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Rocket Mortgage Manages $1B Q1 Profit as Rates Rise

Monday, May 16 2022
Lending
Written by  The Mortgage Leader

Rocket Mortgage has announced net income of $1 billion in the first quarter, a time of soaring interest rates and other challenges for the mortgage industry. So reports The Detroit News.

Rocket Loans 150x150That’s down from a profit of $2.8 billion in the first quarter of 2021, and revenue also tumbled, to $2.7 billion from $4.5 billion a year earlier.

Rocket Cos. CEO Jay Farner said in a statement, “Rocket delivered a solid performance in the first quarter and achieved our best Q1 volume in purchase and cash out refinances, even as rates rose rapidly.”

Read the full article from The Detroit News. 

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