- Rocket Companies stock gains 8.8% in after-hours trading after Q3 guidance appears stable with Q2 levels.
- Sees Q3 closed loan volume of $82B-87B; compares with $83.8B in Q2.
- Expects rate lock volume of $83B-90B vs. $83.6B in Q2.
- And expects gain on sale margins of 2.70-3.00% vs. 2.78% in Q2 2021.
- Expects 2021 mortgage origination closed loan volume to exceed 2020's record of $320B.
- Q2 adjusted EPS of 46 cents trail the average analyst estimate of 48 cents and drops from 89 cents in Q1.
- Q2 represented Rocket Mortgage's strongest purchase closed loan volume in its history, with purchase volume nearly double both Q1 2021 and Q2 2020 levels.
- Adjusted EBITDA of $1.28B fell from $2.41B in Q1 2021 and $3.84B in Q2 2020, but increased from $398M in Q2 2019.
- Conference call at 4:30 PM ET.
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