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Rocket's 3Q Profit Falls After 2020 Surge

Sunday, Nov 07 2021
Lending
Written by  The Mortgage Leader

Rocket Companies has posted a decline in third-quarter revenue and profit relative to the massive upswing a year before. So reports The Detroit Free Press.

Rocket Loans 150x150Rocket said its net income for July to September was almost $1.4 billion, down from roughly $3 billion in the year-ago period, while revenue dipped to $3.1 billion from $4.6 billion.

The company said that despite a dip in refinances from 2020’s nationwide boom, Rocket grew its home-purchase mortgage business 70% in the quarter, so it still originated $88 billion in mortgage volume—about the same as the year-ago period’s $88.9 billion.

Read the full article from The Detroit Free Press.

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