The country’s two biggest non-bank mortgage lenders have each announced strong 2021 profits, though their earnings were down from the prior year amid a cooling mortgage market. So reports The Detroit Free Press.
Rocket Mortgage parent Rocket Companies posted net income of $6.1 billion, down from a record $9.4 billion in 2020, as its revenue fell 21% to $12.9 billion.
Rival UWM saw $1.6 billion in profit last year, down from $3.4 billion in 2020.
Read more on the topic from The Detroit Free Press.