Benzinga | Apr 22, 2021 04:25PM EDT

Rocket Companies' Quicken Loans Entered Transaction Terms Letter For Master Repurchase Agreement Between Co. And Bank of America, Extending Expiration Date To Apr. 20, 2023

On April 22, 2021, Quicken Loans, LLC (the "Company"), a Michigan limited liability company and wholly-owned subsidiary of Rocket Companies, Inc., as Seller, and Bank of America, N.A., as Buyer, entered into a Transaction Terms Letter for Master Repurchase Agreement, which extended the expiration date of the existing Master Repurchase Agreement dated as of October 16, 2015, as amended, by and between Bank of America, N.A. and the Company (the "Master Repurchase Agreement") from April 22, 2021 to April 20, 2023 (the "Renewal"). No other material terms of the Master Repurchase Agreement were changed.



Following the execution of the Renewal, as of April 22, 2021, 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, remains unchanged at $31.40 billion. This figure compares with $29.30 billion and $19.13 billion as of December 31, 2020 and December 31, 2019, respectively.