The accolade marks the eighth consecutive time our company has earned this honor, and it's our 19th J.D. Power award overall, when you include the 11 straight No.
1 rankings we've received for mortgage origination.
This approach resulted in Rocket's forbearance rate being 41% lower than the industry.
Rocket Companies generated $84 billion in closed loan volume and $2.8 billion of revenue in the second quarter of 2021.
Our Q2 EBITDA of $1.3 billion was more than triple the same period two years ago, demonstrating the sheer power and scalability of the Rocket platform.
Just last month, Rocket Homes announced an important milestone, hosting home listings in all 50 states.
Rocket Companies is now the only residential real estate ecosystem that has mortgage licenses, real estate broker licenses, home search listings, real estate agents, and real estate agent partners spanning all 50 states.
With nationwide coverage, Rocket Homes is performing at scale with traffic growing sixfold year over year to reach nearly 2 million unique monthly visitors in the second quarter.
In addition, Rocket Homes drove a record $2 billion in second-quarter real estate transaction value, representing the value of homes purchased and sold through our real estate agent network.
Rocket Homes draws in-process clients into the Rocket ecosystem even earlier in the funnel and regularly engages with our pool of nearly 2.4 million servicing clients, representing $0.5 trillion in servicing value.
From the beginning of the year, roughly 70% of Rocket Homes' transactions involve both an agent and the Rocket Homes real estate agent network and in Rocket Mortgage, representing an attach rate among the highest in the industry.
In fact, Amrock serves as the appraisal management company for approximately 65% of appraisals ordered for our direct-to-consumer mortgages, illustrating the power of our ecosystem.
According to third-party research, the current solar energy market is expected to quadruple by 2030, with roughly one in eight homes adopting solar power.
Looking at Rocket Auto, the company drove record performance in the second quarter with both auto unit sales growth of 140% and in gross merchandise value more than tripling year over year.
During 2021, intelligent client targeting models were deployed to more than 80% of our client contacts, ensuring that our Rocket Cloud force is reaching out to clients at the exact moment they're most ready to engage with us.
By tailoring the experience to the client, we have lifted conversion resulting in approximately $4 billion in incremental application volumes so far this year.
The number of real estate agents leveraging Rocket Pro insights more than tripled to 50,000, up from just 14,000 two quarters ago.
Over the past month, more than 20,000 unique mortgage professionals relied on our interactive broker tools to move mortgage applications to the finish line and their clients to the closing table.
We recently launched our new integration with Credit Karma, allowing their 110 million users to apply for our Rocket Mortgage directly inside their app.
This new relationship will allow the company's 9,000-plus agents to originate home loans through Rocket Mortgage.
In 2018, we originated $83 billion in mortgage volume.
In 2019, that grew to $145 billion, and we ended 2020 with $320 billion in mortgage value.
In addition, we expect our servicing local grow more than 30% this year to over $600 billion, driving a recurring cash revenue stream of more than $1 billion.
Under these market conditions, Rocket exhibited the scalability of our platform, with our loan origination volume growing 121% in 2020 year over year, while our expenses grew only 47%.
During the second quarter of 2021, Rocket Companies generated $2.8 billion of adjusted revenue, which represents a 110% increase from Q2 2019 and $1.3 billion of adjusted EBITDA, up more than 220% compared to Q2 2019, representing a 46% adjusted EBITDA margin.
We generated net income of $1 billion, which exceeded full-year 2019 net income, and we generated adjusted net income of $920 million in Q2 '21, which was more than triple Q2 of 2019 levels, representing a 33% adjusted net income margin.
Our adjusted earnings per share was $0.46 for the quarter.
Rocket Mortgage generated $84 billion of closed loan origination volume during the quarter, up more than 160% from $32 billion in Q2 2019 and in line with the midpoint of our Q2 guidance.
We estimate that the largest retail purchase lender did $60 billion of purchase origination volume in 2020, excluding correspondent volume.
With the success we have had during the first half of 2021 and the momentum we have going into the third quarter, we expect that our full-year 2021 purchase volume will exceed $60 billion.
1 retail purchase lender by 2023.
For the quarter, our rate lot gain on sale margin was 278 basis points, which is in line with our expectations at the midpoint of our guidance and substantially higher than most multi-channel mortgage originators.
Generating $484 million of gross merchandise value during the second quarter, up nearly 35% as compared to Q1 2021.
Through the first half of 2021, we have generated $844 million of GMV, and are on track to more than double 2020 levels.
However, we're successful in generating record real estate transaction value of $2 billion, which represents the value of homes purchased and sold through our real estate agent network during the second quarter.
We also saw record traffic to rockethomes.com during the second quarter or nearly 2 million monthly unique visitors, expanding an important top-of-the-marketing funnel.
Within Rocket, we have more than 3,000 team members dedicated to building proprietary technology.
We then maintain ongoing loan servicing relationships with 2.4 million clients, representing over $500 billion in outstanding loan principal.
Mortgage servicing drives a recurring cash revenue stream for Rocket Companies that now exceeds $1 billion on an annual basis with service unpaid principal balance of 34% in the last 12 months, and net retention north of 90%.
For the third quarter, we currently expect closed loan volume in the range of $82 billion to $87 billion and rate lock volume between 83 billion and $90 billion.
We expect third-quarter gain on sale margin to be in the range of 270 to 300 basis points.
We exited the second quarter with $2 billion of cash on the balance sheet, and an additional $2.4 billion of corporate cash used to self-fund loan originations for a total available cash of $4.4 billion.
Total liquidity stood at $7.8 billion as of June 30th, including available cash plus undrawn lines of credit and undrawn MSR lines.
This year, we expect to generate more than $320 billion in closed loan volume, exceeding last year's record.
Keep in mind, even at these origination levels, we need less than $1 billion of cash on hand to properly operate our business.
With $7.8 billion in available liquidity, the $4.4 billion in total cash is largely held for investments, dividends, and share buybacks.
Over the past 24 months, we have generated $16.3 billion in adjusted EBITDA.
Our MSR portfolio has a fair value of $4.6 billion, and our balance sheet has total equity of $8.2 billion.

Summary:
Our adjusted earnings per share was $0.46 for the quarter.