ROCKET COMPANIES, INC. : Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant (Form 8-K)


Section 1.01 Entering into a Material Definitive Agreement.

On July 27, 2022, Rocket Mortgage, LLC (“Rocket Mortgage”), a Michigan SARL, as borrower, entered into a new $1.0 billion installation of MSR (the “Agreement”) with Citibank, North America. (“Citibank”), as lender. The Agreement complements the Master Repurchase Agreement, dated September 4, 2019 (as amended up to the date hereof, the “Citi Master Repurchase Agreement”), by and between Rocket Mortgage and Citibank by creating a $1.0 billion sublimit to the
$2.0 billion line amount under Citi’s Master Repurchase Agreement providing for Mortgage Servicing Funding (“MSR”). Proceeds from borrowings below the sub-limit will be used to fund service advances or MSR purchases. Borrowings below the sub-limit are guaranteed by certain MSRs of government-sponsored companies. Other material terms and conditions of the Citi Master Buyout Agreement remain unchanged.

Following the execution of the Agreement, as of July 27, 2022Rocket Mortgage’s total funding capacity, including pursuant to all Master Repurchase Agreements, Advance Funding Facilities, Unsecured Lines of Credit, MSR Lines of Credit and Early Repurchase Facilities, remains unchanged at $29.6 billion. This figure should be compared with $33.5 billion and $34.2 billion of the March 31, 2022 and
December 31, 2021respectively.

The foregoing description of the Agreement does not purport to be complete and is submitted and qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Quarterly Report on Form 10-Q of the Rocket Companies, Inc. for the period ending June 30, 2022.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a

           Off-Balance Sheet Arrangement of a Registrant.

The information contained in Section 1.01 above is incorporated into this Section 2.03 by reference.

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