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United Wholesale Mortgage and Rocket Mortgage each posted their second straight quarterly losses in the first quarter of 2023—just the second quarterly losses ever for the rival companies since going public. So reports the Detroit Free Press.
UWM said it lost a net $138.6 million in the first three months of the year, following a $62.6 million loss in the previous quarter.
Rocket, as the Free Press separately reported, lost a net $411 million after losing $493 million in the fourth quarter of 2022.