General World News

Despite rising rates, Rocket delivers $1B profit in Q1

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 ⇒

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