Rocket Companies, the parent of America’s top mortgage lender Rocket Mortgage, reported a $60 million profit in the second quarter, down from $1 billion in profits just the previous quarter.

The stunning decline in profitability suggests Rocket has much work to do as higher mortgage rates wipe out refinancing opportunities and even depress purchase sales.

Jay Farner, vice chairman and CEO of Rocket Companies, said the company introduced new lending programs, forged new mortgage partnerships, launched the solar business and expanded the brand to Canada during the quarter.

“These moves provide us immediate opportunities today, and a tremendous details ⇒

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