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Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments SegmentsThe 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 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 associated with title insurance, appraisals and settlement services, and 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 (loss) 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 ("third party origination"). 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 associated with title insurance, appraisals and settlement services, and revenues from sales of loans into the secondary market, as well as the fair value of originated MSRs and hedging gains and losses.

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 described in Note 1, Business, Basis of Presentation and Accounting Policies. 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 Condensed Consolidated Balance Sheets 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, Rocket Auto, Core Digital Media, Rocket Loans, Rocket Money 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 periods ended:

Three Months Ended March 31, 2023Direct to
 Consumer		Partner
 Network		Segments
 Total		All OtherTotal
Revenues
Gain on sale$390,342 $71,993$462,335 $7,228 $469,563 
Interest income38,123 27,67265,795 949 66,744 
Interest expense on funding facilities(16,808)(12,198)(29,006)(54)(29,060)
Servicing fee income365,217 — 365,217 1,168 366,385 
Changes in fair value of MSRs(398,279)— (398,279)— (398,279)
Other income116,520 3,618120,138 70,577 190,715 
Total U.S. GAAP Revenue, net495,115 91,085 586,200 79,868 666,068 
Change in fair value of MSRs due to valuation assumptions, net of hedges216,058 —216,058 — 216,058 
Adjusted revenue711,173 91,085 802,258 79,868 882,126 
Less: Directly attributable expenses505,583 65,359 570,942 76,843 647,785 
Contribution margin$205,590 $25,726 $231,316 $3,025 $234,341 
Three Months Ended March 31, 2022Direct to ConsumerPartner NetworkSegments TotalAll OtherTotal
Revenues
Gain on sale$1,217,103 $258,056$1,475,159 $8,627 $1,483,786 
Interest income57,601 32,16889,769 771 90,540 
Interest expense on funding facilities(26,727)(14,969)(41,696)— (41,696)
Servicing fee income365,499 — 365,499 715 366,214 
Changes in fair value of MSRs454,380 — 454,380 — 454,380 
Other income167,027 16,477183,504 133,868 317,372 
Total U.S. GAAP Revenue, net2,234,883 291,732 2,526,615 143,981 2,670,596 
Change in fair value of MSRs due to valuation assumptions, net of hedges(739,217)—(739,217)— (739,217)
Adjusted revenue1,495,666 291,732 1,787,398 143,981 1,931,379 
Less: Directly attributable expenses869,210 120,034 989,244 118,872 1,108,116 
Contribution margin$626,456 $171,698 $798,154 $25,109 $823,263 
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,
20232022
Contribution margin, excluding change in MSRs due to valuation assumptions$234,341 $823,263 
Change in fair value of MSRs due to valuation assumptions, net of hedges(216,058)739,217 
Contribution margin, including change in MSRs due to valuation assumptions18,283 1,562,480 
Less expenses not allocated to segments:
Salaries, commissions and team member benefits220,883 244,044 
General and administrative expenses143,113 192,457 
Depreciation and amortization30,685 21,042 
Interest and amortization expense on non-funding debt38,333 38,664 
Other expenses1,256 3,816 
(Loss) income before income taxes$(415,987)$1,062,457