity's subsidiaries identified in parentheses: Quicken Loans, LLC, Amrock Holdco, LLC (“Amrock”, "Amrock Title Insurance Company" and "Nexsys Technologies LLC"), LMB HoldCo LLC (“Core Digital Media”), RCRA Holdings LLC (“Rock Connections” and “Rocket Auto”), Rocket Homes Real Estate LLC (“Rocket Homes”), RockLoans Holdings LLC (“Rocket Loans”), Rock Central LLC, EFB Holdings Inc. (“Edison Financial”), Lendesk Canada Holdings Inc., RockTech Canada Inc., and Woodward Capital Management LLC. As used herein, “Rocket Mortgage” refers to either the Rocket Mortgage brand or platform, or the Quicken Loans business, as the context allows. In April 2021, Amrock Holdco, LLC changed its name to Amrock Holdings, LLC. Initial Public Offering On August 10, 2020 we completed the IPO of our common stock pursuant to a Registration Statement on Form S-1 (File No. 333-239726), which closed on August 10, 2020. In the IPO, we sold an aggregate of 115,000,000 shares of Class A common stock, including 15,000,000 shares purchased by the underwriters on September 9, 2020. Rocket Companies, Inc. received net proceeds from the IPO of approximately $2,023,000 after deducting underwriting discounts and commissions, all of which was used to purchase 115,000,000 non-voting membership units of Holdings (the “Holdings Units”) and shares of Class D common stock from RHI. Holdings is treated as a partnership for U.S. federal income tax purposes and, as such, is itself generally not subject to U.S. federal income tax under current U.S. tax laws. Each member of Holdings will be required to take into account for U.S. federal income tax purposes its distributive share of the items of income, gain, loss and deduction of Holdings. As indicated in Note 8, Income Taxes, the Company is party to a Tax Receivable Agreement. Basis of Presentation and Consolidation Prior to the completion of the initial public offering, RHI, Holdings and its subsidiaries consummated an internal reorganization in which Rocket Companies, Inc. became the sole managing member of Holdings. Prior to the reorganization, Rocket Companies, Inc. had no operations. As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our net income is allocated to the non-controlling interest holders. For further details, refer to Note 13 , Variable Interest Entities and Note 14 , Non-controlling Interests. Income from Holdings and its subsidiaries prior to the reorganization and IPO has been accounted for as a non-controlling interest in our Condensed Consolidated Statements of Income and Comprehensive Income. Accumulated net income prior to the reorganization and IPO is presented in net parent investment in our Condensed Consolidated Statements of Changes in Equity as the financial statements prior to the reorganization and IPO reflect combined subsidiaries operating as part of RHI. We have accounted for the reorganization as one of entities under common control and the net parent investment was allocated between non-controlling interest and additional paid-in capital based on the ownership of Holdings. Our condensed consolidated financial statements for periods prior to the reorganization and IPO reflect the combined subsidiaries that historically operated as part of RHI. We have further adjusted the prior period results to retrospectively reflect the acquisition of Amrock Title Insurance Company (“ATI”) which qualified as a common control transaction as discussed further below in the Acquisition Agreement section. All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying condensed consolidated financial statements. All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 6, Transactions with Related Parties . Our condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. Acquisition Agreement On August 5, 2020, Rocket Companies, Inc. entered into an acquisition agreement with RHI and its direct subsidiary Amrock Holdings Inc. pursuant to which we acquired ATI, a title insurance underwriting business, for total aggregate consideration of $14,400 that consisted of 800,000 Holdings Units and shares of Rocket Companies, Inc. Class D common stock valued at the initial public offering price of $18.00 per share (the number of shares issued equals the purchase price divided by the price to the public in our initial public offering), the acquisition closed on August 14, 2020 subsequent to the IPO date on August 10, 2020. ATI's net income for the year ended December 31, 2019 was $4,700. Because the Acquisition was a transaction between commonly controlled entities, U.S. GAAP requires the retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. Accordingly, the Company’s condensed consolidated financial statements included in this Form 10-Q, including for the three months ended March 31, 2020, reflect the retrospective combination of the entities as if the combination had been in effect since inception of common control. Management Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates. Subsequent Events In preparing these condensed consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these condensed consolidated financial statements were issued. Refer to Note 5, Borrowings for disclosures on changes to the Company’s debt agreements and Note 8, Income Taxes for tax distributions made that occurred subsequent to March 31, 2021. Special Dividend On February 25, 2021, our board of directors authorized and declared a cash dividend (the "Special Dividend") of $1.11 per share to the holders of our Class A common stock. The Special Dividend was paid on March 23, 2021 to holders of the Class A common stock of record as of the close of business on March 9, 2021. The Company funded the Special Dividend from cash distributions of approximately $2.2 billion by RKT Holdings, LLC to all of its members, including the Company. Revenue Recognition Gain on sale of loans, net—Gain on sale of loans, net includes all components related to the origination and sale of mortgage loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) the change in fair value of interest rate locks and loans held for sale, (5) the gain or loss on forward commitments hedging loans held for sale and interest rate lock commitments (IRLCs), and (6) the fair value of originated MSRs. An estimate of the gain on sale of loans, net is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and mortgage loans held for sale are recognized in current period earnings. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings in Gain on sale of loans, net. Included in Gain on sale of loans, net is the fair value of originated MSRs, which represents the estimated fair value of MSRs related to loans which we have sold and retained the right to service. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss) on changes in the fair value of MSRs. Loan servicing income (loss), net—Loan servicing income (loss), net includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSRs asset as of the respective balance sheet date. Interest income, net—Interest income includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Other income—Other income is derived primarily from lead generation revenue, professional service fees, real estate network referral fees, contact center revenue, personal loans business, closing fees, net appraisal revenue, and net title insurance fees. The following revenue streams fall within the scope of ASC Topic 606—Revenue from Contracts with Customers and are disaggregated hereunder: Core Digital Media lead generation revenue —The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $6,680 and $7,560 for the three months ended March 31, 2021 and 2020, respectively. Professional service fees —The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $3,549 and $1,835 for the three months ended March 31, 2021 and 2020, respectively, and were rendered entirely to related parties. Rocket Homes real estate network referral fees —The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $9,578 and $7,988 for the three months ended March 31, 2021 and 2020, respectively. Rock Connections and Rocket Auto contact center revenue —The Company recognizes contact center revenue for communication services including client support and sales. Consideration received includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $11,632 and $7,341 for the three months ended March 31, 2021 and 2020, respectively. Amrock closing fees —The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $157,167 and $73,486 for the three months ended March 31, 2021 and 2020, respectively. Amrock appraisal revenue, net —The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net was $22,491 and $17,619 for the three months ended March 31, 2021 and 2020, respectively. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions. Restricted cash as of March 31, 2021 and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten insurance company and a $25,000 bond. March 31, 2021 2020 Cash and cash equivalents $ 2,864,906 $ 2,295,988 Restricted cash 75,647 64,976 Total cash, cash equivalents, and restricted cash in the statement of cash flows $ 2,940,553 $ 2,360,964 Loans subject to repurchase right from Ginnie Mae For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets defined criteria, including being delinquent more than 90 days. Once the Company has the unilateral right to repurchase the delinquent loan, the Company has effectively regained control over the loan and must re-recognize the loan on the Condensed Consolidated Balance Sheets and establish a corresponding finance liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the unpaid principal balance of the loan, which approximates its fair value. Accounting Standards Issued but Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope to clarify that Topic 848 is applicable to many derivative instruments and hedging relationships.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions. Fair value measurements are classified in the following manner: Level 1 —Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date. Level 3 —Valuation is based on the Company’s internal models using assumptions at the measurement date that a market participant would use. In determining fair value measurement, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value. The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2021 or December 31, 2020. Mortgage loans held for sale: Loans held for sale that trade in active secondary markets are valued using Level 2 measurements derived from observable market data, including market prices of securities backed by similar mortgage loans adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk. Loans held for sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes. IRLCs: The fair value of IRLCs is based on current market prices of securities backed by similar mortgage loans (as determined above under mortgage loans held for sale), net of costs to close the loans, subject to the estimated loan funding probability, or “pull-through factor”. Given the significant and unobservable nature of the pull-through factor, IRLCs are classified as Level 3. MSRs: The fair value of MSRs (including MSRs collateral for financing liability and MSRs financing liability) is determined using a valuation model that calculates the present value of estimated net future cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income among others. These fair value measurements are classified as Level 3. Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the three months ended March 31, 2021 or the year ended December 31, 2020. Level 1 Level 2 Level 3 Total Balance at March 31, 2021 Assets: Mortgage loans held for sale $ — $ 17,834,610 $ 990,834 $ 18,825,444 IRLCs — — 765,215 765,215 MSRs — — 4,304,762 4,304,762 MSRs collateral for financing liability (1) — — 233,687 233,687 Forward commitments — 909,153 — 909,153 Total assets $ — $ 18,743,763 $ 6,294,498 $ 25,038,261 Liabilities: Forward commitments $ — $ 54,412 $ — $ 54,412 MSRs financing liability (1) — — 223,756 223,756 Total liabilities $ — $ 54,412 $ 223,756 $ 278,168 Balance at December 31, 2020 Assets: Mortgage loans held for sale $ — $ 22,285,440 $ 579,666 $ 22,865,106 IRLCs — — 1,897,194 1,897,194 MSRs — — 2,862,685 2,862,685 MSRs collateral for financing liability (1) — — 205,033 205,033 Forward commitments — 20,584 — 20,584 Total assets $ — $ 22,306,024 $ 5,544,578 $ 27,850,602 Liabilities: Forward commitments $ — $ 506,071 $ — $ 506,071 MSRs financing liability (1) — — 187,794 187,794 Total liabilities $ — $ 506,071 $ 187,794 $ 693,865 (1) Refer to Note 3, Mortgage Servicing Rights for further information regarding both the MSRs collateral for financing liability and MSRs financing liability. The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of: March 31, 2021 December 31, 2020 Unobservable Input Range Weighted Average Range Weighted Average Mortgage loans held for sale Dealer pricing 87% - 103% 100 % 89% - 105% 99 % IRLCs Loan funding probability 0% - 100% 77 % 0% - 100% 74 % MSRs, MSRs collateral for financing liability, and MSRs financing liability Discount rate 9.5% - 12.0% 9.9 % 9.5% - 12.0% 9.9 % Conditional prepayment rate 6.9% - 57.5% 10.9 % 6.6% - 52.1% 15.8 % The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020. Mortgage servicing rights (including MSRs collateral for financing liability and MSRs financing liability) are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights. Loans Held for Sale IRLCs Balance at December 31, 2020 $ 579,666 $ 1,897,194 Transfers in (1) 718,158 — Transfers out/principal reductions (1) (307,462) — Net transfers and revaluation losses — (1,131,979) Total gains included in net income 472 — Balance at March 31, 2021 $ 990,834 $ 765,215 Balance at December 31, 2019 $ 308,793 $ 508,135 Transfers in (1) 540,859 — Transfers out/principal reductions (1) (425,369) — Net transfers and revaluation gains — 706,730 Total losses included in net income (6,193) — Balance at March 31, 2020 $ 418,090 $ 1,214,865 (1) Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full. Fair Value Option The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance: Fair Value Principal Amount Due Upon Maturity Difference (1) Balance at March 31, 2021 $ 18,825,444 $ 18,534,892 $ 290,552 Balance at December 31, 2020 $ 22,865,106 $ 21,834,817 $ 1,030,289 (1) Represents the amount of gains included in Gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option. Disclosures of the fair value of certain financial instruments are required when it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value: March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes, due 1/15/2028 $ 995,528 $ 1,064,793 $ 994,986 $ 1,079,629 Senior Notes, due 3/1/2029 $ 742,197 $ 725,648 $ 741,946 $ 766,365 Senior Notes, due 3/1/2031 $ 1,236,452 $ 1,204,888 $ 1,236,114 $ 1,298,175 The fair value of Senior Notes was calculated using the observable bond price at March 31, 2021 and December 31, 2020, respectively. The Senior Notes are classified as Level 2 in the fair value hierarchy.

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights Mortgage servicing rights are recognized as assets on the Condensed Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSRs asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various outside sources. The following table summarizes changes to the MSRs assets for the three months ended: Three Months Ended March 31, 2021 2020 Fair value, beginning of period $ 2,862,685 $ 2,874,972 MSRs originated 1,173,164 535,419 MSRs sales (15,865) (186,292) Changes in fair value: Due to changes in valuation model inputs or assumptions (1) 583,307 (805,536) Due to collection/realization of cash flows (298,529) (247,925) Total changes in fair value 284,778 (1,053,461) Fair value, end of period $ 4,304,762 $ 2,170,638 (1) Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale. The total UPB of mortgage loans serviced, excluding subserviced loans, at March 31, 2021 and December 31, 2020 was $431,497,603 and $371,494,905, respectively. The portfolio primarily consists of high-quality performing agency and government (FHA and VA) loans. As of March 31, 2021, delinquent loans (defined as 60-plus days past-due) were 3.21% of our total portfolio. Excluding clients in forbearance plans, our delinquent loans (defined as 60-plus days past-due) were 0.72% as of March 31, 2021. During the first quarter of 2021 and fourth quarter of 2020, the Company sold MSRs with a fair value of $4,885 and $193,739, respectively, relating to certain single-family mortgage loans. Based on the contract terms, the sale of those MSRs did not immediately qualify for sale accounting treatment under U.S. GAAP. As a result, the Company was required to retain the MSRs asset (i.e., MSRs collateral for financing liability, at fair value) and the MSRs liability (i.e., MSRs financing liability, at fair value) on the balance sheet until certain contractual provisions lapse after June for the fourth quarter of 2020 sales and July 2021 for the first quarter of 2021 sales. These MSRs were reported on the balance sheet at fair value using a valuation methodology consistent with the Company’s method for valuing MSRs until those contractual provisions lapse. Furthermore, the net change in fair market value (“FMV”) of the MSRs asset and liability from these sales are captured within Loan servicing income (loss), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The unrealized gain of $31,077 relating to the MSRs liability and the offsetting unrealized loss of $31,077 relating to the MSRs asset were recorded in current operations for the three months ended March 31, 2021. Additionally, the terms of the agreement require quarterly adjustments to the sales price for changes in prepayment rates at the time of sale for a period of six months. Furthermore, in the three months ended March 31, 2021, the Company also sold MSRs with a fair value of $10,982 relating to certain mortgage loans, which qualified for sale accounting treatment under U.S. GAAP. During the third quarter of 2019, the Company sold MSRs with a fair value of $340,303 relating to certain single-family mortgage loans. Based on the contract terms, the sale of those MSRs did not immediately qualify for sale accounting treatment under U.S. GAAP. As a result, the Company was required to retain the MSRs asset and the MSRs liability on the balance sheet until certain contractual provisions lapsed after June 2020. These MSRs were reported on the balance sheet at fair value using a valuation methodology consistent with the Company’s method for valuing MSRs until those contractual provisions lapsed. Furthermore, change in FMV of the MSRs asset and liability from this sale is captured within Loan servicing income (loss), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The unrealized gain of $116,150 relating to the MSRs liability and the offsetting unrealized loss of $116,150 relating to the MSRs asset were recorded in current operations for the three months ended March 31, 2020. Furthermore, in the three months ended March 31, 2020, the Company sold MSRs with a fair value of $186,292 relating to certain mortgage loans, all of which qualified for sale accounting treatment under U.S. GAAP. The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio: March 31, 2021 December 31, 2020 Discount rate 9.9 % 9.9 % Prepayment speeds 10.9 % 15.8 % Life (in years) 6.54 5.05 The key assumptions used to estimate the fair value of MSRs are prepayment speeds and the discount rate. Increases in prepayment speeds generally have an adverse effect on the value of MSRs as the underlying loans prepay faster. In a declining interest rate environment, the fair value of MSRs generally decreases as prepayments increase and therefore, the estimated life of the MSRs and related cash flows decrease. Decreases in prepayment speeds generally have a positive effect on the value of MSRs as the underlying loans prepay less frequently. In a rising interest rate environment, the fair value of MSRs generally increases as prepayments decrease and therefore, the estimated life of the MSRs and related cash flows increase. Increases in the discount rate result in a lower MSRs value and decreases in the discount rate result in a higher MSRs value. MSRs uncertainties are hypothetical and do not always have a direct correlation with each assumption. Changes in one assumption may result in changes to another assumption, which might magnify or counteract the uncertainties. The following table stresses the discount rate and prepayment speeds at two different data points: Discount Rate Prepayment Speeds 100 BPS Adverse Change 200 BPS Adverse Change 10% Adverse Change 20% Adverse Change March 31, 2021 Mortgage servicing rights $ (181,137) $ (337,856) $ (166,962) $ (315,934) December 31, 2020 Mortgage servicing rights $ (115,130) $ (212,119) $ (147,420) $ (279,691)

Mortgage Loans Held for Sale

Mortgage Loans Held for Sale	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service some of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Condensed Consolidated Statements of Cash Flows is below: Three Months Ended March 31, 2021 2020 Balance at the beginning of period $ 22,865,106 $ 13,275,735 Disbursements of mortgage loans held for sale 104,103,499 50,418,371 Proceeds from sales of mortgage loans held for sale (1) (110,276,266) (52,257,635) Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2) 2,133,105 1,406,913 Balance at the end of period $ 18,825,444 $ 12,843,384 (1) The proceeds from sales of loans held for sale on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of consumer loans. (2) The Gain on sale of loans excluding fair value of MSRs, net on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of consumer loans, interest rate lock commitments, forward commitments, and provisions for investor reserves. Credit Risk The Company is subject to credit risk associated with mortgage loans that it purchases and originates during the period of time prior to the sale of these loans. The Company considers credit risk and losses associated with these loans to be insignificant as it holds the loans for a short period of time, which for the three months ended March 31, 2021 is, on average, approximately 18 days from the date of borrowing, and the market for these loans continues to be highly liquid. The Company is also subject to credit risk associated with mortgage loans it has repurchased as a result of breaches of representations and warranties during the period of time between repurchase and resale.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company maintains various funding facilities and other non-funding debt as shown in the tables below. Interest rates typically have two main components – a base rate (most commonly LIBOR or SOFR, some have a floor) plus a spread. The commitment fee charged by lenders for each of the facilities is an annual fee and is calculated based on the committed line amount multiplied by a negotiated rate. The fee rate ranges from 0% to 0.50% among the facilities except for the Senior Notes, which have no commitment fee. The Company is required to maintain certain covenants, including minimum tangible net worth, minimum liquidity, maximum total debt or liabilities to net worth ratio, pretax net income requirements, and other customary debt covenants, as defined in the agreements. The Company was in compliance with all covenants as of March 31, 2021. The amount owed and outstanding on the Company’s loan funding facilities fluctuates greatly based on its origination volume, the amount of time it takes the Company to sell the loans it originates, and the Company’s ability to use the cash to self-fund loans. In addition to self-funding, the Company may from time to time use surplus cash to “buy-down” the effective interest rate of certain loan funding facilities or to self-fund a portion of our loan originations. As of March 31, 2021, $3,146,623 of the Company’s cash was used to buy-down our funding facilities and self-fund, $475,000 of which are buy-down funds that are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets and an estimated $2,671,623 of which is discretionary self-funding that reduces Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company has the right to withdraw the $475,000 at any time, unless a margin call has been made or a default has occurred under the relevant facilities. The Company has an estimated $2,671,623 of discretionary self-funded loans, of which a portion can be transferred to a warehouse line or the early buy out line, provided that such loans meet the eligibility criteria to be placed on such lines. The remaining portion will be funded in normal course over a short period of time, generally less than one month. A large unanticipated margin call could also have a material adverse effect on the Company’s liquidity. Furthermore, refer to Note 3, Mortgage Servicing Rights for additional information regarding the MSRs financing liability with the MSRs sold during the fourth quarter of 2020. The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) incur additional debt or issue preferred stock; (2) pay dividends or make distributions in respect of capital stock; (3) purchase or redeem capital stock; (4) make investments or other restricted payments; (5) sell assets; (6) enter into transactions with affiliates; (7) effect a consolidation or merger, taken as a whole; (8) designate our subsidiaries as unrestricted subsidiaries, unless certain conditions are met, as defined in the agreements; (9) merge, consolidate or sell, transfer or lease assets, and; (10) create liens on assets. Items (1) through (9) apply to the 2028 Senior Notes. Items (9) and (10) apply to the 2029 and 2031 Senior Notes, which have investment grade covenants. Funding Facilities Facility Type Collateral Maturity Line Amount Committed Line Amount Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 MRA funding: 1) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 10/22/2021 $ 2,000,000 $ 100,000 $ 998,397 $ 999,752 2) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 12/2/2021 1,500,000 500,000 1,128,746 1,320,484 3) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 4/22/2022 2,750,000 1,000,000 904,931 2,407,156 4) Master Repurchase Agreement (1)(7) Mortgage loans held for sale (6) 1/26/2022 2,000,000 1,700,000 1,672,731 1,953,949 5) Master Repurchase Agreement (2)(7) Mortgage loans held for sale (6) 4/22/2021 3,000,000 500,000 2,466,830 2,004,707 6) Master Repurchase Agreement (3)(7) Mortgage loans held for sale (6) 9/5/2022 2,000,000 1,000,000 449,622 1,780,902 7) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 9/16/2021 1,750,000 1,137,500 1,108,254 1,343,130 8) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 6/12/2021 400,000 — 150,166 219,786 9) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 9/24/2021 1,500,000 750,000 790,446 983,126 10) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 10/9/2021 500,000 — 155,601 480,544 11) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 12/17/2021 1,000,000 500,000 438,412 765,432 18,400,000 7,187,500 10,264,136 14,258,968 Early Funding: 12) Early Funding Facility (4)(7) Mortgage loans held for sale (6) (4) 4,000,000 — 3,032,857 2,514,193 13) Early Funding Facility (5)(7) Mortgage loans held for sale (6) (5) 3,000,000 — 1,155,679 969,412 7,000,000 — 4,188,536 3,483,605 Total $ 25,400,000 $ 7,187,500 $ 14,452,672 $ 17,742,573 (1) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to March 31, 2021, this facility was amended to decrease the total facility size to $1,600,000 with $1,500,000 committed and was extended to April 26, 2022. (2) Subsequent to March 31, 2021, this facility was renewed which extended the expiration date to April 20, 2023. (3) Subsequent to March 31, 2021, this facility decreased its commitment amount to $500,000. (4) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (5) This facility will have an overall line size of $3,000,000, which will be reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (6) The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest. (7) The interest rates charged by lenders of the funding facilities ranged from 1.00% to 2.25%, plus the applicable base rate, for the three months ending March 31, 2021 and from 0.40% to 2.30%, plus the applicable base rate for the year ending December 31, 2020. Other Financing Facilities Facility Type Collateral Maturity Line Amount Committed Line Amount Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 Line of Credit Financing Facilities 1) Unsecured line of credit (1) — 7/27/2025 $ 2,000,000 $ — $ — $ — 2) Unsecured line of credit (1) — 7/31/2025 100,000 — — — 3) Revolving credit facility (3) — 8/10/2023 1,000,000 1,000,000 300,000 300,000 4) MSRs line of credit (3) MSRs 10/22/2021 200,000 — — — 5) MSRs line of credit (2)(3) MSRs (2) 200,000 200,000 75,000 75,000 $ 3,500,000 $ 1,200,000 $ 375,000 $ 375,000 Early Buy out Financing Facility 6) Early buy out facility (3)(4) Loans/ Advances 3/13/2023 $ 2,600,000 $ — $ 635,712 $ 330,266 (1) Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit (2) This MSRs facility can be drawn upon for corporate purposes and is collateralized by GSE MSRs within our servicing portfolio. This facility has a 5-year total commitment comprised of a 3-year revolving period that expires on April 30, 2022 followed by a 2-year amortization period that expires on April 30, 2024. (3) The interest rates charged by lenders of the other funding facilities ranged from 1.25% to 4.00%, plus the applicable base rate, for the three months ending March 31, 2021 and for the year ending December 31, 2020. (4) Subsequent to March 31, 2021, utilization of the early buy out facility has increased to approximately $2,000,000 due to greater eligible collateral. Unsecured Senior Notes Facility Type Maturity Interest Rate Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 Unsecured Senior Notes (1) 1/15/2028 5.250 % 1,010,000 1,010,000 Unsecured Senior Notes (2) 3/1/2029 3.625 % 750,000 750,000 Unsecured Senior Notes (3) 3/1/2031 3.875 % 1,250,000 1,250,000 Total Senior Notes $ 3,010,000 $ 3,010,000 Weighted Average Interest Rate 4.27 % 4.27 % (1) The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,010,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,901 and $6,572 as of March 31, 2021, respectively and $8,197 and $6,817 as of December 31, 2020, respectively. (2) The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,803 and $8,053 as of March 31, 2021 and December 31, 2020, respectively. (3) The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $13,548 and $13,887 as of March 31, 2021 and December 31, 2020, respectively. Refer to Note 2, Fair Value Measurements for information pertaining to the fair value of the Company’s debt as of March 31, 2021 and December 31, 2020.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties The Company has entered into various transactions and agreements with RHI, its subsidiaries, certain other affiliates and related parties (collectively, “Related Parties”). These transactions include providing financing and services as well as obtaining financing and services from these Related Parties. Financing Arrangements On June 9, 2017, Rocket Mortgage and RHI entered into a $300,000 uncommitted and unsecured line of credit (“RHI Line of Credit”). On December 24, 2019 the Company amended the RHI Line of Credit and increased the borrowing capacity to $1,000,000, due on November 1, 2024. On July 24, 2020, the Company amended the RHI Line of Credit and increased the borrowing capacity to $2,000,000, due on July 27, 2025. Borrowings under the line of credit bear interest at a rate per annum of one month LIBOR plus 1.25%. The line of credit is uncommitted and RHI has sole discretion over advances. The RHI Line of Credit also contains negative covenants which restrict the ability of the Company to incur debt and create liens on certain assets. It also requires Rocket Mortgage to maintain a quarterly consolidated net income before taxes if adjusted tangible net worth meets certain requirements. As of March 31, 2021 and December 31, 2020, there were no outstanding amounts due to RHI pursuant to the RHI Line of Credit. RHI and ATI are parties to a surplus debenture, effective as of December 28, 2015, and as further amended and restated on December 31, 2019 (the “RHI/ATI Debenture”), pursuant to which ATI is indebted to RHI for an aggregate principal amount of $21,500. The RHI/ATI Debenture matures on December 31, 2030. Interest under the RHI/ATI Debenture accrues at an annual rate of 8%. Principal and interest under the RHI/ATI Debenture are due and payable quarterly, in each case subject to ATI achieving a certain amount of surplus and payments of all interest before principal payments begin. Any unpaid amounts of principal and interest shall be due and payable upon the maturity of the RHI/ATI Debenture. On July 31, 2020, Holdings and RHI entered into an agreement for an uncommitted, unsecured revolving line of credit ("RHI 2nd Line of Credit’’), which will provide for financing from RHI to the Company of up to $100,000. The line of credit will mature on July 31, 2025. Borrowings under the line of credit will bear interest at a rate per annum of one month LIBOR plus 1.25%. The negative covenants of the line of credit restrict the ability of the Company to incur debt and create liens on certain assets. The line of credit also contains customary events of default. As of March 31, 2021 and December 31, 2020 there were no amounts outstanding pursuant to the RHI 2nd line of credit. The amounts receivable from and payable to Related Parties consisted of the following as of: March 31, 2021 December 31, 2020 Principal Interest Rate Principal Interest Rate Included in Notes receivable and due from affiliates on the Condensed Consolidated Balance Sheets Affiliated receivables and other notes $ 11,901 — % $ 22,172 — % Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets RHI/ATI Debenture $ 21,500 8.00 % $ 21,500 8.00 % Affiliated payables 52,269 — % 52,396 — % Notes payable and due to affiliates $ 73,769 $ 73,896 Services, Products and Other Transactions We have entered into transactions and agreements to provide certain services to RHI, its subsidiaries and certain other affiliates of our majority shareholder. We recognized revenue of $3,729 and $3,100 for the three months ended March 31, 2021 and 2020 respectively, for the performance of these services, which was included in Other income. Related Party receivables were $11,901 and $22,172 as of March 31, 2021 and December 31, 2020, respectively. We have also entered into transactions and agreements to purchase certain services, products and other transactions from certain subsidiaries of RHI and affiliates of our majority shareholder. We incurred expenses of $16,257 and $10,872 for the three months ended March 31, 2021 and 2020 respectively, for these products, services and other transactions, which are included in General and administrative expenses. We also incurred expenses of $5,672 and $5,011 for the three months ended March 31, 2021 and 2020, respectively, for parking spaces we rent from related parties, or an agent of the related party, which are included in General and administrative expenses. Related party payables, which is recorded in Notes payable and due to affiliates, were $52,269 and $52,396 as of March 31, 2021 and December 31, 2020, respectively. The Company has also entered into a Tax Receivable Agreement with RHI and Dan Gilbert, our founder and Chairman (our "Chairman") as described further in Note 8, Income Taxes. Cleveland Cavaliers Naming Rights Contract The Company incurred marketing and advertising costs related to the naming rights for Rocket Mortgage Field House and other promotional sponsorships, which are related parties. For the three months ended March 31, 2021 and 2020, the Company incurred expenses of $2,335 and $2,323, respectively, related to these arrangements. Lease Transactions with Related Parties The Company is a party to lease agreements for certain offices, including our headquarters in Detroit, with various affiliates of Bedrock Management Services LLC (“Bedrock”), a related party, and other related parties of the Company. For the three months ended March 31, 2021 and 2020 we incurred expenses totaling $17,629 and $16,397, respectively, for these properties.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: March 31, 2021 December 31, 2020 Mortgage production related receivables $ 303,246 $ 307,282 Disbursement funds advances 128,468 80,877 Prepaid expenses 86,614 98,529 Goodwill and other intangible assets 46,498 47,230 Non-production-related receivables 38,259 76,595 Ginnie Mae buyouts 32,124 40,681 Other real estate owned 1,184 1,131 Margin call receivable from counterparty — 247,604 Other 66,984 41,548 Total Other assets $ 703,377 $ 941,477

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has income tax expense of $65,832 on income before income taxes and non-controlling interest of $2,843,170 for the three months ended March 31, 2021. The Company has income tax expense of $1,232 on income before income taxes and non-controlling interest of $100,279 for the three months ended March 31, 2020. The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. Prior to the IPO in 2020, the Company was owned by RHI which has elected S corporation status. When owned by RHI, Quicken Loans, Amrock and several other wholly owned corporations had elected to be treated as qualified subchapter S subsidiaries. The shareholders of RHI, as shareholders of an S corporation, are responsible for the federal income tax liabilities. A provision for state income taxes is required for certain jurisdictions that tax S corporations and their qualified Subchapter S subsidiaries and for states where the Company is taxed as a C Corporation. During 2020, in a series of transactions occurring along with the IPO, subsidiaries of the Company were contributed to Holdings by RHI. Several of these subsidiaries, such as Quicken Loans, Amrock and other subsidiaries, are no longer qualified Subchapter S corporations and are single member LLC entities owned by Holdings. As single member LLCs of Holdings, all taxable income or loss generated by these subsidiaries will pass through and be included in the income or loss of Holdings. Other contributed subsidiaries of Holdings, such as Amrock Title Insurance Co., LMB Mortgage Services and others, are treated as C Corporations and will separately file and pay taxes apart from Holdings in various jurisdictions including U.S. federal, state, local and Canada. As part of the IPO, Rocket Companies acquired a portion of the units of Holdings, which is treated as a partnership for U.S. federal tax purposes and in most applicable jurisdictions for state and local income tax purposes. The remaining portion of Holdings is owned by RHI and our Chairman ("LLC Members"). As a partnership, Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Holdings after Rocket Companies acquisition of its portion of Holdings is passed through and included in the taxable income or loss of its members, including Rocket Companies, in accordance with the terms of the operating agreement of Holdings (the "Holdings Operating Agreement"). Rocket Companies is a C Corporation and is subject to U.S. federal, state, and local income taxes with respect to its allocable share of any taxable income of Holdings. Tax Receivable Agreement The Company expects to obtain an increase in its share of the tax basis in the net assets of Holdings when Holdings Units are redeemed from or exchanged by the LLC Members. The Company intends to treat any redemptions and exchanges of Holdings Units as direct purchases of Holdings Units for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into the Tax Receivable Agreement with the LLC Members. The Tax Receivable Agreement provides for the payment by Rocket Companies of 90% of the amount of any cash tax benefits that Rocket Companies actually realizes, or in some cases is deemed to realize, as a result of (i) certain increases in Rocket Companies allocable share of the tax basis in Holdings’ assets resulting from (a) the purchases of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) from the LLC Members (or their transferees of Holdings Units or other assignees) using the net proceeds from our initial public offering or in any future offering, (b) exchanges by the LLC Members (or their transferees of Holdings Units or other assignees) of Holdings Units (along with the corresponding shares of our Class D common stock or Class C common stock) for cash or shares of our Class B common stock or Class A common stock, as applicable, or (c) payments under the Tax Receivable Agreement; (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the Tax Receivable Agreement and (iii) disproportionate allocations (if any) of tax benefits to Holdings as a result of section 704(c) of the Code that relate to the reorganization transactions. The Company expects to benefit from the remaining 10% of any cash savings, if any, that it realizes. Effective on March 31, 2021, the Company and RHI exchanged 20,200,000 shares of Class A common stock for the equivalent number of Paired Interests (in this instance, Holdings Units together with a corresponding number of shares of Class D common stock) which resulted in an increase in the tax basis of assets of Holdings and would be subject to the provisions of the Tax Receivable Agreement. The Company recorded an increase in its deferred tax asset on investment in partnership of $123,587, an increase in the valuation allowance of $3,146, and an increase in the Tax receivable agreement liability of $119,456 with the net offsetting amount of $985 recorded to Additional Paid-in Capital in the Increase in controlling interest of investment, net of income taxes and Tax receivable agreement liability in the Condensed Consolidated Statements of Changes in Equity. During the year ended December 31, 2020, the Company acquired an aggregate of 115,000,000 Holdings Units valued at $2,070,000 in connection with the exchange of those Holdings Units by the LLC Members, which resulted in an increase in the tax basis of the assets of Holdings and would be subject to the provisions of the Tax Receivable Agreement. The amounts payable under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character, and timing of the taxable income of Rocket Companies in the future. Any such changes in these factors or changes in the Company’s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement could adjust the Tax receivable agreement liability recognized and recorded within earnings in future periods. Tax Distributions The holders of Holdings’ Units, including Rocket Companies Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Holdings. The Holdings Operating Agreement provides for pro rata cash distributions (“tax distributions”) to the holders of the Holdings Units in an amount generally calculated to provide each holder of Holdings Units with sufficient cash to cover its tax liability in respect of the Holdings Units. In general, these tax distributions are computed based on Holdings’ estimated taxable income, multiplied by an assumed tax rate as set forth in the Holdings Operating Agreement.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsThe Company enters into interest rate lock commitments ("IRLCs"), forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the Condensed Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments qualify for designation as accounting hedges. Changes in the fair value of the IRLCs and forward commitments to sell mortgage loans are recorded in current period earnings and are included in gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income. Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company enters into IRLCs to fund residential mortgage loans with its potential borrowers. These commitments are binding agreements to lend funds to these potential borrowers at specified interest rates within specified periods of time. The fair value of IRLCs is derived from the fair value of similar mortgage loans or bonds, which is based on observable market data. Changes to the fair value of IRLCs are recognized based on changes in interest rates, changes in the probability that the commitment will be exercised, and the passage of time. The expected net future cash flows related to the associated servicing of the loan are included in the fair value measurement of rate locks. IRLCs and uncommitted mortgage loans held for sale expose the Company to the risk that the value of the mortgage loans held and mortgage loans underlying the commitments may decline due to increases in mortgage interest rates during the life of the commitments. To protect against this risk, the Company uses forward loan sale commitments to economically hedge the risk of potential changes in the value of the loans. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the IRLCs and uncommitted mortgage loans held for sale. The changes in the fair value of these derivatives are recorded in gain on sale of loans, net. MSRs assets (including the MSRs value associated with outstanding IRLCs) that the Company plans to sell expose the Company to the risk that the value of the MSRs asset may decline due to decreases in mortgage interest rates prior to the sale of these assets. To protect against this risk, the Company uses forward loan purchase commitments to economically hedge the risk of potential changes in the value of MSRs assets that have been identified for sale. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the MSRs assets the Company intends to sell. The changes in fair value of these derivatives are recorded in the change in fair value of MSRs, net. Forward commitments include To-Be-Announced ("TBA") mortgage-backed securities that have been aggregated at the counterparty level for presentation and disclosure purposes. Counterparty agreements contain a legal right to offset amounts due to and from the same counterparty under legally enforceable master netting agreements to settle with the same counterparty, on a net basis, as well as the right to obtain cash collateral. Forward commitments also include commitments to sell loans to counterparties and to purchase loans from counterparties at determined prices. The Company uses forward commitments in hedging the interest rate risk exposure on its fixed and adjustable rate commitments. Utilization of forward commitments involves some degree of basis risk. Basis risk is defined as the risk that the hedged instrument’s price does not move in parallel with the increase or decrease in the market price of the hedged financial instrument. The Company calculates an expected hedge ratio to mitigate a portion of this risk. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period earnings. Hedging gains and losses are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income. Net hedging gains and losses were as follows: Three Months Ended March 31, 2021 2020 Hedging gains (losses) (1) $ 1,642,280 $ (996,984) (1) Includes the change in fair value related to derivatives economically hedging MSRs identified for sale. Refer to Note 2, Fair Value Measurements, for additional information on the fair value of derivative financial instruments. Notional and Fair Value The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows: Notional Value Derivative Asset Derivative Liability Balance at March 31, 2021: IRLCs, net of loan funding probability (1) $ 31,909,968 $ 765,215 $ — Forward commitments (2) $ 42,203,886 $ 909,153 $ 54,412 Balance at December 31, 2020: IRLCs, net of loan funding probability (1) $ 40,560,544 $ 1,897,194 $ — Forward commitments (2) $ 59,041,900 $ 20,584 $ 506,071 (1) IRLCs are also discussed in Note 10, Commitments, Contingencies, and Guarantees. (2) Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale. Counterparty agreements for forward commitments contain master netting agreements. The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. The Company had zero and $247,604 of cash pledged to counterparties related to these forward commitments at March 31, 2021 and December 31, 2020, respectively, classified in Other assets in the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had $659,339 and zero, respectively, of cash pledged from counterparties related to these forward commitments. Margins received by the Company are classified in Other liabilities in the Condensed Consolidated Balance Sheets. Gross Amount of Recognized Assets or Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed Consolidated Balance Sheets Offsetting of Derivative Assets Balance at March 31, 2021: Forward commitments $ 1,359,887 $ (450,734) $ 909,153 Balance at December 31, 2020: Forward commitments $ 35,746 $ (15,162) $ 20,584 Offsetting of Derivative Liabilities Balance at March 31, 2021: Forward commitments $ (81,311) $ 26,899 $ (54,412) Balance at December 31, 2020: Forward commitments $ (715,671) $ 209,600 $ (506,071) Counterparty Credit Risk Credit risk is defined as the possibility that a loss may occur from the failure of another party to perform in accordance with the terms of the contract, which exceeds the value of existing collateral, if any. The Company attempts to limit its credit risk by dealing with creditworthy counterparties and obtaining collateral where appropriate. The Company is exposed to credit loss in the event of contractual nonperformance by its trading counterparties and counterparties to its various over-the-counter derivative financial instruments noted in the above Notional and Fair Value discussion. The Company manages this credit risk by selecting only counterparties that it believes to be financially strong, spreading the credit risk among many such counterparties, placing contractual limits on the amount of unsecured credit extended to any single counterparty, and entering into netting agreements with the counterparties as appropriate.

Commitments, Contingencies, and

Commitments, Contingencies, and Guarantees	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, and Guarantees	Commitments, Contingencies, and Guarantees Interest Rate Lock Commitments IRLCs are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each client’s creditworthiness on a case-by-case basis. The number of days from the date of the IRLC to expiration of fixed and variable rate lock commitments outstanding at March 31, 2021 and December 31, 2020 was approximately 43 days on average. The UPB of IRLCs was as follows: March 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate IRLCs $ 39,337,177 $ 2,306,869 $ 53,736,717 $ 1,065,936 Commitments to Sell Mortgage Loans In the ordinary course of business, the Company enters into contracts to sell existing mortgage loans held for sale into the secondary market at specified future dates. The amount of commitments to sell existing loans at March 31, 2021 and December 31, 2020 was $6,286,655 and $3,139,816, respectively. Commitments to Sell Loans with Servicing Released In the ordinary course of business, the Company enters into contracts to sell the MSRs of certain newly originated loans on a servicing released basis. In the event that a forward commitment is not filled and there has been an unfavorable market shift from the date of commitment to the date of settlement, the Company is contractually obligated to pay a pair-off fee on the undelivered balance. There were $819,380 and $280,502 of loans committed to be sold servicing released at March 31, 2021 and December 31, 2020, respectively. Investor Reserves The following presents the activity in the investor reserves: Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 87,191 $ 54,387 Provision for investor reserves 5,347 1,577 Premium recapture and indemnification losses paid 1,399 (297) Balance at end of period $ 93,937 $ 55,667 The maximum exposure under the Company’s representations and warranties would be the outstanding principal balance and any premium received on all loans ever sold by the Company, less (i) loans that have already been paid in full by the mortgagee, (ii) loans that have defaulted without a breach of representations and warranties, (iii) loans that have been indemnified via settlement or make-whole, or (iv) loans that have been repurchased. Additionally, the Company may receive relief of certain representation and warranty obligations on loans sold to Fannie Mae or Freddie Mac on or after January 1, 2013 if Fannie Mae or Freddie Mac satisfactorily concludes a quality control loan file review or if the borrower meets certain acceptable payment history requirements within 12 or 36 months after the loan is sold to Fannie Mae or Freddie Mac. Property Taxes, Insurance, and Principal and Interest Payable As a service to its clients, the Company administers escrow deposits representing undisbursed amounts received for payment of property taxes, insurance and principal, and interest on mortgage loans held for sale. Cash held by the Company for property taxes and insurance was $4,097,902 and $3,551,400, and for principal and interest was $11,791,564 and $13,065,549 at March 31, 2021 and December 31, 2020, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the Condensed Consolidated Balance Sheets. The Company remains contingently liable for the disposition of these deposits. Guarantees As of March 31, 2021 and December 31, 2020, the Company guaranteed the debt of a related party totaling $15,000, consisting of three separate guarantees of $5,000 each. As of March 31, 2021 and December 31, 2020, the Company did not record a liability on the Condensed Consolidated Balance Sheets for these guarantees because it was not probable that the Company would be required to make payments under these guarantees. Trademark License The Company has a perpetual trademark license agreement with a third-party entity. This agreement requires annual payments by the Company based upon the income from the sale of loans generated under the Quicken Loans brand. Total licensing fees incurred and paid were $625 and $1,875 for the three months ended March 31, 2021 and 2020, respectively, which is classified in other expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company has entered into an agreement with Intuit that, among other things, gives the Company full ownership of the “Quicken Loans” brand in 2022 in exchange for certain agreements, subject to the satisfaction of certain conditions. We have fulfilled our payment obligations pertaining to the licensing agreement with Intuit in 2021 and no further expenses are expected. Tax Receivable Agreement As indicated in Note 8, Income Taxes, the Company is party to a Tax Receivable Agreement. Legal Rocket Companies, among other things, engages in mortgage lending, title and settlement services, and other financial technology services. Rocket Companies and its subsidiaries operate in highly regulated industries and are routinely subject to various legal and administrative proceedings concerning matters that arise in the normal and ordinary course of business, including inquiries, complaints, subpoenas, audits, examinations, investigations and potential enforcement actions from regulatory agencies and state attorney generals; state and federal lawsuits and putative class actions; and other litigation. Periodically, we assess our potential liabilities and contingencies in connection with outstanding legal and administrative proceedings utilizing the latest information available. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations, or cash flows in a future period. Rocket Companies accrues for losses when they are probable to occur and such losses are reasonably estimable. Legal costs are expensed as they are incurred. As of March 31, 2021 and December 31, 2020, we recorded reserves related to potential damages in connection with any legal proceedings of $15,000 and zero, respectively. The ultimate outcome of these or other actions or proceedings, including any monetary awards against us, is uncertain and there can be no assurance as to the amount of any such potential awards. Rocket Companies will incur defense costs and other expenses in connection with the lawsuits. Plus, if a judgment for money that exceeds specified thresholds is rendered against us and we fail to timely pay, discharge, bond or obtain a stay of execution of such judgment, it is possible that we could be deemed in default of loan funding facilities and other agreements governing indebtedness. If the final resolution of any such litigation is unfavorable in one or more of these actions, it could have a material adverse effect on our business, liquidity, financial condition, cash flows and results of operations.

Minimum Net Worth Requirements

Minimum Net Worth Requirements	3 Months Ended
	Mar. 31, 2021
Mortgage Banking [Abstract]
Minimum Net Worth Requirements	Minimum Net Worth Requirements Certain secondary market investors and state regulators require the Company to maintain minimum net worth and capital requirements. To the extent that these requirements are not met, secondary market investors and/or the state regulators may utilize a range of remedies including sanctions, and/or suspension or termination of selling and servicing agreements, which may prohibit the Company from originating, securitizing or servicing these specific types of mortgage loans. Rocket Mortgage is subject to the following minimum net worth, minimum capital ratio and minimum liquidity requirements established by the Federal Housing Finance Agency (“FHFA”) for Fannie Mae and Freddie Mac Seller/Servicers, and Ginnie Mae for single family issuers. Furthermore, refer to Note 5, Borrowings for additional information regarding compliance with all covenant requirements. Minimum Net Worth The minimum net worth requirement for Fannie Mae and Freddie Mac is defined as follows: • Base of $2,500 plus 25 basis points of outstanding UPB for total loans serviced. • Adjusted/Tangible Net Worth is defined as total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets. The minimum net worth requirement for Ginnie Mae is defined as follows: • Base of $2,500 plus 35 basis points of the Ginnie Mae total single-family effective outstanding obligations. • Adjusted/Tangible Net Worth is defined as total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets. Effective for fiscal year 2020, under the Ginnie Mae MBS Guide, the issuers will no longer be permitted to include deferred tax assets when computing the minimum net worth requirements. Minimum Capital Ratio • For Fannie Mae, Freddie Mac and Ginnie Mae, the Company is also required to hold a ratio of Adjusted/Tangible Net Worth to Total Assets greater than 6%. Minimum Liquidity The minimum liquidity requirement for Fannie Mae and Freddie Mac is defined as follows: • 3.5 basis points of total Agency servicing. • Incremental 200 basis points of total nonperforming Agency, measured as 90+ delinquencies, servicing in excess of 6% of the total Agency servicing UPB. • Allowable assets for liquidity may include cash and cash equivalents (unrestricted) and available for sale or held for trading investment grade securities (e.g., Agency MBS, Obligations of GSEs, US Treasury Obligations). The minimum liquidity requirement for Ginnie Mae is defined as follows: • Maintain liquid assets equal to the greater of $1,000 or 10 basis points of our outstanding single-family MBS. The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $2,005,065 and $2,175,968 as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, the Company was in compliance with this requirement.

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	Segments The Company’s Chief Executive Officer, who has been identified as its Chief Operating Decision Maker (“CODM”), has evaluated how the Company views and measures its performance. ASC 280, Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments—Direct to Consumer and Partner Network. The key factors used to identify these reportable segments are the organization and alignment of the Company’s internal operations and the nature of its marketing channels, which drive client acquisition into the mortgage platform. This determination reflects how its CODM monitors performance, allocates capital and makes strategic and operational decisions. The Company’s segments are described as follows: Direct to Consumer In the Direct to Consumer segment, clients have the ability to interact with Rocket Mortgage online and/or with the Company’s mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title insurance, appraisals and settlement services complementing the Company’s end-to-end mortgage origination experience. Servicing activities are fully allocated to the Direct to Consumer segment and are viewed as an extension of the client experience. Servicing enables Rocket Mortgage to establish and maintain long term relationships with our clients, through multiple touchpoints at regular engagement intervals. Revenues in the Direct to Consumer segment are generated primarily from the gain on sale of loans, which includes loan origination fees, revenues from sales of loans into the secondary market, as well as the fair value of originated MSRs and hedging gains and losses. Loan servicing income consists of the contractual fees earned for servicing loans and other ancillary servicing fees, as well as changes in the fair value of MSRs due to changes in valuation assumptions and realization of cash flows. Partner Network The Rocket Professional platform supports our Partner Network segment, where we leverage our superior client service and widely recognized brand to grow marketing and influencer relationships, and our mortgage broker partnerships through Rocket Pro TPO. Our marketing partnerships consist of well-known consumer-focused companies that find value in our award-winning client experience and want to offer their clients mortgage solutions with our trusted, widely recognized brand. These organizations connect their clients directly to us through marketing channels and a referral process. Our influencer partnerships are typically with companies that employ licensed mortgage professionals that find value in our client experience, technology and efficient mortgage process, where mortgages may not be their primary offering. We also enable clients to start the mortgage process through the Rocket platform in the way that works best for them, including through a local mortgage broker. Revenues in the Partner Network segment are generated primarily from the gain on sale of loans, which includes loan origination fees, revenues from sales of loans into the secondary market, as well as the fair value of originated MSRs and hedging gains and losses. Additionally, there are no performance marketing costs associated with this segment. Other Information About Our Segments The Company measures the performance of the segments primarily on a contribution margin basis. The accounting policies applied by our segments are the same as those described in Note 1, Business, Basis of Presentation and Accounting Policies and the decrease in MSRs due to valuation assumptions is consistent with the changes described in Note 3, Mortgage Servicing Rights . Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses and Other expenses, such as servicing costs and origination costs. The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The balance sheet is managed on a consolidated basis and is not used in the context of segment reporting. The Company also reports an “all other” category that includes operations from Rocket Homes, Rock Connections, Core Digital Media, Rocket Loans, and includes professional service fee revenues from related parties. These operations are neither significant individually nor in aggregate and therefore do not constitute a reportable segment. Key operating data for our business segments for the three months ended: Three Months Ended Direct to Consumer Partner Network Segments Total All Other Total Revenues Gain on sale $ 2,863,600 $ 684,428 $ 3,548,028 $ 4,414 $ 3,552,442 Interest income 58,668 36,061 94,729 516 95,245 Interest expense on funding facilities (42,006) (25,818) (67,824) (20) (67,844) Servicing fee income 291,652 — 291,652 709 292,361 Changes in fair value of MSRs 245,921 — 245,921 — 245,921 Other income 304,912 27,778 332,690 133,422 466,112 Total U.S. GAAP Revenue, net 3,722,747 722,449 4,445,196 139,041 4,584,237 Less: Increase in MSRs due to valuation assumptions (544,450) — (544,450) — (544,450) Adjusted revenue 3,178,297 722,449 3,900,746 139,041 4,039,787 Directly attributable expenses 1,018,495 179,777 1,198,272 65,067 1,263,339 Contribution margin $ 2,159,802 $ 542,672 $ 2,702,474 $ 73,974 $ 2,776,448 Three Months Ended Direct to Consumer Partner Network Segments Total All Other Total Revenues Gain on sale $ 1,610,832 $ 203,447 $ 1,814,279 $ 7,830 $ 1,822,109 Interest income 47,311 25,571 72,882 1,160 74,042 Interest expense on funding facilities (25,385) (13,720) (39,105) (354) (39,459) Servicing fee income 255,990 — 255,990 1,103 257,093 Changes in fair value of MSRs (991,252) — (991,252) — (991,252) Other income 145,023 19,609 164,632 79,144 243,776 Total U.S. GAAP Revenue, net 1,042,519 234,907 1,277,426 88,883 1,366,309 Plus: Decrease in MSRs due to valuation assumptions 743,327 — 743,327 — 743,327 Adjusted revenue 1,785,846 234,907 2,020,753 88,883 2,109,636 Directly attributable expenses 780,620 91,944 872,564 45,499 918,063 Contribution margin $ 1,005,226 $ 142,963 $ 1,148,189 $ 43,384 $ 1,191,573 The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the three months ended: Three Months Ended March 31, 2021 2020 Contribution margin, excluding change in MSRs due to valuation assumptions $ 2,776,448 $ 1,191,573 (Decrease) increase in MSRs due to valuation assumptions 544,450 (743,327) Contribution margin, including change in MSRs due to valuation assumptions 3,320,898 448,246 Less expenses not allocated to segments : Salaries, commissions and team member benefits 230,094 198,850 General and administrative expenses 194,494 94,597 Depreciation and amortization 15,304 16,115 Interest and amortization expense on non-funding debt 35,571 33,107 Other expenses 2,265 5,298 Income before income taxes $ 2,843,170 $ 100,279

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Rocket Companies, Inc. is the sole managing member of Holdings with 100% of the management and voting power in Holdings. In its capacity as managing member, Rocket Companies, Inc. has the sole authority to make decisions on behalf of Holdings and bind Holdings to signed agreements. Further, Holdings maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights. Accordingly, management concluded that Holdings is a limited partnership or similar legal entity as contemplated in ASC 810, Consolidation . Furthermore, management concluded that Rocket Companies, Inc. is Holdings’ primary beneficiary. As the primary beneficiary, Rocket Companies, Inc. consolidates the results and operations of Holdings for financial reporting purposes under the variable interest consolidation model guidance in ASC 810. Rocket Companies, Inc.'s relationship with Holdings results in no recourse to the general credit of Rocket Companies, Inc. Holdings and its consolidated subsidiaries represents Rocket Companies, Inc.'s sole investment. Rocket Companies, Inc. shares in the income and losses of Holdings in direct proportion to Rocket Companies, Inc.'s ownership percentage. Further, Rocket Companies, Inc. has no contractual requirement to provide financial support to Holdings. Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended March 31, 2021. Prior to the reorganization and IPO, Rocket Companies, Inc. was not impacted by Holdings.

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests The non-controlling interest balance represents the economic interest in Holdings held by our Chairman and RHI. The following table summarizes the ownership of Holdings Units in Holdings as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Holdings Units Ownership Percentage Holdings Units Ownership Percentage Rocket Companies, Inc.'s ownership of Holdings Units 135,574,865 6.83 % 115,372,565 5.81 % Holdings Units held by our Chairman 1,101,822 0.06 % 1,101,822 0.06 % Holdings Units held by RHI 1,847,777,661 93.11 % 1,867,977,661 94.13 % Balance at end of period 1,984,454,348 100.00 % 1,984,452,048 100.00 % The non-controlling interest holders have the right to exchange Holdings Units, together with a corresponding number of shares of our Class D common stock or Class C common stock (together referred to as “Paired Interests”), for, at our option, (i) shares of our Class B common stock or Class A common stock or (ii) cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock). As such, future exchanges of Paired Interests by non-controlling interest holders will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in-capital when Holdings has positive or negative net assets, respectively. As of March 31, 2021, our Chairman has not exchanged any Paired Interests. As of December 31, 2020, neither our Chairman or RHI had exchanged any Paired Interests. Effective on March 31, 2021, the Company and RHI exchanged 20,200,000 shares of Class A common stock for the equivalent number of Paired Interests (in this instance, Holdings Units together with a corresponding number of shares of Class D common stock). This transaction resulted in an increase of Rocket Companies' controlling interest and a corresponding decrease of non-controlling interest of approximately 1%.

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation The Company grants various types of share-based awards, both equity and cash awards, to various team members and directors of the Company and its affiliates. Included in share-based compensation expense for the Company are RKT and RHI denominated awards. Share-based compensation expense is included in Salaries, commissions and team member benefits on the Condensed Consolidated Statements of Income and Comprehensive Income . In connection with the IPO, equity-based awards were issued under the Rocket Companies, Inc. 2020 Omnibus Incentive Plan including restricted stock units and stock options to purchase shares of our Class A common stock at an exercise price equal to the price to the public in the initial public offering. Share-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant. Team Member Stock Purchase Plan The Team Member Stock Purchase Plan ("TMSPP") was initiated in December 2020, with the first offering period beginning in January 2021. Under the TMSPP, the Company is authorized to issue up to 10,526,316 shares of its common stock to qualifying team members. Eligible team members may direct the Company, during each three-month option period, to withhold up to 15% of their gross pay, the proceeds from which are used to purchase shares of common stock at a price equal to 85% of the closing market price on the exercise date. Under ASC 718, the TMSPP is a liability classified compensatory plan and the Company recognizes compensation expense over the offering period based on the fair value of the purchase discount. There were no shares purchased for the three months ended March 31, 2021 under the TMSPP. Share-based Compensation Expense A summary of share-based compensation expense recognized during the three months ended March 31, 2021 and March 31, 2020 related to RKT-denominated awards is as follows: Three Months Ended March 31, 2021 2020 RKT restricted stock units $ 27,601 $ — RKT stock options 10,035 — RKT Team Member Stock Purchase Plan 2,923 — RKT denominated share-based compensation expense $ 40,559 $ — A summary of share-based compensation expense recognized during the three months ended March 31, 2021 and March 31, 2020 related to RHI-denominated awards is as follows: Three Months Ended March 31, 2021 2020 RHI restricted stock units $ 1,372 $ 28,978 RHI stock options — 32 RHI cash settled awards — 12,678 RHI denominated share-based compensation expense $ 1,372 $ 41,688 Including subsidiary share-based compensation plans, total share-based compensation expense for the three months ended March 31, 2021 and 2020, was $41,983 and $41,737, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program are included in the weighted-average Class A shares outstanding in the calculation of basic EPS once the units are fully vested. Basic earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There was no Class B common stock outstanding as of March 31, 2021. See Note 14, Non-controlling Interests for a description of Paired Interests. Prior to the IPO, Holdings membership structure included equity interests held by RHI. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements. Therefore, earnings per share information has not been presented for the three months ended March 31, 2020. The following table sets for the calculation of the basic and diluted earnings per share for the period: Three Months Ended March 31, 2021 Net income $ 2,777,338 Net income attributable to non-controlling interest (2,653,636) Net income attributable to Rocket Companies 123,702 Add: Reallocation of Net income attributable to vested, undelivered stock awards 80 Net income attributable to common shareholders $ 123,782 Numerator: Net income attributable to Class A common shareholders - basic $ 123,782 Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (1) 6,349 Net income attributable to Class A common shareholders - diluted $ 130,131 Denominator: Weighted average shares of Class A common stock outstanding - basic 115,673,524 Add: Dilutive impact of share-based compensation awards (2) 6,338,392 Weighted average shares of Class A common stock outstanding - diluted 122,011,916 Earnings per share of Class A common stock outstanding - basic $ 1.07 Earnings per share of Class A common stock outstanding - diluted $ 1.07 (1) Reallocation of net income attributable to dilutive impact of share-based compensation awards comprised of $5,889 related to restricted stock units, $422 related to stock options and $38 related to TMSPP. (2) Dilutive impact of share-based compensation awards comprised of 5,879,491 related to restricted stock units, 421,267 related to stock options and 37,634 related to TMSPP. For the period from January 1, 2021 to March 31, 2021, 1,868,855,039 Holdings Units, each weighted for the portion of the period for which they were outstanding, together with a corresponding number of shares of our Class D common stock, were exchangeable, at our option, for shares of our Class A common stock. After evaluating the potential dilutive effect under the if-converted method, the outstanding Holdings Units for the assumed exchange of non-controlling interests were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share.

Business, Basis of Presentati_2

Business, Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Prior to the completion of the initial public offering, RHI, Holdings and its subsidiaries consummated an internal reorganization in which Rocket Companies, Inc. became the sole managing member of Holdings. Prior to the reorganization, Rocket Companies, Inc. had no operations. As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our net income is allocated to the non-controlling interest holders. For further details, refer to Note 13 , Variable Interest Entities and Note 14 , Non-controlling Interests. Income from Holdings and its subsidiaries prior to the reorganization and IPO has been accounted for as a non-controlling interest in our Condensed Consolidated Statements of Income and Comprehensive Income. Accumulated net income prior to the reorganization and IPO is presented in net parent investment in our Condensed Consolidated Statements of Changes in Equity as the financial statements prior to the reorganization and IPO reflect combined subsidiaries operating as part of RHI. We have accounted for the reorganization as one of entities under common control and the net parent investment was allocated between non-controlling interest and additional paid-in capital based on the ownership of Holdings. Our condensed consolidated financial statements for periods prior to the reorganization and IPO reflect the combined subsidiaries that historically operated as part of RHI. We have further adjusted the prior period results to retrospectively reflect the acquisition of Amrock Title Insurance Company (“ATI”) which qualified as a common control transaction as discussed further below in the Acquisition Agreement section. All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying condensed consolidated financial statements. All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 6, Transactions with Related Parties
Basis of Presentation	Our condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Management Estimates	Management Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.
Revenue Recognition	Revenue Recognition Gain on sale of loans, net—Gain on sale of loans, net includes all components related to the origination and sale of mortgage loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) the change in fair value of interest rate locks and loans held for sale, (5) the gain or loss on forward commitments hedging loans held for sale and interest rate lock commitments (IRLCs), and (6) the fair value of originated MSRs. An estimate of the gain on sale of loans, net is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and mortgage loans held for sale are recognized in current period earnings. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings in Gain on sale of loans, net. Included in Gain on sale of loans, net is the fair value of originated MSRs, which represents the estimated fair value of MSRs related to loans which we have sold and retained the right to service. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss) on changes in the fair value of MSRs. Loan servicing income (loss), net—Loan servicing income (loss), net includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSRs asset as of the respective balance sheet date. Interest income, net—Interest income includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Other income—Other income is derived primarily from lead generation revenue, professional service fees, real estate network referral fees, contact center revenue, personal loans business, closing fees, net appraisal revenue, and net title insurance fees. The following revenue streams fall within the scope of ASC Topic 606—Revenue from Contracts with Customers and are disaggregated hereunder: Core Digital Media lead generation revenue —The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $6,680 and $7,560 for the three months ended March 31, 2021 and 2020, respectively. Professional service fees —The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $3,549 and $1,835 for the three months ended March 31, 2021 and 2020, respectively, and were rendered entirely to related parties. Rocket Homes real estate network referral fees —The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $9,578 and $7,988 for the three months ended March 31, 2021 and 2020, respectively. Rock Connections and Rocket Auto contact center revenue —The Company recognizes contact center revenue for communication services including client support and sales. Consideration received includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $11,632 and $7,341 for the three months ended March 31, 2021 and 2020, respectively. Amrock closing fees —The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $157,167 and $73,486 for the three months ended March 31, 2021 and 2020, respectively. Amrock appraisal revenue, net —The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net was $22,491 and $17,619 for the three months ended March 31, 2021 and 2020, respectively.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions. Restricted cash as of March 31, 2021 and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten insurance company and a $25,000 bond.
Loans subject to repurchase right from Ginnie Mae	Loans subject to repurchase right from Ginnie Mae For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets defined criteria, including being delinquent more than 90 days. Once the Company has the unilateral right to repurchase the delinquent loan, the Company has effectively regained control over the loan and must re-recognize the loan on the Condensed Consolidated Balance Sheets and establish a corresponding finance liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the unpaid principal balance of the loan, which approximates its fair value.
Accounting Standards Issued but Not Yet Adopted	Accounting Standards Issued but Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope to clarify that Topic 848 is applicable to many derivative instruments and hedging relationships.
Fair Value Measurements	Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions. Fair value measurements are classified in the following manner: Level 1 —Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date. Level 3 —Valuation is based on the Company’s internal models using assumptions at the measurement date that a market participant would use. In determining fair value measurement, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value. The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of March 31, 2021 or December 31, 2020. Mortgage loans held for sale: Loans held for sale that trade in active secondary markets are valued using Level 2 measurements derived from observable market data, including market prices of securities backed by similar mortgage loans adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk. Loans held for sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes. IRLCs: The fair value of IRLCs is based on current market prices of securities backed by similar mortgage loans (as determined above under mortgage loans held for sale), net of costs to close the loans, subject to the estimated loan funding probability, or “pull-through factor”. Given the significant and unobservable nature of the pull-through factor, IRLCs are classified as Level 3. MSRs: The fair value of MSRs (including MSRs collateral for financing liability and MSRs financing liability) is determined using a valuation model that calculates the present value of estimated net future cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income among others. These fair value measurements are classified as Level 3. Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy.
Mortgage Servicing Rights	Mortgage servicing rights are recognized as assets on the Condensed Consolidated Balance Sheets when loans are sold, and the associated servicing rights are retained. The Company maintains one class of MSRs asset and has elected the fair value option. These MSRs are recorded at fair value, which is determined using a valuation model that calculates the present value of estimated future net servicing fee income. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income and late fees, among others. These estimates are supported by market and economic data collected from various outside sources.
Income Taxes	The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. Prior to the IPO in 2020, the Company was owned by RHI which has elected S corporation status. When owned by RHI, Quicken Loans, Amrock and several other wholly owned corporations had elected to be treated as qualified subchapter S subsidiaries. The shareholders of RHI, as shareholders of an S corporation, are responsible for the federal income tax liabilities. A provision for state income taxes is required for certain jurisdictions that tax S corporations and their qualified Subchapter S subsidiaries and for states where the Company is taxed as a C Corporation. During 2020, in a series of transactions occurring along with the IPO, subsidiaries of the Company were contributed to Holdings by RHI. Several of these subsidiaries, such as Quicken Loans, Amrock and other subsidiaries, are no longer qualified Subchapter S corporations and are single member LLC entities owned by Holdings. As single member LLCs of Holdings, all taxable income or loss generated by these subsidiaries will pass through and be included in the income or loss of Holdings. Other contributed subsidiaries of Holdings, such as Amrock Title Insurance Co., LMB Mortgage Services and others, are treated as C Corporations and will separately file and pay taxes apart from Holdings in various jurisdictions including U.S. federal, state, local and Canada.
Derivative Financial Instruments	The Company enters into interest rate lock commitments ("IRLCs"), forward commitments to sell mortgage loans and forward commitments to purchase loans, which are considered derivative financial instruments. These items are accounted for as free-standing derivatives and are included in the Condensed Consolidated Balance Sheets at fair value. The Company treats all of its derivative instruments as economic hedges; therefore, none of its derivative instruments qualify for designation as accounting hedges. Changes in the fair value of the IRLCs and forward commitments to sell mortgage loans are recorded in current period earnings and are included in gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income. Forward commitments to purchase mortgage loans are recognized in current period earnings and are included in gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company enters into IRLCs to fund residential mortgage loans with its potential borrowers. These commitments are binding agreements to lend funds to these potential borrowers at specified interest rates within specified periods of time. The fair value of IRLCs is derived from the fair value of similar mortgage loans or bonds, which is based on observable market data. Changes to the fair value of IRLCs are recognized based on changes in interest rates, changes in the probability that the commitment will be exercised, and the passage of time. The expected net future cash flows related to the associated servicing of the loan are included in the fair value measurement of rate locks. IRLCs and uncommitted mortgage loans held for sale expose the Company to the risk that the value of the mortgage loans held and mortgage loans underlying the commitments may decline due to increases in mortgage interest rates during the life of the commitments. To protect against this risk, the Company uses forward loan sale commitments to economically hedge the risk of potential changes in the value of the loans. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the IRLCs and uncommitted mortgage loans held for sale. The changes in the fair value of these derivatives are recorded in gain on sale of loans, net. MSRs assets (including the MSRs value associated with outstanding IRLCs) that the Company plans to sell expose the Company to the risk that the value of the MSRs asset may decline due to decreases in mortgage interest rates prior to the sale of these assets. To protect against this risk, the Company uses forward loan purchase commitments to economically hedge the risk of potential changes in the value of MSRs assets that have been identified for sale. These derivative instruments are recorded at fair value. The Company expects that the changes in fair value of these derivative financial instruments will either fully or partially offset the changes in fair value of the MSRs assets the Company intends to sell. The changes in fair value of these derivatives are recorded in the change in fair value of MSRs, net. Forward commitments include To-Be-Announced ("TBA") mortgage-backed securities that have been aggregated at the counterparty level for presentation and disclosure purposes. Counterparty agreements contain a legal right to offset amounts due to and from the same counterparty under legally enforceable master netting agreements to settle with the same counterparty, on a net basis, as well as the right to obtain cash collateral. Forward commitments also include commitments to sell loans to counterparties and to purchase loans from counterparties at determined prices. The Company uses forward commitments in hedging the interest rate risk exposure on its fixed and adjustable rate commitments. Utilization of forward commitments involves some degree of basis risk. Basis risk is defined as the risk that the hedged instrument’s price does not move in parallel with the increase or decrease in the market price of the hedged financial instrument. The Company calculates an expected hedge ratio to mitigate a portion of this risk. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period earnings. Hedging gains and losses are included in Gain on sale of loans, net in the Condensed Consolidated Statements of Income and Comprehensive Income.
Earnings Per Share	The Company applies the two-class method for calculating and presenting earnings per share by separately presenting earnings per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class, and in such dividends as may be declared by the board of directors. Holders of the Class A and Class B common stock also have equal priority in liquidation. Shares of Class C and Class D common stock do not participate in earnings of Rocket Companies, Inc. As a result, the shares of Class C and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings per share. Restricted stock units awarded as part of the Company’s compensation program are included in the weighted-average Class A shares outstanding in the calculation of basic EPS once the units are fully vested. Basic earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net income attributable to Rocket Companies by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There was no Class B common stock outstanding as of March 31, 2021. See Note 14, Non-controlling Interests for a description of Paired Interests. Prior to the IPO, Holdings membership structure included equity interests held by RHI. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements. Therefore, earnings per share information has not been presented for the three months ended March 31, 2020.

Business, Basis of Presentati_3

Business, Basis of Presentation and Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions. Restricted cash as of March 31, 2021 and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten insurance company and a $25,000 bond. March 31, 2021 2020 Cash and cash equivalents $ 2,864,906 $ 2,295,988 Restricted cash 75,647 64,976 Total cash, cash equivalents, and restricted cash in the statement of cash flows $ 2,940,553 $ 2,360,964
Schedule of Cash, Cash Equivalents and Restricted Cash	The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions. Restricted cash as of March 31, 2021 and 2020 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten insurance company and a $25,000 bond. March 31, 2021 2020 Cash and cash equivalents $ 2,864,906 $ 2,295,988 Restricted cash 75,647 64,976 Total cash, cash equivalents, and restricted cash in the statement of cash flows $ 2,940,553 $ 2,360,964

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Statement Items Measured at Estimated Fair Value on a Recurring Basis	The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the three months ended March 31, 2021 or the year ended December 31, 2020. Level 1 Level 2 Level 3 Total Balance at March 31, 2021 Assets: Mortgage loans held for sale $ — $ 17,834,610 $ 990,834 $ 18,825,444 IRLCs — — 765,215 765,215 MSRs — — 4,304,762 4,304,762 MSRs collateral for financing liability (1) — — 233,687 233,687 Forward commitments — 909,153 — 909,153 Total assets $ — $ 18,743,763 $ 6,294,498 $ 25,038,261 Liabilities: Forward commitments $ — $ 54,412 $ — $ 54,412 MSRs financing liability (1) — — 223,756 223,756 Total liabilities $ — $ 54,412 $ 223,756 $ 278,168 Balance at December 31, 2020 Assets: Mortgage loans held for sale $ — $ 22,285,440 $ 579,666 $ 22,865,106 IRLCs — — 1,897,194 1,897,194 MSRs — — 2,862,685 2,862,685 MSRs collateral for financing liability (1) — — 205,033 205,033 Forward commitments — 20,584 — 20,584 Total assets $ — $ 22,306,024 $ 5,544,578 $ 27,850,602 Liabilities: Forward commitments $ — $ 506,071 $ — $ 506,071 MSRs financing liability (1) — — 187,794 187,794 Total liabilities $ — $ 506,071 $ 187,794 $ 693,865 (1) Refer to Note 3, Mortgage Servicing Rights for further information regarding both the MSRs collateral for financing liability and MSRs financing liability.
Schedule of Quantitative Information About Fair Value Measurements of Level 3 Financial Instruments	The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of: March 31, 2021 December 31, 2020 Unobservable Input Range Weighted Average Range Weighted Average Mortgage loans held for sale Dealer pricing 87% - 103% 100 % 89% - 105% 99 % IRLCs Loan funding probability 0% - 100% 77 % 0% - 100% 74 % MSRs, MSRs collateral for financing liability, and MSRs financing liability Discount rate 9.5% - 12.0% 9.9 % 9.5% - 12.0% 9.9 % Conditional prepayment rate 6.9% - 57.5% 10.9 % 6.6% - 52.1% 15.8 %
Schedule of Reconciliation of Level 3 Assets	The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020. Mortgage servicing rights (including MSRs collateral for financing liability and MSRs financing liability) are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights. Loans Held for Sale IRLCs Balance at December 31, 2020 $ 579,666 $ 1,897,194 Transfers in (1) 718,158 — Transfers out/principal reductions (1) (307,462) — Net transfers and revaluation losses — (1,131,979) Total gains included in net income 472 — Balance at March 31, 2021 $ 990,834 $ 765,215 Balance at December 31, 2019 $ 308,793 $ 508,135 Transfers in (1) 540,859 — Transfers out/principal reductions (1) (425,369) — Net transfers and revaluation gains — 706,730 Total losses included in net income (6,193) — Balance at March 31, 2020 $ 418,090 $ 1,214,865 (1) Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.
Schedule of Fair Value Option for Mortgage Loans Held For Sale	The following is the estimated fair value and unpaid principal balance (“UPB”) of mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance: Fair Value Principal Amount Due Upon Maturity Difference (1) Balance at March 31, 2021 $ 18,825,444 $ 18,534,892 $ 290,552 Balance at December 31, 2020 $ 22,865,106 $ 21,834,817 $ 1,030,289 (1) Represents the amount of gains included in Gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.
Schedule of Liabilities not Recorded at Fair Value on a Recurring or Nonrecurring Basis	The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value: March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes, due 1/15/2028 $ 995,528 $ 1,064,793 $ 994,986 $ 1,079,629 Senior Notes, due 3/1/2029 $ 742,197 $ 725,648 $ 741,946 $ 766,365 Senior Notes, due 3/1/2031 $ 1,236,452 $ 1,204,888 $ 1,236,114 $ 1,298,175

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
Summary of Changes to MSR Assets	The following table summarizes changes to the MSRs assets for the three months ended: Three Months Ended March 31, 2021 2020 Fair value, beginning of period $ 2,862,685 $ 2,874,972 MSRs originated 1,173,164 535,419 MSRs sales (15,865) (186,292) Changes in fair value: Due to changes in valuation model inputs or assumptions (1) 583,307 (805,536) Due to collection/realization of cash flows (298,529) (247,925) Total changes in fair value 284,778 (1,053,461) Fair value, end of period $ 4,304,762 $ 2,170,638 (1) Reflects changes in assumptions including discount rates and prepayment speed assumptions, mostly due to changes in market interest rates. Does not include the change in fair value of derivatives that economically hedge MSRs identified for sale.
Schedule of Assumptions Used to Determine Fair Value of MSRs	The following is a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as well as the expected life of the loans in the servicing portfolio: March 31, 2021 December 31, 2020 Discount rate 9.9 % 9.9 % Prepayment speeds 10.9 % 15.8 % Life (in years) 6.54 5.05
Summary of Discount Rate and Prepayment Speeds at Two Different Data Points	The following table stresses the discount rate and prepayment speeds at two different data points: Discount Rate Prepayment Speeds 100 BPS Adverse Change 200 BPS Adverse Change 10% Adverse Change 20% Adverse Change March 31, 2021 Mortgage servicing rights $ (181,137) $ (337,856) $ (166,962) $ (315,934) December 31, 2020 Mortgage servicing rights $ (115,130) $ (212,119) $ (147,420) $ (279,691)

Mortgage Loans Held for Sale (T

Mortgage Loans Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Reconciliation of Changes in Mortgage Loans Held for Sale	A reconciliation of the changes in mortgage loans held for sale to the amounts presented on the Condensed Consolidated Statements of Cash Flows is below: Three Months Ended March 31, 2021 2020 Balance at the beginning of period $ 22,865,106 $ 13,275,735 Disbursements of mortgage loans held for sale 104,103,499 50,418,371 Proceeds from sales of mortgage loans held for sale (1) (110,276,266) (52,257,635) Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2) 2,133,105 1,406,913 Balance at the end of period $ 18,825,444 $ 12,843,384 (1) The proceeds from sales of loans held for sale on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of consumer loans. (2) The Gain on sale of loans excluding fair value of MSRs, net on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of consumer loans, interest rate lock commitments, forward commitments, and provisions for investor reserves.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Funding Facilities	Funding Facilities Facility Type Collateral Maturity Line Amount Committed Line Amount Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 MRA funding: 1) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 10/22/2021 $ 2,000,000 $ 100,000 $ 998,397 $ 999,752 2) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 12/2/2021 1,500,000 500,000 1,128,746 1,320,484 3) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 4/22/2022 2,750,000 1,000,000 904,931 2,407,156 4) Master Repurchase Agreement (1)(7) Mortgage loans held for sale (6) 1/26/2022 2,000,000 1,700,000 1,672,731 1,953,949 5) Master Repurchase Agreement (2)(7) Mortgage loans held for sale (6) 4/22/2021 3,000,000 500,000 2,466,830 2,004,707 6) Master Repurchase Agreement (3)(7) Mortgage loans held for sale (6) 9/5/2022 2,000,000 1,000,000 449,622 1,780,902 7) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 9/16/2021 1,750,000 1,137,500 1,108,254 1,343,130 8) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 6/12/2021 400,000 — 150,166 219,786 9) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 9/24/2021 1,500,000 750,000 790,446 983,126 10) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 10/9/2021 500,000 — 155,601 480,544 11) Master Repurchase Agreement (7) Mortgage loans held for sale (6) 12/17/2021 1,000,000 500,000 438,412 765,432 18,400,000 7,187,500 10,264,136 14,258,968 Early Funding: 12) Early Funding Facility (4)(7) Mortgage loans held for sale (6) (4) 4,000,000 — 3,032,857 2,514,193 13) Early Funding Facility (5)(7) Mortgage loans held for sale (6) (5) 3,000,000 — 1,155,679 969,412 7,000,000 — 4,188,536 3,483,605 Total $ 25,400,000 $ 7,187,500 $ 14,452,672 $ 17,742,573 (1) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to March 31, 2021, this facility was amended to decrease the total facility size to $1,600,000 with $1,500,000 committed and was extended to April 26, 2022. (2) Subsequent to March 31, 2021, this facility was renewed which extended the expiration date to April 20, 2023. (3) Subsequent to March 31, 2021, this facility decreased its commitment amount to $500,000. (4) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (5) This facility will have an overall line size of $3,000,000, which will be reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (6) The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest. (7) The interest rates charged by lenders of the funding facilities ranged from 1.00% to 2.25%, plus the applicable base rate, for the three months ending March 31, 2021 and from 0.40% to 2.30%, plus the applicable base rate for the year ending December 31, 2020.
Schedule of Other Financing Facilities	Other Financing Facilities Facility Type Collateral Maturity Line Amount Committed Line Amount Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 Line of Credit Financing Facilities 1) Unsecured line of credit (1) — 7/27/2025 $ 2,000,000 $ — $ — $ — 2) Unsecured line of credit (1) — 7/31/2025 100,000 — — — 3) Revolving credit facility (3) — 8/10/2023 1,000,000 1,000,000 300,000 300,000 4) MSRs line of credit (3) MSRs 10/22/2021 200,000 — — — 5) MSRs line of credit (2)(3) MSRs (2) 200,000 200,000 75,000 75,000 $ 3,500,000 $ 1,200,000 $ 375,000 $ 375,000 Early Buy out Financing Facility 6) Early buy out facility (3)(4) Loans/ Advances 3/13/2023 $ 2,600,000 $ — $ 635,712 $ 330,266 (1) Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit (2) This MSRs facility can be drawn upon for corporate purposes and is collateralized by GSE MSRs within our servicing portfolio. This facility has a 5-year total commitment comprised of a 3-year revolving period that expires on April 30, 2022 followed by a 2-year amortization period that expires on April 30, 2024. (3) The interest rates charged by lenders of the other funding facilities ranged from 1.25% to 4.00%, plus the applicable base rate, for the three months ending March 31, 2021 and for the year ending December 31, 2020. (4) Subsequent to March 31, 2021, utilization of the early buy out facility has increased to approximately $2,000,000 due to greater eligible collateral.
Schedule of Unsecured Senior Notes	Unsecured Senior Notes Facility Type Maturity Interest Rate Outstanding Balance March 31, 2021 Outstanding Balance December 31, 2020 Unsecured Senior Notes (1) 1/15/2028 5.250 % 1,010,000 1,010,000 Unsecured Senior Notes (2) 3/1/2029 3.625 % 750,000 750,000 Unsecured Senior Notes (3) 3/1/2031 3.875 % 1,250,000 1,250,000 Total Senior Notes $ 3,010,000 $ 3,010,000 Weighted Average Interest Rate 4.27 % 4.27 % (1) The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,010,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,901 and $6,572 as of March 31, 2021, respectively and $8,197 and $6,817 as of December 31, 2020, respectively. (2) The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,803 and $8,053 as of March 31, 2021 and December 31, 2020, respectively. (3) The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $13,548 and $13,887 as of March 31, 2021 and December 31, 2020, respectively.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Receivables from and Payables to Related Parties	The amounts receivable from and payable to Related Parties consisted of the following as of: March 31, 2021 December 31, 2020 Principal Interest Rate Principal Interest Rate Included in Notes receivable and due from affiliates on the Condensed Consolidated Balance Sheets Affiliated receivables and other notes $ 11,901 — % $ 22,172 — % Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets RHI/ATI Debenture $ 21,500 8.00 % $ 21,500 8.00 % Affiliated payables 52,269 — % 52,396 — % Notes payable and due to affiliates $ 73,769 $ 73,896

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: March 31, 2021 December 31, 2020 Mortgage production related receivables $ 303,246 $ 307,282 Disbursement funds advances 128,468 80,877 Prepaid expenses 86,614 98,529 Goodwill and other intangible assets 46,498 47,230 Non-production-related receivables 38,259 76,595 Ginnie Mae buyouts 32,124 40,681 Other real estate owned 1,184 1,131 Margin call receivable from counterparty — 247,604 Other 66,984 41,548 Total Other assets $ 703,377 $ 941,477

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Hedging Losses and Gains	Net hedging gains and losses were as follows: Three Months Ended March 31, 2021 2020 Hedging gains (losses) (1) $ 1,642,280 $ (996,984) (1) Includes the change in fair value related to derivatives economically hedging MSRs identified for sale.
Schedule of Notional and Fair Values of Derivative Financial Instruments	The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows: Notional Value Derivative Asset Derivative Liability Balance at March 31, 2021: IRLCs, net of loan funding probability (1) $ 31,909,968 $ 765,215 $ — Forward commitments (2) $ 42,203,886 $ 909,153 $ 54,412 Balance at December 31, 2020: IRLCs, net of loan funding probability (1) $ 40,560,544 $ 1,897,194 $ — Forward commitments (2) $ 59,041,900 $ 20,584 $ 506,071 (1) IRLCs are also discussed in Note 10, Commitments, Contingencies, and Guarantees. (2) Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale.
Schedule of Gross Amounts of Recognized Assets Subject to Master Netting Agreements	The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. The Company had zero and $247,604 of cash pledged to counterparties related to these forward commitments at March 31, 2021 and December 31, 2020, respectively, classified in Other assets in the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had $659,339 and zero, respectively, of cash pledged from counterparties related to these forward commitments. Margins received by the Company are classified in Other liabilities in the Condensed Consolidated Balance Sheets. Gross Amount of Recognized Assets or Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed Consolidated Balance Sheets Offsetting of Derivative Assets Balance at March 31, 2021: Forward commitments $ 1,359,887 $ (450,734) $ 909,153 Balance at December 31, 2020: Forward commitments $ 35,746 $ (15,162) $ 20,584 Offsetting of Derivative Liabilities Balance at March 31, 2021: Forward commitments $ (81,311) $ 26,899 $ (54,412) Balance at December 31, 2020: Forward commitments $ (715,671) $ 209,600 $ (506,071)
Schedule of Gross Amounts of Recognized Liabilities Subject to Master Netting Agreements	The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. The Company had zero and $247,604 of cash pledged to counterparties related to these forward commitments at March 31, 2021 and December 31, 2020, respectively, classified in Other assets in the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the Company had $659,339 and zero, respectively, of cash pledged from counterparties related to these forward commitments. Margins received by the Company are classified in Other liabilities in the Condensed Consolidated Balance Sheets. Gross Amount of Recognized Assets or Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed Consolidated Balance Sheets Offsetting of Derivative Assets Balance at March 31, 2021: Forward commitments $ 1,359,887 $ (450,734) $ 909,153 Balance at December 31, 2020: Forward commitments $ 35,746 $ (15,162) $ 20,584 Offsetting of Derivative Liabilities Balance at March 31, 2021: Forward commitments $ (81,311) $ 26,899 $ (54,412) Balance at December 31, 2020: Forward commitments $ (715,671) $ 209,600 $ (506,071)

Commitments, Contingencies, a_2

Commitments, Contingencies, and Guarantees (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of IRLC Unpaid Principal Balance	The UPB of IRLCs was as follows: March 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate IRLCs $ 39,337,177 $ 2,306,869 $ 53,736,717 $ 1,065,936
Schedule of Investor Reserves Activity	The following presents the activity in the investor reserves: Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 87,191 $ 54,387 Provision for investor reserves 5,347 1,577 Premium recapture and indemnification losses paid 1,399 (297) Balance at end of period $ 93,937 $ 55,667

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Key Operating Data for Business Segments	Key operating data for our business segments for the three months ended: Three Months Ended Direct to Consumer Partner Network Segments Total All Other Total Revenues Gain on sale $ 2,863,600 $ 684,428 $ 3,548,028 $ 4,414 $ 3,552,442 Interest income 58,668 36,061 94,729 516 95,245 Interest expense on funding facilities (42,006) (25,818) (67,824) (20) (67,844) Servicing fee income 291,652 — 291,652 709 292,361 Changes in fair value of MSRs 245,921 — 245,921 — 245,921 Other income 304,912 27,778 332,690 133,422 466,112 Total U.S. GAAP Revenue, net 3,722,747 722,449 4,445,196 139,041 4,584,237 Less: Increase in MSRs due to valuation assumptions (544,450) — (544,450) — (544,450) Adjusted revenue 3,178,297 722,449 3,900,746 139,041 4,039,787 Directly attributable expenses 1,018,495 179,777 1,198,272 65,067 1,263,339 Contribution margin $ 2,159,802 $ 542,672 $ 2,702,474 $ 73,974 $ 2,776,448 Three Months Ended Direct to Consumer Partner Network Segments Total All Other Total Revenues Gain on sale $ 1,610,832 $ 203,447 $ 1,814,279 $ 7,830 $ 1,822,109 Interest income 47,311 25,571 72,882 1,160 74,042 Interest expense on funding facilities (25,385) (13,720) (39,105) (354) (39,459) Servicing fee income 255,990 — 255,990 1,103 257,093 Changes in fair value of MSRs (991,252) — (991,252) — (991,252) Other income 145,023 19,609 164,632 79,144 243,776 Total U.S. GAAP Revenue, net 1,042,519 234,907 1,277,426 88,883 1,366,309 Plus: Decrease in MSRs due to valuation assumptions 743,327 — 743,327 — 743,327 Adjusted revenue 1,785,846 234,907 2,020,753 88,883 2,109,636 Directly attributable expenses 780,620 91,944 872,564 45,499 918,063 Contribution margin $ 1,005,226 $ 142,963 $ 1,148,189 $ 43,384 $ 1,191,573
Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income Before Taxes	The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the three months ended: Three Months Ended March 31, 2021 2020 Contribution margin, excluding change in MSRs due to valuation assumptions $ 2,776,448 $ 1,191,573 (Decrease) increase in MSRs due to valuation assumptions 544,450 (743,327) Contribution margin, including change in MSRs due to valuation assumptions 3,320,898 448,246 Less expenses not allocated to segments : Salaries, commissions and team member benefits 230,094 198,850 General and administrative expenses 194,494 94,597 Depreciation and amortization 15,304 16,115 Interest and amortization expense on non-funding debt 35,571 33,107 Other expenses 2,265 5,298 Income before income taxes $ 2,843,170 $ 100,279

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Non-controlling Interests	The following table summarizes the ownership of Holdings Units in Holdings as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Holdings Units Ownership Percentage Holdings Units Ownership Percentage Rocket Companies, Inc.'s ownership of Holdings Units 135,574,865 6.83 % 115,372,565 5.81 % Holdings Units held by our Chairman 1,101,822 0.06 % 1,101,822 0.06 % Holdings Units held by RHI 1,847,777,661 93.11 % 1,867,977,661 94.13 % Balance at end of period 1,984,454,348 100.00 % 1,984,452,048 100.00 %

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	A summary of share-based compensation expense recognized during the three months ended March 31, 2021 and March 31, 2020 related to RKT-denominated awards is as follows: Three Months Ended March 31, 2021 2020 RKT restricted stock units $ 27,601 $ — RKT stock options 10,035 — RKT Team Member Stock Purchase Plan 2,923 — RKT denominated share-based compensation expense $ 40,559 $ — A summary of share-based compensation expense recognized during the three months ended March 31, 2021 and March 31, 2020 related to RHI-denominated awards is as follows: Three Months Ended March 31, 2021 2020 RHI restricted stock units $ 1,372 $ 28,978 RHI stock options — 32 RHI cash settled awards — 12,678 RHI denominated share-based compensation expense $ 1,372 $ 41,688

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings per Share	The following table sets for the calculation of the basic and diluted earnings per share for the period: Three Months Ended March 31, 2021 Net income $ 2,777,338 Net income attributable to non-controlling interest (2,653,636) Net income attributable to Rocket Companies 123,702 Add: Reallocation of Net income attributable to vested, undelivered stock awards 80 Net income attributable to common shareholders $ 123,782 Numerator: Net income attributable to Class A common shareholders - basic $ 123,782 Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (1) 6,349 Net income attributable to Class A common shareholders - diluted $ 130,131 Denominator: Weighted average shares of Class A common stock outstanding - basic 115,673,524 Add: Dilutive impact of share-based compensation awards (2) 6,338,392 Weighted average shares of Class A common stock outstanding - diluted 122,011,916 Earnings per share of Class A common stock outstanding - basic $ 1.07 Earnings per share of Class A common stock outstanding - diluted $ 1.07 (1) Reallocation of net income attributable to dilutive impact of share-based compensation awards comprised of $5,889 related to restricted stock units, $422 related to stock options and $38 related to TMSPP. (2) Dilutive impact of share-based compensation awards comprised of 5,879,491 related to restricted stock units, 421,267 related to stock options and 37,634 related to TMSPP.

Business, Basis of Presentati_4

Business, Basis of Presentation and Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 23, 2021$ / shares	Feb. 25, 2021USD ($)$ / shares	Aug. 14, 2020USD ($)$ / sharesshares	Sep. 09, 2020USD ($)shares	Mar. 31, 2021USD ($)segment$ / shares	Mar. 31, 2020USD ($)	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019USD ($)
Basis of Presentation [Line Items]
Number of segments | segment					2
Holdings Units acquired | shares				115,000,000			115,000,000
Net income					$ 123,702	$ 0
ATI
Basis of Presentation [Line Items]
Total aggregate consideration			$ 14,400
Holding units issued in acquisition (in shares) | shares			800,000
Value of holding units issued in acquisition (in dollars per share) | $ / shares			$ 18
ATI
Basis of Presentation [Line Items]
Net income								$ 4,700
Holdings
Basis of Presentation [Line Items]
Cash distribution		$ 2,200,000
Class A common stock
Basis of Presentation [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.00001		$ 0.00001
Common stock dividend declared (in dollars per share) | $ / shares		$ 1.11
Common stock dividend paid (in dollars per share) | $ / shares	$ 1.11
IPO
Basis of Presentation [Line Items]
Net proceeds from IPO				$ 2,023,000
IPO | Class A common stock
Basis of Presentation [Line Items]
Number of shares issued (in shares) | shares				115,000,000
Underwriters option | Class A common stock
Basis of Presentation [Line Items]
Number of shares issued (in shares) | shares				15,000,000

Business, Basis of Presentati_5

Business, Basis of Presentation and Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Core Digital Media lead generation revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 6,680	$ 7,560
Professional services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3,549	1,835
Real estate network referral fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	9,578	7,988
Contact center
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	11,632	7,341
Closing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	157,167	73,486
Appraisal revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 22,491	$ 17,619

Business, Basis of Presentati_6

Business, Basis of Presentation and Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 2,864,906	$ 1,971,085	$ 2,295,988
Restricted cash	75,647	83,018	64,976
Total cash, cash equivalents, and restricted cash in the statement of cash flows	2,940,553	$ 2,054,103	2,360,964	$ 1,455,725
Bond
Restricted Cash and Cash Equivalents Items [Line Items]
Bond in restricted cash	$ 25,000		$ 25,000

Fair Value Measurements - Measu

Fair Value Measurements - Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Mortgage loans held for sale	$ 18,825,444	$ 22,865,106
MSRs	4,304,762	2,862,685	$ 2,170,638	$ 2,874,972
MSRs collateral for financing liability	233,687	205,033
Total assets	25,038,261	27,850,602
Liabilities:
Derivative liability	54,412	506,071
MSRs financing liability	223,756	187,794
Total liabilities	278,168	693,865
IRLCs
Assets:
Derivative asset	765,215	1,897,194
Forward commitments
Assets:
Derivative asset	909,153	20,584
Liabilities:
Derivative liability	54,412	506,071
Level 1
Assets:
Mortgage loans held for sale	0	0
MSRs	0	0
MSRs collateral for financing liability	0	0
Total assets	0	0
Liabilities:
MSRs financing liability	0	0
Total liabilities	0	0
Level 1 | IRLCs
Assets:
Derivative asset	0	0
Level 1 | Forward commitments
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Level 2
Assets:
Mortgage loans held for sale	17,834,610	22,285,440
MSRs	0	0
MSRs collateral for financing liability	0	0
Total assets	18,743,763	22,306,024
Liabilities:
MSRs financing liability	0	0
Total liabilities	54,412	506,071
Level 2 | IRLCs
Assets:
Derivative asset	0	0
Level 2 | Forward commitments
Assets:
Derivative asset	909,153	20,584
Liabilities:
Derivative liability	54,412	506,071
Level 3
Assets:
Mortgage loans held for sale	990,834	579,666
MSRs	4,304,762	2,862,685
MSRs collateral for financing liability	233,687	205,033
Total assets	6,294,498	5,544,578
Liabilities:
MSRs financing liability	223,756	187,794
Total liabilities	223,756	187,794
Level 3 | IRLCs
Assets:
Derivative asset	765,215	1,897,194
Level 3 | Forward commitments
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	$ 0	$ 0

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Level 3	Mar. 31, 2021	Dec. 31, 2020
Dealer pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans held for sale	0.87	0.89
Dealer pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans held for sale	1.03	1.05
Dealer pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans held for sale	1	0.99
Loan funding probability | IRLCs | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives	0	0
Loan funding probability | IRLCs | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives	1	1
Loan funding probability | IRLCs | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives	0.77	0.74
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.095	0.095
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.120	0.120
Discount rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.099	0.099
Conditional prepayment rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.069	0.066
Conditional prepayment rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.575	0.521
Conditional prepayment rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
MSRs, MSRs collateral for financing liability, and MSRs financing liability	0.109	0.158

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans Held for Sale
Reconciliation of Level 3 Assets:
Beginning balance	$ 579,666	$ 308,793
Transfers in	718,158	540,859
Transfers out/principal reduction	(307,462)	(425,369)
Net transfers and revaluation losses	0	0
Total gains (losses) included in net income	472	(6,193)
Ending balance	990,834	418,090
IRLCs
Reconciliation of Level 3 Assets:
Beginning balance	1,897,194	508,135
Transfers in	0	0
Transfers out/principal reduction	0	0
Net transfers and revaluation losses	(1,131,979)	706,730
Total gains (losses) included in net income	0	0
Ending balance	$ 765,215	$ 1,214,865

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Option for Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Mortgage loans held for sale, at fair value	$ 18,825,444	$ 22,865,106
Mortgage loans held for sale, principal amount due upon maturity	18,534,892	21,834,817
Difference	$ 290,552	$ 1,030,289

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities not Recorded at Fair Value on Recurring or Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 995,528	$ 994,986
Carrying Amount | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	742,197	741,946
Carrying Amount | 2031 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	1,236,452	1,236,114
Estimated Fair Value | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	1,064,793	1,079,629
Estimated Fair Value | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	725,648	766,365
Estimated Fair Value | 2031 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 1,204,888	$ 1,298,175

Mortgage Servicing Rights - Cha

Mortgage Servicing Rights - Changes to MSR Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes to MSR Assets
Fair value, beginning of period	$ 2,862,685	$ 2,874,972
MSRs originated	1,173,164	535,419
MSRs sales	(15,865)	(186,292)
Changes in fair value:
Due to changes in valuation model inputs or assumptions	583,307	(805,536)
Due to collection/realization of cash flows	(298,529)	(247,925)
Total changes in fair value	284,778	(1,053,461)
Fair value, end of period	$ 4,304,762	$ 2,170,638

Mortgage Servicing Rights - Nar

Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Transfers and Servicing [Abstract]
UPB of mortgage loans serviced	$ 431,497,603	$ 371,494,905
Delinquent loans as a percentage of total portfolio (percent)	3.21%
Delinquent loans as a percentage of total portfolio, excluding clients in forbearance plans (percent)	0.72%
Fair value of MSRs sold and not qualifying for sale accounting treatment	$ 4,885	$ 193,739	$ 340,303
Unrealized gains relating to the MSRs liability	31,077		116,150
Unrealized losses relating to the MSRs collateral asset	$ 31,077		116,150
Period for sale price adjustments per agreement	6 months
Fair value of MSRs sold	$ 10,982		$ 186,292

Mortgage Servicing Rights - Fai

Mortgage Servicing Rights - Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Transfers and Servicing [Abstract]
Discount rate (percent)	9.90%	9.90%
Prepayment speeds (percent)	10.90%	15.80%
Life (in years)	6 years 6 months 14 days	5 years 18 days

Mortgage Servicing Rights - Dis

Mortgage Servicing Rights - Discount Rate and Prepayment Speeds at Two Different Data Points (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Discount Rate
Discount Rate, 100 BPS Adverse Change	$ (181,137)	$ (115,130)
Discount Rate, 200 BPS Adverse Change	(337,856)	(212,119)
Prepayment Speeds
Prepayment Speeds, 10% Adverse Change	(166,962)	(147,420)
Prepayment Speeds, 20% Adverse Change	$ (315,934)	$ (279,691)

Mortgage Loans Held for Sale (D

Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Mortgage loans held for sale
Balance at the beginning of period	$ 22,865,106	$ 13,275,735
Disbursements of mortgage loans held for sale	104,103,499	50,418,371
Proceeds from sales of mortgage loans held for sale	(110,276,266)	(52,257,635)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net	2,133,105	1,406,913
Balance at the end of period	$ 18,825,444	$ 12,843,384
Mortgage loans held for sale average holding period	18 days

Borrowings - Narrative (Details

Borrowings - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Cash used to buy-down funding facilities and self-fund loans	$ 3,146,623
Buy-down funds	475,000
Self-funding	$ 2,671,623
Funding facilities and Other financing facilities | Minimum
Debt Instrument [Line Items]
Commitment fees (percent)	0.00%
Funding facilities and Other financing facilities | Maximum
Debt Instrument [Line Items]
Commitment fees (percent)	0.50%

Borrowings - Funding Facilities

Borrowings - Funding Facilities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Apr. 01, 2021
Line of Credit Facility [Line Items]
Total Funding Facilities	$ 14,452,672,000	$ 17,742,573,000
Funding Facilities
Line of Credit Facility [Line Items]
Line Amount	25,400,000,000
Committed Line Amount	$ 7,187,500,000
Funding Facilities | Base rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%	0.40%
Funding Facilities | Base rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%	2.30%
Funding Facilities | MRA funding
Line of Credit Facility [Line Items]
Line Amount	$ 18,400,000,000
Committed Line Amount	7,187,500,000
Master Repurchase Agreements	10,264,136,000	$ 14,258,968,000
Funding Facilities | Master Repurchase Agreement Due Oct 22 2021
Line of Credit Facility [Line Items]
Line Amount	2,000,000,000
Committed Line Amount	100,000,000
Master Repurchase Agreements	998,397,000	999,752,000
Funding Facilities | Master Repurchase Agreement Due Dec 02 2021
Line of Credit Facility [Line Items]
Line Amount	1,500,000,000
Committed Line Amount	500,000,000
Master Repurchase Agreements	1,128,746,000	1,320,484,000
Funding Facilities | Master Repurchase Agreement Due Apr 22 2022
Line of Credit Facility [Line Items]
Line Amount	2,750,000,000
Committed Line Amount	1,000,000,000
Master Repurchase Agreements	904,931,000	2,407,156,000
Funding Facilities | Master Repurchase Agreement Due Jan 26 2022
Line of Credit Facility [Line Items]
Line Amount	2,000,000,000
Committed Line Amount	1,700,000,000
Master Repurchase Agreements	$ 1,672,731,000	1,953,949,000
Facility term	12 months
Extension term	3 months
Timing option for extending facility	3 months
Funding Facilities | Master Repurchase Agreement Due Jan 26 2022 | Subsequent event
Line of Credit Facility [Line Items]
Line Amount			$ 1,600,000,000
Committed Line Amount			1,500,000,000
Funding Facilities | Master Repurchase Agreement Due Apr 22 2021
Line of Credit Facility [Line Items]
Line Amount	$ 3,000,000,000
Committed Line Amount	500,000,000
Master Repurchase Agreements	2,466,830,000	2,004,707,000
Funding Facilities | Master Repurchase Agreement Due Sep 05 2022
Line of Credit Facility [Line Items]
Line Amount	2,000,000,000
Committed Line Amount	1,000,000,000
Master Repurchase Agreements	449,622,000	1,780,902,000
Funding Facilities | Master Repurchase Agreement Due Sep 05 2022 | Subsequent event
Line of Credit Facility [Line Items]
Committed Line Amount			$ 500,000,000
Funding Facilities | Master Repurchase Agreement Due Sep 16 2021
Line of Credit Facility [Line Items]
Line Amount	1,750,000,000
Committed Line Amount	1,137,500,000
Master Repurchase Agreements	1,108,254,000	1,343,130,000
Funding Facilities | Master Repurchase Agreement Due Jun 12 2021
Line of Credit Facility [Line Items]
Line Amount	400,000,000
Committed Line Amount	0
Master Repurchase Agreements	150,166,000	219,786,000
Funding Facilities | Master Repurchase Agreement Due Sep 24 2021
Line of Credit Facility [Line Items]
Line Amount	1,500,000,000
Committed Line Amount	750,000,000
Master Repurchase Agreements	790,446,000	983,126,000
Funding Facilities | Master Repurchase Agreement Due Oct 09 2021
Line of Credit Facility [Line Items]
Line Amount	500,000,000
Committed Line Amount	0
Master Repurchase Agreements	155,601,000	480,544,000
Funding Facilities | Master Repurchase Agreement Due Dec 17 2021
Line of Credit Facility [Line Items]
Line Amount	1,000,000,000
Committed Line Amount	500,000,000
Master Repurchase Agreements	438,412,000	765,432,000
Funding Facilities | Early Funding
Line of Credit Facility [Line Items]
Line Amount	7,000,000,000
Committed Line Amount	0
Early Funding Facilities	4,188,536,000	3,483,605,000
Funding Facilities | Early Funding Facility, one
Line of Credit Facility [Line Items]
Line Amount	4,000,000,000
Committed Line Amount	0
Early Funding Facilities	3,032,857,000	2,514,193,000
Funding Facilities | Early Funding Facility, two
Line of Credit Facility [Line Items]
Line Amount	3,000,000,000
Committed Line Amount	0
Early Funding Facilities	$ 1,155,679,000	$ 969,412,000
Timing for review of agreement	90 days

Borrowings - Other Financing Fa

Borrowings - Other Financing Facilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Apr. 01, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Line of Credit Financing Facilities	$ 375,000,000		$ 375,000,000
Early Buy out Financing Facilities	635,712,000		330,266,000
Subsequent event
Line of Credit Facility [Line Items]
Early Buy out Financing Facilities		$ 2,000,000,000
Line of Credit Financing Facilities
Line of Credit Facility [Line Items]
Line Amount	3,500,000,000
Committed Line Amount	1,200,000,000
Line of Credit Financing Facilities	$ 375,000,000		375,000,000
Line of Credit Financing Facilities | Base rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of Credit Financing Facilities | Base rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%
Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | Affiliated entity
Line of Credit Facility [Line Items]
Line Amount	$ 2,000,000,000
Committed Line Amount	0
Line of Credit Financing Facilities	0		0
Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI
Line of Credit Facility [Line Items]
Line Amount	100,000,000
Committed Line Amount	0
Line of Credit Financing Facilities	0		0
Line of Credit | MSRs line of credit, maturing Oct 22 2021
Line of Credit Facility [Line Items]
Line Amount	200,000,000
Committed Line Amount	0
Line of Credit Financing Facilities	0		0
Line of Credit | MSRs line of credit, maturing Apr 30 2024
Line of Credit Facility [Line Items]
Line Amount	200,000,000
Committed Line Amount	200,000,000
Line of Credit Financing Facilities	$ 75,000,000		75,000,000
Facility term	5 years
Facility revolving period	3 years
Facility amortization period	2 years
Revolving Credit Facility | Revolving credit facility due Aug 10 2023
Line of Credit Facility [Line Items]
Line Amount	$ 1,000,000,000
Committed Line Amount	1,000,000,000
Line of Credit Financing Facilities	300,000,000		$ 300,000,000
Early Buy out Financing Facility
Line of Credit Facility [Line Items]
Line Amount	2,600,000,000
Committed Line Amount	$ 0
Early Buy out Financing Facility | Base rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Early Buy out Financing Facility | Base rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%

Borrowings - Unsecured Senior N

Borrowings - Unsecured Senior Notes (Details) - Unsecured Senior Notes - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Balance	$ 3,010,000	$ 3,010,000
Weighted Average Interest Rate (percent)	4.27%	4.27%
2028 Senior Notes
Debt Instrument [Line Items]
Interest Rate (percent)	5.25%
Outstanding Balance	$ 1,010,000	$ 1,010,000
Unamortized debt issuance costs	7,901	8,197
Unamortized discounts	$ 6,572	6,817
2029 Senior Notes
Debt Instrument [Line Items]
Interest Rate (percent)	3.625%
Outstanding Balance	$ 750,000	750,000
Unamortized debt issuance costs and discounts	$ 7,803	8,053
2031 Senior Notes
Debt Instrument [Line Items]
Interest Rate (percent)	3.875%
Outstanding Balance	$ 1,250,000	1,250,000
Unamortized debt issuance costs and discounts	$ 13,548	$ 13,887

Transactions with Related Par_3

Transactions with Related Parties - Narrative (Details) - USD ($)	Jul. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 24, 2020	Dec. 24, 2019	Jun. 09, 2017
Related Party Transaction [Line Items]
Lines of credit		$ 375,000,000		$ 375,000,000
Marketing and advertising expenses		320,843,000	$ 217,993,000
Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI
Related Party Transaction [Line Items]
Line amount		100,000,000
Lines of credit		0		0
Affiliated entity | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI
Related Party Transaction [Line Items]
Line amount		2,000,000,000
Lines of credit		$ 0		0
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Nov 01 2024, RHI
Related Party Transaction [Line Items]
Line amount						$ 1,000,000,000	$ 300,000,000
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI
Related Party Transaction [Line Items]
Line amount					$ 2,000,000,000
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 27 2025, RHI | One-month LIBOR
Related Party Transaction [Line Items]
Basis spread on variable rate		1.25%
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI
Related Party Transaction [Line Items]
Line amount	$ 100,000,000
Affiliated entity | RHI credit agreement | Line of Credit | Unsecured line of credit, maturing Jul 31 2025, RHI | One-month LIBOR
Related Party Transaction [Line Items]
Basis spread on variable rate	1.25%
Affiliated entity | RHI/ATI Debenture
Related Party Transaction [Line Items]
Surplus debenture with related party		$ 21,500,000		$ 21,500,000
Interest rate (percent)		8.00%		8.00%
Affiliated entity | Services, products and other transactions
Related Party Transaction [Line Items]
Revenue from related parties		$ 3,729,000	3,100,000
Affiliated receivables		11,901,000		$ 22,172,000
General and administrative expenses from transactions with related parties		16,257,000	10,872,000
Affiliated payables		52,269,000		$ 52,396,000
Affiliated entity | Parking agreements
Related Party Transaction [Line Items]
General and administrative expenses from transactions with related parties		5,672,000	5,011,000
Affiliated entity | Promotional sponsorships
Related Party Transaction [Line Items]
Marketing and advertising expenses		2,335,000	2,323,000
Affiliated entity | Bedrock lease agreements
Related Party Transaction [Line Items]
Expenses from transaction with related parties		$ 17,629,000	$ 16,397,000

Transactions with Related Par_4

Transactions with Related Parties - Receivables from and Payables to Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Included in Notes receivable and due from affiliates on the Condensed Consolidated Balance Sheets
Affiliated receivables and other notes	$ 11,901	$ 22,172
Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets
Notes payable and due to affiliates	73,769	73,896
Affiliated entity
Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets
Notes payable and due to affiliates	73,769	73,896
Affiliated entity | RHI/ATI Debenture
Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets
RHI/ATI Debenture	$ 21,500	$ 21,500
Interest rate (percent)	8.00%	8.00%
Affiliated entity | Services, products and other transactions
Included in Notes receivable and due from affiliates on the Condensed Consolidated Balance Sheets
Affiliated receivables and other notes	$ 11,901	$ 22,172
Included in Notes payable and due to affiliates on the Condensed Consolidated Balance Sheets
Affiliated payables	$ 52,269	$ 52,396

Other Assets (Details)

Other Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Mortgage production related receivables	$ 303,246,000	$ 307,282,000
Disbursement funds advances	128,468,000	80,877,000
Prepaid expenses	86,614,000	98,529,000
Goodwill and other intangible assets	46,498,000	47,230,000
Non-production-related receivables	38,259,000	76,595,000
Ginnie Mae buyouts	32,124,000	40,681,000
Other real estate owned	1,184,000	1,131,000
Margin call receivable from counterparty	0	247,604,000
Other	66,984,000	41,548,000
Total Other assets	$ 703,377,000	$ 941,477,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	May 14, 2021	Sep. 09, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense				$ 65,832	$ 1,232
Income before income taxes				$ 2,843,170	$ 100,279
Percentage of applicable tax savings payable per tax receivable agreement				90.00%
Percentage of applicable tax savings retained by the Company per tax receivable agreement				10.00%
Holdings Units acquired			115,000,000			115,000,000
Value of Holdings Units acquired						$ 2,070,000
Valuation Allowance [Line Items]
Increase in Tax receivable agreement liability	$ 119,456
Offsetting amount to additional paid-in capital	$ 985
Tax distributions to holders of Holdings Units				$ 200,150
Class A common stock
Valuation Allowance [Line Items]
Shares received in exchange of paired interests	20,200,000
Investment in partnership
Valuation Allowance [Line Items]
Increase in deferred tax asset	$ 123,587
Increase in valuation allowance	$ 3,146
Subsequent event
Valuation Allowance [Line Items]
Tax distributions to holders of Holdings Units		$ 861,299

Derivative Financial Instrume_3

Derivative Financial Instruments - Net Hedging Losses and Gains (Details) - Forward commitments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Hedging gains	$ 1,642,280
Hedging (losses)		$ (996,984)

Derivative Financial Instrume_4

Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liability	$ 54,412	$ 506,071
IRLCs, net of loan funding probability
Derivative [Line Items]
Derivative asset	765,215	1,897,194
Derivative liability	0	0
Forward commitments
Derivative [Line Items]
Derivative asset	909,153	20,584
Derivative liability	54,412	506,071
Not Designated | IRLCs, net of loan funding probability
Derivative [Line Items]
Notional value	31,909,968	40,560,544
Not Designated | Forward commitments
Derivative [Line Items]
Notional value	$ 42,203,886	$ 59,041,900

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash pledged to counterparties	$ 0		$ 247,604,000
Cash pledged from counterparties	659,339,000		$ 0
Credit losses due to nonperformance of counterparty	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Gross Amounts Recognized Subject to Master Netting Agreements (Details) - Not Designated - Forward commitments - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets	$ 1,359,887	$ 35,746
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(450,734)	(15,162)
Net Assets Presented in the Condensed Consolidated Balance Sheets	909,153	20,584
Gross Amount of Recognized Liabilities	(81,311)	(715,671)
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	26,899	209,600
Net Liabilities Presented in the Condensed Consolidated Balance Sheets	$ (54,412)	$ (506,071)

Commitments, Contingencies, a_3

Commitments, Contingencies, and Guarantees - Narrative (Details) $ in Thousands	Mar. 31, 2021USD ($)guarantee	Dec. 31, 2020USD ($)guarantee	Mar. 31, 2021USD ($)guarantee	Mar. 31, 2020USD ($)
Other Commitments [Line Items]
Administrated escrow deposits for property taxes and insurance	$ 4,097,902	$ 3,551,400	$ 4,097,902
Administrated escrow deposits for principal and interest	11,791,564	13,065,549	11,791,564
Other expenses			235,731	$ 121,135
Estimated Litigation Liability	$ 15,000	$ 0	15,000
IRLCs
Other Commitments [Line Items]
Average number of days until expiration of interest rate lock commitments	43 days	43 days
Mortgages
Other Commitments [Line Items]
Commitments to sell loans	$ 6,286,655	$ 3,139,816	6,286,655
MSRs with Servicing Released
Other Commitments [Line Items]
Commitments to sell loans	819,380	280,502	819,380
Financial guarantee
Other Commitments [Line Items]
Guaranteed debt total amount	$ 15,000	$ 15,000	$ 15,000
Number of separate guarantees | guarantee	3	3	3
Guarantee one | Financial guarantee
Other Commitments [Line Items]
Guaranteed debt total amount	$ 5,000	$ 5,000	$ 5,000
Guarantee two | Financial guarantee
Other Commitments [Line Items]
Guaranteed debt total amount	5,000	5,000	5,000
Guarantee three | Financial guarantee
Other Commitments [Line Items]
Guaranteed debt total amount	$ 5,000	$ 5,000	5,000
Trademark license
Other Commitments [Line Items]
Other expenses			$ 625	$ 1,875

Commitments, Contingencies, a_4

Commitments, Contingencies, and Guarantees - Interest Rate Lock Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
IRLCs UPB, Fixed Rate	$ 39,337,177	$ 53,736,717
IRLCs UPB, Variable Rate	$ 2,306,869	$ 1,065,936

Commitments, Contingencies, a_5

Commitments, Contingencies, and Guarantees - Investor Reserves Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investor Reserves
Balance at beginning of period	$ 87,191	$ 54,387
Provision for investor reserves	5,347	1,577
Premium recapture and indemnification losses paid	1,399	(297)
Balance at end of period	$ 93,937	$ 55,667

Minimum Net Worth Requirements

Minimum Net Worth Requirements (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum capital ratio requirement, Adjusted/Tangible Net Worth to Total Assets	0.06
Minimum adjusted net worth balance	$ 2,005,065,000	$ 2,175,968,000
Fannie Mae and Freddie Mac
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum base net worth requirement	$ 2,500,000
Minimum net worth requirement, basis point component per outstanding UPB	0.25%
Minimum liquidity requirement, basis points per total Agency servicing	0.035%
Minimum liquidity requirement, basis points per total nonperforming Agency servicing	2.00%
Minimum liquidity requirement, threshold percentage of nonperforming Agency servicing in excess of total Agency servicing	6.00%
Ginnie Mae
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum base net worth requirement	$ 2,500,000
Minimum net worth requirement, basis point component per single-family effective outstanding obligations	0.35%
Minimum liquidity requirement, liquid assets amount	$ 1,000,000
Minimum liquidity requirement, liquid assets as basis points per outstanding single-family MBS	0.10%

Segments - Key Operating Data f

Segments - Key Operating Data for Business Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Reporting Information [Line Items]
Gain on sale	$ 3,552,442	$ 1,822,109
Interest income	95,245	74,042
Interest expense on funding facilities	(67,844)	(39,459)
Servicing fee income	292,361	257,093
Change in fair value of MSRs	245,921	(991,252)
Other income	466,112	243,776
Total revenue, net	4,584,237	1,366,309
Plus/Less: (Decrease) increase in MSRs due to valuation assumptions	(544,450)	743,327
Adjusted revenue	4,039,787	2,109,636
Directly attributable expenses	1,263,339	918,063
Contribution margin	$ 2,776,448	1,191,573
Number of reportable segments | segment	2
Reportable Segments
Segment Reporting Information [Line Items]
Gain on sale	$ 3,548,028	1,814,279
Interest income	94,729	72,882
Interest expense on funding facilities	(67,824)	(39,105)
Servicing fee income	291,652	255,990
Change in fair value of MSRs	245,921	(991,252)
Other income	332,690	164,632
Total revenue, net	4,445,196	1,277,426
Plus/Less: (Decrease) increase in MSRs due to valuation assumptions	(544,450)	743,327
Adjusted revenue	3,900,746	2,020,753
Directly attributable expenses	1,198,272	872,564
Contribution margin	2,702,474	1,148,189
Reportable Segments | Direct to Consumer
Segment Reporting Information [Line Items]
Gain on sale	2,863,600	1,610,832
Interest income	58,668	47,311
Interest expense on funding facilities	(42,006)	(25,385)
Servicing fee income	291,652	255,990
Change in fair value of MSRs	245,921	(991,252)
Other income	304,912	145,023
Total revenue, net	3,722,747	1,042,519
Plus/Less: (Decrease) increase in MSRs due to valuation assumptions	(544,450)	743,327
Adjusted revenue	3,178,297	1,785,846
Directly attributable expenses	1,018,495	780,620
Contribution margin	2,159,802	1,005,226
Reportable Segments | Partner Network
Segment Reporting Information [Line Items]
Gain on sale	684,428	203,447
Interest income	36,061	25,571
Interest expense on funding facilities	(25,818)	(13,720)
Servicing fee income	0	0
Change in fair value of MSRs	0	0
Other income	27,778	19,609
Total revenue, net	722,449	234,907
Plus/Less: (Decrease) increase in MSRs due to valuation assumptions	0	0
Adjusted revenue	722,449	234,907
Directly attributable expenses	179,777	91,944
Contribution margin	542,672	142,963
All Other
Segment Reporting Information [Line Items]
Gain on sale	4,414	7,830
Interest income	516	1,160
Interest expense on funding facilities	(20)	(354)
Servicing fee income	709	1,103
Change in fair value of MSRs	0	0
Other income	133,422	79,144
Total revenue, net	139,041	88,883
Plus/Less: (Decrease) increase in MSRs due to valuation assumptions	0	0
Adjusted revenue	139,041	88,883
Directly attributable expenses	65,067	45,499
Contribution margin	$ 73,974	$ 43,384

Segments - Reconciliation of Se

Segments - Reconciliation of Segment Contribution Margin to U.S. GAAP Net Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment reporting reconciliation [Line Items]
Contribution margin, excluding change in MSRs due to valuation assumptions	$ 2,776,448	$ 1,191,573
(Decrease) increase in MSRs due to valuation assumptions	544,450	(743,327)
Contribution margin, including change in MSRs due to valuation assumptions	3,320,898	448,246
Salaries, commissions and team member benefits	842,199	683,606
General and administrative expenses	291,419	194,074
Depreciation and amortization	15,304	16,115
Interest and amortization expense on non-funding debt	35,571	33,107
Other expenses	235,731	121,135
Income before income taxes	2,843,170	100,279
Expenses not allocated to segments
Segment reporting reconciliation [Line Items]
Salaries, commissions and team member benefits	230,094	198,850
General and administrative expenses	194,494	94,597
Depreciation and amortization	15,304	16,115
Interest and amortization expense on non-funding debt	35,571	33,107
Other expenses	$ 2,265	$ 5,298

Variable Interest Entities (Det

Variable Interest Entities (Details)	5 Months Ended
	Dec. 31, 2020
Holdings
Variable Interest Entity [Line Items]
Management and voting interest as managing member in Holdings (percent)	100.00%

Non-controlling Interests - Sum

Non-controlling Interests - Summary of Ownership (Details) - Holdings - shares	Mar. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Holdings Units (shares)	1,984,454,348	1,984,452,048
Ownership Percentage	100.00%	100.00%
Rocket Companies Inc.
Noncontrolling Interest [Line Items]
Holdings Units (shares)	135,574,865	115,372,565
Ownership Percentage	6.83%	5.81%
Chairman
Noncontrolling Interest [Line Items]
Holdings Units (shares)	1,101,822	1,101,822
Ownership Percentage	0.06%	0.06%
RHI
Noncontrolling Interest [Line Items]
Holdings Units (shares)	1,847,777,661	1,867,977,661
Ownership Percentage	93.11%	94.13%

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details)	Mar. 31, 2021shares
Noncontrolling Interest [Line Items]
Increase in controlling interest (percent)	1.00%
Class A common stock
Noncontrolling Interest [Line Items]
Shares received in exchange of paired interests	20,200,000

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 41,983	$ 41,737
TMSPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for equity-based awards (shares)	10,526,316
Percentage of gross pay eligible for utilization	15.00%
Percentage of closing market price for purchases	85.00%
Shares purchased under the TMSPP	0

Share-based Compensation -Share

Share-based Compensation -Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 41,983	$ 41,737
RKT-denominated awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	40,559	0
RKT-denominated awards | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	27,601	0
RKT-denominated awards | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	10,035	0
RKT-denominated awards | Team Member Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,923	0
RHI-denominated awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,372	41,688
RHI-denominated awards | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,372	28,978
RHI-denominated awards | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	32
RHI-denominated awards | Team Member Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 12,678

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 2,777,338	$ 99,047
Net income attributable to non-controlling interest	(2,653,636)	(99,047)
Net income attributable to Rocket Companies	123,702	$ 0
Add: Reallocation of Net income attributable to vested, undelivered stock awards	80
Net income attributable to common shareholders	123,782
Numerator:
Net income attributable to Class A common shareholders - basic	123,782
Add: Reallocation of net income attributable to dilutive impact of share-based compensation awards (1)	6,349
Net income attributable to Class A common shareholders - diluted	$ 130,131
Denominator:
Weighted average shares of Class A common stock outstanding - basic	115,673,524
Add: Dilutive impact of share-based compensation awards (2)	6,338,392
Weighted average shares of Class A common stock outstanding - diluted	122,011,916
Earnings per share of Class A common stock outstanding - basic (in dollars per share)	$ 1.07
Earnings per share of Class A common stock outstanding - diluted (in dollars per share)	$ 1.07
Net income attributable to dilutive impact of share-based compensation awards, restricted stock units	$ 5,889
Net income attributable to dilutive impact of share-based compensation awards, stock options	422
Net income attributable to dilutive impact of share-based compensation awards, TMSPP	$ 38
Dilutive impact of share-based compensation awards, restricted stock units	5,879,491
Dilutive impact of share-based compensation awards, stock options	421,267
Dilutive impact of share-based compensation awards, TMSPP	37,634

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2021shares
Holdings Units and corresponding Class D common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS	1,868,855,039