Item 1.01 Entry into Material Definitive Agreement.
On December 1, 2022, Rocket Mortgage, LLC (the "Company"), a Michigan limited
liability company and indirect subsidiary of Rocket Companies, Inc., as a
seller, One Reverse Mortgage, LLC ("ORM"), a Delaware limited liability company
and indirect subsidiary of the Company, as a seller, and UBS AG, by and through
its branch office at 1285 Avenue of the Americas, New York, New York ("UBS"), as
the Buyer, entered into Amendment No. 1 to Second Amended and Restated Master
Repurchase Agreement ("MRA Amendment") and the related amendment no. 1 to
pricing letter, which extended the expiration date of the existing Second
Amended and Restated Master Repurchase Agreement, dated as of November 4, 2022
by and between UBS, as Buyer, the Company, as a seller and ORM as a seller (the
"UBS Master Repurchase Agreement"), from December 1, 2022 to November 30, 2023,
decreased the facility amount from $1.5 billion to $1.0 billion and effectuated
certain other technical changes to the UBS Master Repurchase Agreement.
The foregoing description of the MRA Amendment does not purport to be complete
and is subject to, and qualified in its entirety by reference to the full text
of the MRA Amendment, a copy of which will be filed with the annual report on
Form 10-K of Rocket Companies, Inc. for the period ending December 31, 2022.
Following the execution of the MRA Amendment and the related amendment no. 1 to
pricing letter for the UBS Master Repurchase Agreement, as of December 1, 2022,
the total funding capacity of the Company, including pursuant to all master
repurchase agreements, early funding facilities, unsecured lines of credit, MSR
lines of credit and early buy out facilities, was decreased to $27.4 billion.
This figure compares with $28.9 billion and $29.6 billion as of September 30,
2022 and June 30, 2022, respectively.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information contained under Item 1.01 above is hereby incorporated in this
Item 2.03 by reference.
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