Why Rocket Companies Is A Fintech And E-Commerce Company, According To CEO Jay Farner

Rocket Companies Inc RKT expects to double its purchase volume this year as a result of the ecosystem it built with Rocket Homes, CEO Jay Farner said Monday on CNBC's "TechCheck."

Rocket Homes has been a huge growth engine for the company, Farner said. The ecosystem is made up of forsalebyowner.com, Rocket Companies' centralized real estate service, its iBuyer program, and the company's network of agents across the country.

"All of those things together have really set us up to become the largest purchase retail lender in the country in the next 24 months," said Farner.

Farner On Competition: Rocket's platform is different than all of its competition, Farner said, which is why the stock justifies a higher valuation.

• Rocket Homes has doubled its real estate transactions.
• Rocket Auto has tripled in the last 12 months.
• Rocket Companies is doing about seven or eight times the adjusted EBITDA of its next closest competitor in the mortgage business.

The company's mission has been to build a platform that separates it from the competition and "that's exactly what we have done," he said. 

Farner thinks of the company as being in the fintech and e-commerce space—not strictly the mortgage space.

Related Link: Why These Rocket Companies Analysts Are Sidelined After Q2 Earnings

Rocketing Into Solar: Rocket also recently announced its launch into the solar industry in order to help make its clients' homes more energy efficient.

Rocket aims to help its 2.5 million clients save money, Farner said. The company hopes to help its clients save money on their utility bills with its leap into the solar industry.

"We know a lot about the home," Farner said. "We can help navigate through designing a solar system. We can help do the financing through our Rocket Loans platform and then we work with trusted partners across the country to actually do the installation."

RKT Price Action: Rocket Companies has traded as high as $43 and as low as $16.22 over a 52-week period.

At last check Monday, the stock was down 4.49% at $18.39.