Rocket Companies expects $96 million profit as mortgage volume lags

Dan Gilbert’s Rocket Companies managed a net profit or profit of $96 million in the third quarter. Rising interest rates continue to hit the entire mortgage industry.

Rocket Companies, the publicly traded parent of Rocket Mortgage, had total revenues of $1.3 billion in the fourth quarter, down slightly from $1.4 billion in the prior quarter, but second quarter revenues of $3.1 billion (and ($1.4 billion in profits) fell a whopping 58%. Third quarter of last year.

Rocket, like other lenders, continues to experience a steep year-on-year decline in mortgage originations, hitting $114 billion by the third quarter of this year, compared with $275 billion in the same nine months of 2021. Completed a dollar loan.

Last quarter, Rocket posted a profit of $60 million and announced new cost-cutting plans.

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