General World News

Rocket Mortgage bleeds red ink in 2023 despite cutting costs

Rocket Companies, the parent of Rocket Mortgage, was in the red again in 2023 as it reported a GAAP net loss of $390 million.

The company reduced its cost structure by nearly 20% in 2023 following a nearly 25% reduction in 2022, but lower origination volume failed to keep the company profitable as the industry is still going through a challenging period for mortgage lending.

The Detroit-headquartered lender reported a GAAP net loss of $233 million in Q4 2023, following a GAAP net gain of $115 million in Q3. Rocket posted an adjusted net details ⇒

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