Elevated mortgage rates hurt Rocket Companies, the parent of Rocket Mortgage, again in the first quarter of 2023. Rocket has been cutting expenses and targeting purchase business, but the firm was unable to achieve profitability in Q1 in a shrinking mortgage market.

The Detroit-headquartered lender sustained a $111 million adjusted net income loss in the first quarter, following a $197 million loss in the fourth quarter. The company’s GAAP net loss in Q1 was $411 million, a decline from 2022 Q4’s $493 million. 

“Rocket delivered solid details ⇒

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