#1ROCKET Companies Roadshow | July 2020#2ROCKET Disclaimer This presentation contains and related discussions may contain "forward-looking statements within the meaning of U.S. federal secunties laws. Forward-looking statements include information concerning possible or assumed future results of operations, Rocket Companies, Inc.'s (the "Company") business plans and strategies, the Company's ability to cross-sell and up-sell the Company's products, and expansion into new markets. You can identity forward-looking statements by the use of words such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "intend," "future," "potential" "suggest," "anget," "forecast," "continue," and, in each case, their negative or other various or comparable expressions. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond the Company's control. Such expectations, beliefs, estimates and projections are expressed in good faith and management believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the unique challenges posed to the Company's business by the COMID-19 pandemic and the effects of the pandemic on the Company's ability to originate mortgages, its servicing operations, its liquidity and its employees; changing economic conditions, changing real estate market conditions, changes in U.S. monetary polides that affect interest rates, changing regulations, new interpretations of existing laws, and difficulties and delays in obtaining or maintaining required licenses or approvals; the Company's ability to adapt and to implement technological changes; the Company's ability to retain customers for a long period of time, the Company's ability to comply with evolving laws, regulation and industry standards addressing information and technology networks, privacy and data security, the Company's ability to protect its products and services from potential cyberattacks and other data and security breaches; the Company's reliance on its loan funding facilities to fund mortgage loans and otherwise operate its business and other risks, uncertainties and factors detailed in the registration statement on Form 5-1 (as amended, the "registration statement") filed with the U.S. Securities and Exchange Commission (the "SEC") by the Company. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws. This presentation also contains references to earnings before interest and amortization expense on non-funding debt, income tax, and depreciation and amortization, net of the change in fair value of mortgage servicing rights ("MSRS") due to valuation assumptions (net of hedges) and stock-based compensation expense ("Adjusted EBITDA"), total revenues net of the change in fair value of MSRS due to valuation assumptions ["Adjusted Revenue"), tax-effected earnings before stock-based compensation expense and the change in fair value of MSRS due to valuation assumptions, and the taxeffects of those adjustments ["Adjusted Net Income") and other measures that are not based on accounting principles generally accepted in the United States, or non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. The non GAAP financial measures used by the Company may differ from the non-GAAP financial measures used by other companies. Refer to the Appendix section for definitions of these terms and reconciliations to the most comparable GAAP measures. This presentation contains certain preliminary estimates of our financial and operating results for the second quarter of 2020, based on currently available information. We have not yet finalized our results for this period and our consolidated financial statements as of and for the second quarter 2020 are not expected to be available until after this offering is completed. Our actual results remain subject to the completion of our quarter-end closing process, which includes review by management and our board of directors, including our audit committee following completion of this offering. While carrying out such procedures, we may identify items that require us to make adjustments to the preliminary estimates of our results set forth herein. As a result, our actual results could be different from those set forth in this presentation. The preliminary estimates of our results included herein have been prepared by, and are the responsibility of our management. Our independent auditors have not audited, reviewed or compiled such preliminary estimates of our results. The information contained in this presentation does not purport to be accurate or complete and is subject to change. Actual characteristics and performance may differ from the assumptions used in preparing these materials. Changes in assumptions may have a material impact on the information set forth in this presentation. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Without limiting the generality of the foregoing, no audit or review has been undertaken by an independent third party of the financial assumptions, data, results, calculations and forecasts contained, presented or referred to in this document. The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this presentation relates. The registration statement has not yet become effective. Shares of the Company's Class Acommon stock may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it. A copy of the prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282 (telephone: (866) 471-2526 or email: [email protected]); Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560 (telephone: 1 (800) 221-1037 or email: usa [email protected]): J.P. Morgan Securities LLC Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: 1-866-803- 9204): RBC Capital Markets, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 (telephone: (877) 822-4089 or email: [email protected]). This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. See endnotes for important information at the end. 2#3Offering Summary Issuer Ticker / Exchange Offering Size Filing Range Structure Greenshoe Use of Proceeds IPO Lock-Up Agreement Expected Pricing Active Bookrunners Rocket Companies, Inc. RKT / NYSE 150mm Class A common shares $20-$22 100% Primary (synthetic secondary) 15% Overallotment option To purchase units and shares from RHI (Rock Holdings, Inc.) 180 days for Executive Officers, Directors, and all other existing equity holders August 5th, 2020 Goldman Sachs, Morgan Stanley, Credit Suisse, J.P. Morgan, RBC ROCKET 3#4Today's Presenters with an average tenure of 21 years JAY FARNER Chief Executive Officer 24 Years BOB WALTERS President & Chief Operating Officer 23 Years ROCKET JULIE BOOTH Chief Financial Officer 16 Years 4#5The Future is Bright The real estate and financial market is gigantic 1 2 3 Demand for a completely digital experience is accelerating Rocket is the undeniable leader ROCKET 5#6Powerful Ecosystem ROCKET Companies Flagship Home Platform ROCKET Mortgage by Quicken Loans Direct to Consumer ROCK CONNECTIONS Partner Network AMROCK ROCKET Homes Servicing core digital media FOR SALE BY OWNER LowerMyBills.com Product Extension ROCKET Geographic Expansion ROCKET LENDESK Auto ROCKET EDISON Loans FINANCIAL 6#7Enormous Market Opportunity ROCKET Companies $574 bn Geographic Expansion $3.9 tn Flagship Home Platform $958 bn Product Extension Source: TransUnion, CMHC, MBA, 185 World, Federal, Reserve, Statista, US Census, National Association of Realtors. See end note #1 for breakdown of the market opportunity figure ROCKET $5.5 tn Market Opportunity 7#8$215 bn Q2'20 LTM Closed Origination Volume ROCKET $11 bn RESULTS Q2'20 LTM Adj. Revenue(¹) ROCKET 56% Q2'20 LTM Adj. EBITDA Margin(¹) #The Q2'20 LTM Adj, metrics presented above include actual results for July 1, 2019 through March 31, 2020 plus the midpoint of the range for our expected results for the three months ended June 30,2020. Refer to slide 46 for reconciliation of Non-GAAP metrics to GAAP results and slide 47 for Q2 20 ranges. 8#9Rocket Digital Platform Capturing Market Share ($ in bn) 1.3% $25 2009 1.6% $28 2010 20% Market Share CAGR 2.0% $29 2011 3.4% $69 2012 Source: 2008-YTD 6/30/20 based on Rocket finandak and MBA June Finance forecast. 4.4% $77 2013 5.1% $57 2014 Rocket Originations 4.8% $78 2015 5.0% $95 2016 Rocket Market Share 5.0% $86 2017 5.0% $83 2018 ROCKET 6.7% $145 2019 8.7% $124 YTD 6/30 9#10Record Originations in 2020 Annualized Closed Volume $15 bn January $180 bn $17 bn February $204 bn 98% team members working from home $20 bn March $240 bn $22 bn April $264 bn $24 bn May $288 bn ROCKET $26 bn June $312 bn 10#11Long-Term ~$2 tn mortgage market opportunity Supported by ~3% annual home price appreciation Market Share Goal Source: Mortgage Bankers Association, Fannie Ma, Federal Reserve Bank of St. Louis $500 bn Annual originations ROCKET 25% Target market share 11#12ROCKET Companies Who We Are ROCKET 12#13ISMS in Action A few examples: 1. Innovation is rewarded. Execution is worshipped. 2. Obsessed with finding a better way. 3. Simplicity is genius. 4. Every client. Every time. No exceptions. No excuses. ROAD TRIP EDITION 2017 EASTERN MARKET EDITION 2015 ROCKET KOO FAYGO EDITION 2014 SPRING/SUMMER 2013 WINTER 2013 FALL 2012 Summer 2012 Spring 2012 Fall 2011 500 13#14Love our team members. Love our clients. ROCKET 14#15FORTUNE 100 BEST COMPANIES TO WORK FOR 2019 Top-30 for 16 Consecutive Years COMPUTERWORLD 100 BEST PLACES TO WORK in IT #1 for 6 Straight Years (2013-2018) FORTUNE 50 BEST WORKPLACES FOR DIVERSITY 2016 ESSENCE #1 Best Workplace for African Americans (2015) Dglassdoor 2015 25 Highest Rated Companies for Internships FEEDBACK PROVIDED BY INTERINS 2018 People COMPANIES CARE THAT training ROCKET TOP 125 2016 winner Top 125 for 6 Consecutive Years Forbes 2018 THE BEST EMPLOYERS for WOMEN POWERED BY STATISTA 15#16Highest in Customer Satisfaction in the U.S. - J.D. POWER 10 CONSECUTIVE YEARS 2010-2019 Primary Mortgage Origination WER 6 CONSECUTIVE YEARS 2014-2019 Primary Mortgage Servicing CAVER ROCKET 16#17America's #1 largest home lender $1 trillion in loan volume since inception ROCKET 17#18ROCKET Companies What We Do ROCKET ROCKET 18#19We are obsessed with helping our clients achieve the American Dream of home ownership and financial freedom ROCKET 19#20ROCKET Companies A unique platform designed for long-term growth 1. Proven Leadership 2. Constant Innovation ROCKET 3. Unparalleled Digital-First Brand 4. Multiple Drivers of Profitable Growth 20#211. Proven Leadership With an average tenure of 15 years LINGLONG HE Rock Central President 24 Years BILL BANFIELD Quicken Loans Chief Risk Officer 21 Years AARON EMERSON Rock Central SVP, Communications 13 years AUSTIN NIEMIEC QLMS EVP, Mortgage Services 11 years TODO LUNSFORD Rocket Low President 21 Yours NICOLE BEATTIE Quicken Loans EVP, Servicing 15 years CASEY HURBIS Quicken Loans Chief Marketing Officer 3 years TRINA SCOTT Rock Ventures Chief Diversity Officer 3 years VICTOR YOU Rock Connections/ Rocket Auto President 18 Years JEFF HUGHES Core Digital President 15 Years TIM BIRKMEIER Quicken Loans Chief Revenue Officer 24 Years SHAWN KRAUSE Quicken Loans EVP, Misc. Stuff 28 years ANGELO VITALE Rocket Companies EVP, General Counsel 23 years DOUG SEABOLT Rocket Homes President 11 Years AMY BISHOP Quicken Loans EVP General Counsel 21 years HEATHER LOVIER Quicken Loans EVP, Client Experience 17 years ALEX CONCONI Lendesk President BRIAN BROWN Rocket Companies Chief Accounting Officer 6 Years MIKE MALLOY Rock Central Chief People Officer 5 years BRIAN WOODRING Quicken Loans Chief Information Officer 3 years SAIAN HUGHES Amrack CEO 19 years HASH ABOULHOSN Edison Financial President 1 Your SCOTT ELKINS Rock Ventures SVP Investments 8 years REBECCA MCDONALD Quicken Loans Chief Product Officer 22 years JEFF SENSHTADT Amrock Holding CIO 28 years ROCKET 21#222. Constant Innovation X 1996 Mortgage in a box Rs 2009 New guidelines and servicing launched 1998 An idea to take the business online 2010 Headquarters moved to Detroit 1999 Launch of Rockloans.com Quicken Loans Mortgage Services 2010 Launched QLMS ROCKET 2004 Built Scalable process mousetrap 2012 Selected by GSES for HARP 22#232. Constant Innovation Leading Digital Solutions Rocket Mortgage online platform & app ROCKET Mortgage Congrats, you're approved! 20-Year Fixed Purchase Price Loan Amount Down Payment Monthly Payment Rate 3.625% Dicunt oints Lock My Rate $275,000 $261.250 $1,954 ROCKET 23#242. Constant Innovation Leading Digital Solutions Rocket Professional ROCKET Professional Current Mortgage Info $ 10,000.00 mergege payment $1,000.00 Does the payment entered above include $100,000.00 No ROCKET 24#252. Constant Innovation Large-Scale Technology Investment ✓ Approximately 2,500 On-Shore Technologists ✓ 220mm Unique Consumer Records ✓ 150mm Unique Real Estate Records ✓ $40bn in Al/ML Generated Application Volume Platform estimated to scale to $500bn of annual capacity by YE2020 080 8 20000 10R CKET 010 318 01 1 1000 www 00 25#262. Constant Innovation A Fundamentally Different Process LEGACY PAPER-BASED 1person does everything (loan processor) 6-12 Months of training for processor u 50-60 Max pipeline size No prioritization ROCKET ROCKET DIGITAL 100+ specialized roles Shorter training time for all roles <U> Scalable pipeline size Controlled work prioritization for all roles 26#272. Constant Innovation Efficiency Gains 95k 29 Q1 2019 Time from Application to Ready for Closing Avg. Turn Time 124k 30 Q2 2019 Number of Records 187k 149k 36 33 IN Q4 2019 Q3 2019 ROCKET 186k 29 Q1 2020 27#282. Constant Innovation How Efficient is the Platform? $419k ROCKET $376k Fiserv 2020Q1 LTM Adj. Revenue per Team Member (¹) Rocket vs. Large Cap Technology Platforms $371k Salesforce $367k Amazon $332k ServiceNow $310k Fleetcor $307k ROCKET $221k Workday Global Payments Source: S&P Capital Q (1) Our adjusted revenue perteam member is calculated by us using a methodology that may be different from the methodology that other companies use. As a result, our adjusted revenue may not be comparable to similarly described measures published by other companies. Refer to slide 46 for reconciliation of adjusted metrics to GAAP. Adj. Revenue per Team Member is calculated by using adj. revenue divided by the average LTM 202001 team member count 28#292. Constant Innovation 2020 and Beyond ✓ Asset import ✓ Automated verification of income and employment. ✓ Integrated HOI platforms Automated payoff feeds ✓ Integrated closing agent platform ✓ Digitizing the closing experience **** RocketLogic - Application RocketLogic - Underwriting ROCKET Long-Term Goal: Certainty to Close In Less Than 1 Day 29#303. Unparalleled Digital-First Brand Mrga WORKER SUPER BOWL SQUARES LIVE Enter Today ROCKET Mortgage COY Q USA TODAY EXECM SUPY OWL SQL RES $5+ bn investment in marketing since inception ROCKET Recognized for simple, fast, and trusted solutions ROCKET Mortgage by Quicken Loans ROCKET Mortgage Classic ROCKET Mortgage FIELDHOUSE ROCKET Mortgape ROCKET Mortgage SUPER BOWL SQUARES 30#313. Unparalleled Digital-First Brand Rocket's NPS Compared to Best in the World 74 ROCKET Source: Bain & Compliny. Notes: Based on J.D. Power primarymortgage servicer satisfaction study 73 USAA 71 Southwest 68 67 SAMSUNG ROCKET 31#324. Multiple Drivers of Profitable Growth IN Enormous Ecosystem Market Opportunities ROCKET Client Retention through Servicing Expansion of Partner Network Continued Consolidation of the Market through Direct to Consumer Channel 32#334. Multiple Drivers of Profitable Growth DIRECT TO CONSUMER MARKETING PARTNERSHIPS Powered by ROCKET Mortgage INFLUENCER PARTNERSHIPS Powered by ROCKET Professional charles SCHWAB ROCKET Mortgage intuit HomeAway realtor.com lendingtree ROCKET AMERICAN EXPRESS Credit karma N nerdwallet .:. MassMutual Quicken Loans Mortgage Services State Farm PRIMERICA FARMERS INSURANCE 33#344. Multiple Drivers of Profitable Growth 30% Overall CAGR Origination Volume by Channel ($ in bn) $86 $71 $15 2017 Partner Network Direct-to-Consumer $145 $92 $53 2019 ROCKET 34#354. Multiple Drivers of Profitable Growth Continued Consolidation Opportunity Market Share of Two Largest Players 12% Retail Mortgage 65% ETF Managers 62% Retail Brokerage Sources: IMF, Nilson, MeasureOne, Bigwheels, Willis Towers Watson, Insurance Information Institute. 46% eCommerce 42% Tax Prep 35% Online Travel Agencies ROCKET 29% Auto Insurance 35#364. Multiple Drivers of Profitable Growth Industry Leading Retention 2019 Refinancing Retention (¹) ROCKET-76% INDUSTRY - 22% 3.5x industry average |||| ROCKET Source: Company Filings, Black Knight Mortgage Monitor Notes: 1. Retention rate is the total unpaid principal balance ("UPB") of our clients that originate a new mortgage with us in a given period divided by total UPB of the clients that paid off their existing mortgage and originated a new mortgage in the same period; this calculation excludes clients to whom we did not actively market due to contractual prohibitions or other business reasons 36#374. Multiple Drivers of Profitable Growth Lifetime Client Relationship Illustrative Lifetime Value: Client buys first home $6,000 $6,000+ Client refinances first home $ $8,000 $6,000 $14,000+ Client buys second home $10,000 ROCKET $8,000 $6,000 $24,000+ Ecosystem Cross-Sell Opportunity: Home, Auto, Personal Loan 37 Note: Numbers on this slide are for illustration only and were calculated assuming (1) client borrowing $215,000 to buy the first home and $260,000 to buy the second home, (ii) 4.69 % funded loan gain on sale margin and (ii) estimated marketing, fallout and other expenses.#38ROCKET Companies Profitable Growth at Scale 38#39Profitable Growth at Scale $ in bn Adj. Revenue (¹) $3.9 2018 Adj. Margin $5.9 2019 $11.0 Q2'20 LTM Adj. EBITDA (1) $0.5 2018 14% $1.9 2019 33% $6.2 Q2'20 LTM 56% Adj. Net Income (¹) $0.2 2018 6% $1.3 2019 ROCKET 22% $4.5 Q2'20 LTM 41% The 02/20 LTM Adj, metrics presented above include actual results for July 1, 2019 through March 31, 2020 plus the midpoint of the range for our expected results for the three months ended June 30,2020. Refer to slide 46 for reconciliation of Non-GAAP metrics to GAAP results and slide 47 for Q2 20 ranges. Note: Adj. EBITDA margin is calculated as Adj. EBITDA divided by Adj. Revenue. Adj. Net Income margin is calculated as Adj. Net Income divided by Adj. Revenue 39#40Superior Through the Cycle Economics Q Superior unit economics Cost base demonstrates significant operating leverage C Adjusted EBITDA Margin(1) 38% .37% 2015 www. Continued to invest in technology and brand throughout 2018, allowing us to grow share during the cycle low 2016 .24% 2017 14% 2018 ROCKET / 33% 2019 56% Q2'20 LTM Note: 2015-02-20LTM represent consolidated financials. The Q2:20 LTM Adj. metrics presented above include actual results for July 1, 2019 through March 31, 2020 plus the midpoint of the range for our expected results for the three months ended June 30,2020. Refer to slide 46 for reconciliation of Non-GAAP metrics to GAAP results and slide 47 for Q2 20 ranges. 40#41The "Rule of 40" 2017-Q1'20 Adj. Revenue CAGR + 2017-Q1'20 Average Adj. EBITDA Margin 69 % 56% Square 55 % Alphabet 54% 45 % 42% 39% PayPal 38% Shopify ROCKET Netflix Source: Capital1Q, IBES Estimates. Notes: The Rule of 40 defined here as 2017-LTM 202001 average EBITDA margin plus 2017-LTM 202001 revenue CAGR. Rocket metrics represent adjusted EBITDA and adjusted revenue Ouradjusted EBITDA and adjusted revenue are calculated by us using a methodology that may be different from the methodology that other companies use for similarmeasures. As a result, our adjusted EBITDA and adjusted revenue may not be comparable to similarly described measures published by other companies. Refer to slide 46 for reconciliation of adjusted metrics to GAAP 41 Amazon 35 % Bill.com ROCKET Apple 26% Spotify#42Capital-Light Growth ссс ROCKET 98% of Revenue from Fees (¹) Minimal Balance Sheet Large, Liquid Secondary Markets Fee revenue includes gain on sale of loans, net, other income, and servicing fee income less change in fair value of MSRS (excluding changes in valuation model inputs or assumptions), For 2019 fee income was $5.793 bn, which is 98% of Adjusted Revenue as defined in the 5-1. 42#43Continued Investments Accelerate Market Position Re-Investment in Brand and Technology Unmatched Operating Leverage POWERFUL ECONOMIC FLYWHEEL Tech-Driven Operating Model Multiple Growth Channels Continuous Market Share Gains R CKET 43#44Long-Term Goals ✓ Market Share: 25% Adj. Revenue CAGR: 10%+ ✓ Grow Adj. Net Income faster than Adj. Revenue ROCKET 44#45The Future is Bright The real estate and financial market is gigantic 1 2 3 Demand for a completely digital experience is accelerating Rocket is the undeniable leader ROCKET 45#46Appendix ROCKET 46#47Non-GAAP Reconciliation ($mm) Total revenue, net (+/-) Change in FMV of MSR due to valuation assumptions (net of hedges) Adjusted Revenue Net income attributable to Rocket Companies (-) Adjustements to the provision for income tax¹ Tax-effected net income (+) Non-cash stock compensation expense (+/-) Change in FMV of MSR due to valuation assumptions (net of hedges) (-) Tax impact of adjustments¹ Adjusted Net Income Net income (+) Interest and amortization expense on non-funding debt (+) Income tax provision (+) Depreciation and amortization (+) Non-cash stock compensation expense (+/-) Change in FMV of MSR due to valuation assumptions (net of hedges) Adjusted EBITDA Effective tax rate of 24 5% for 2018 and 24.8% for 2019 and 2020 Note: Adj. EBITDA margin is calculated as Adj. EBITDA divided by Adj. Revenue 2018A $4,210 (327) $3,883 $613 $465 (327) 72 $244 $613 130 77 (327) $529 2019A $5,120 790 $5,910 $894 (217) $677 40 790 (205) $1,301 $892 137 75 40 790 $1,940 Q2 2020 LTM Range Low End $9,851 1.088 $10,938 $4,696 (1,146) $3,550 81 1,088 (285) $4,434 $4,696 137 71 ROCKET 1,088 $6,099 High End $10,051 1,108 $11,158 $4,896 (1,201) $3,695 91 1,108 (295) $4,599 $4,896 138 72 91 1,108 $6,333 47#48Q2 Rocket Result Ranges $ in bn Adj. Revenue Adj. Net Income Adj. EBITDA Low $5.20 $2.76 $3.71 22 2020 Mid-Point $5.31 $2.84 $3.83 High $5.42 $2.93 $3.95 Low $7.31 $3.42 $4.64 YTD 6/30/20 Mid-Point $7.42 $3.50 $4.75 ROCKET High $7.53 $3.58 $4.87 48#49ROCKET End Notes 1. The market opportunity figure represents total originations of mortgages (US and Canada) and personal loans, total purchase price of home sales and used auto sales, size of real estate and advertising market. Our revenues are a small subset of these markets; for example, our revenue from mortgages and personal loans is a gain-on-sale margin and our revenue from home and auto sales is a commission. 49