Rocket Companies, Inc. Announces Material Definitive Agreement and Termination of a Material Definitive Agreement

Strategic Insights -

Rocket Companies, Inc., a leading mortgage lender, recently announced the execution of a new Master Repurchase Agreement (MRA) with JPMorgan Chase Bank, National Association (JPMorgan Chase). The new agreement, dated June 12, 2025, amends and restates the terms of the existing MRA, extending the termination date from May 29, 2026 to June 11, 2027, increasing the facility from $2.0 billion to $3.0 billion, and effectuating certain technical changes. This agreement also includes the Pricing Side Letters relating to the Transaction Pool (EBO) and (New Orig), which provide additional terms to the agreement.

Additionally, Rocket Mortgage, LLC (the Company) and Banco Santander, S.A. (Santander) entered into Amendment Number 1 to the Master Repurchase Agreement, extending the expiration date from June 12, 2026 to June 11, 2027, increasing the facility amount from $750 million to $1.0 billion, and effectuating certain other technical changes.

Furthermore, on June 16, 2025, the Company terminated its First Amended and Restated Master Repurchase Agreement, dated as of August 11, 2022, without incurring any early termination penalties or prepayment premium.

The total funding capacity of the Company increased to $28.2 billion as of June 16, 2025, up from $28.0 billion as of March 31, 2025 and $27.5 billion as of December 31, 2024.

Key Takeaways:

  • Rocket Companies, Inc. executed a new Master Repurchase Agreement (MRA) with JPMorgan Chase, extending the termination date, increasing the facility, and making technical changes.
  • The new MRA, dated June 12, 2025, incorporates the Pricing Side Letters relating to the Transaction Pool (EBO) and (New Orig).
  • Rocket Mortgage, LLC and Banco Santander, S.A. entered into Amendment Number 1 to the Master Repurchase Agreement, extending the expiration date, increasing the facility amount, and making technical changes.
  • The Company terminated its First Amended and Restated Master Repurchase Agreement, dated August 11, 2022, without penalty.
  • The total funding capacity of the Company increased to $28.2 billion as of June 16, 2025.
  • Dan Gilbert and Alastair (Alex) Rampell were elected as Class II Directors with the support of 83.33% and 84.03% of votes cast, respectively.
  • Stockholders ratified the appointment of independent registered public accounting firm with 99.75% of votes cast.

Statistics:

  • The new MRA extends the termination date from May 29, 2026 to June 11, 2027.
  • The facility under the new MRA increased from $2.0 billion to $3.0 billion.
  • The Company terminated its First Amended and Restated Master Repurchase Agreement without penalty.
  • The total funding capacity increased to $28.2 billion as of June 16, 2025, up from $28.0 billion as of March 31, 2025 and $27.5 billion as of December 31, 2024.
  • Dan Gilbert received 663,497,710 votes in favor of his election, while Alastair (Alex) Rampell received 665,787,368 votes in his favor.

Sources:

  • Form 8-K filed with the Securities and Exchange Commission (EDGAR Online via COMTEX) on June 17, 2025.
  • Rocket Companies, Inc.'s definitive proxy statement filed with the Securities and Exchange Commission on May 29, 2025.