Detroit-based Rocket Companies, the parent of Rocket Mortgage, generated a whopping $1 billion profit in the first quarter, up from $865 million the previous quarter.
Compared to its main competitors, the lender seems to be in a comfortable place. United Wholesale Mortgage (UWM) reported a much lower profit of $453.2 million from January to March, buoyed by adjustments in the fair value of mortgage servicing rights (MSRs). Meanwhile, LoanDepot had a $91.3 million loss in the same period.
But Rocket has its own challenges. Loan origination is dropping, as purchase volumes need to increase fast to replace refis lost due details ⇒
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com