Rocket Companies, Inc. (NYSE:RKT) Q3 2024 Earnings Conference Call November 12, 2024 4:30 PM ET

Company Participants

Sharon Ng - Head, IR
Varun Krishna - CEO
Brian Brown - CFO

Conference Call Participants

Jeff Adelson - Morgan Stanley
Ryan Nash - Goldman Sachs
Mark DeVries - Deutsche Bank
Derek Sommers - Jefferies
Doug Harter - UBS

Operator

Thank you for standing by, and welcome to the Rocket Companies Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

Thank you. I'd now like to turn the call over to Sharon Ng, Head of Investor Relations. You may begin.

Sharon Ng

Good afternoon, everyone, and thank you for joining us for Rocket Companies' earnings call covering the third quarter 2024. With us this afternoon are Rocket Companies' CEO, Varun Krishna; and our CFO, Brian Brown.

Earlier today, we issued our third quarter earnings release, which is available on our website at rocketcompanies.com under Investor Info. Also available on our website is an investor presentation.

Before I turn things over to Varun, let me quickly go over our disclaimer. On today's call, we provide you with information regarding our third quarter performance as well as our financial outlook. This conference call includes forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and the assumptions we mentioned today.

We encourage you to consider the Risk Factors contained in our SEC filings for a detailed discussion of these risks and uncertainties. We undertake no obligation to update these statements as a result of new information or further events, except as required by law.

This call is being broadcast online and is accessible on our Investor Relations website. A recording of the call will be posted later today.

Our commentary today will also include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings release issued earlier today as well as in our filings with the SEC.

And with that, I'll turn things over to Varun Krishna to get us started. Varun?

Varun Krishna

Thanks, Sharon. Good afternoon, everyone, and welcome to the Rocket Companies third quarter 2024 earnings call.

Two months ago, at our first ever Investor Day, we unveiled our vision for Rocket's future. Today, I want to kick off our call by emphasizing and extending one key theme, optimism. Optimism is the ability to see the glass as half full. Over the past few months, the market has thrown our industry almost every curveball imaginable, with inflation easing, the Fed cut rates for the first time in four years, but in an interesting twist, while the Fed lowered rates, mortgage rates did not follow suit. Instead, both the 10-year treasury yield and the 30-year fixed mortgage rate actually increased.