Rocket Companies, the parent of Rocket Mortgage, delivered a profit in the first quarter of 2024 through initiatives to reduce costs and increased investments in artificial intelligence (AI). In a contracting market, competitors exiting the space have allowed the company to improve market share and gain-on-sale margins.

Ultimately, the Detroit-headquartered lender reported a GAAP net income of $291 million from January to March, following a GAAP net loss of $411 million in the first quarter of 2023 and a loss of $233 million in Q4 2023, per filings with the Securities and Exchange Commission (SEC). 

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