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Rocket Faces Triple Whammy with 3Q Results

Dan Gilbert’s Rocket Companies posted third-quarter financial results, and they’re down sharply on three fronts. So reports The Detroit News.

jay farnerThe Rocket Mortgage parent saw income plummet 93% to $96 million in the third quarter, while revenue tumbled 58% to ​​$1.3 billion, and loan originations slid to $25.6 billion from $88 billion a year ago.

Rocket CEO Jay Farner, in a call with analysts, projected a period of industry consolidation: “In the end, only the strong will be left standing.”

Read the full article from The Detroit News.

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