Real Estate

Acquisitions may be ahead for Rocket Companies

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Ahead of his firm’s NYSE debut Thursday, Dan Gilbert told CNBC that Rocket Companies may make acquisitions to further leverage its mortgage-lending technology. 

“We want to use our stock as currency and potentially acquire more fintech organizations and put them in the mold,” said Gilbert, chairman of Rocket Companies, which he founded in 1985. 

Rocket Companies was trading up more than 9% Thursday to about $19.60 a share. The Detroit-based firm sold 100 million shares at $18 each in its initial public offering, which came below targets of 150 million shares in a range of $20-$22.

It suggested investors valued Rocket Companies — the largest U.S. mortgage lender and parent of Quicken Loans — more as a financial services firm and less as a technology firm, Reuters reported Wednesday. 

“That’s one of the big points of contention. We think we’re a technology company that happens to do home loans,” the billionaire Gilbert said on “Squawk Box.”

Quicken Loans’ Rocket Mortgage is known for its fast, online-based mortgage application and refinancing services. In addition to its core home loans business, Rocket Companies also has a personal…



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https://www.cnbc.com/2020/08/06/dan-gilbert-acquisitions-may-be-ahead-for-rocket-companies.html

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