Business also slowed considerably in the fourth quarter, as interest rates ticked up and refis waned. Overall, Rocket reported a $6 billion in profit in 2021, a 35.4% decline from the prior year, even though mortgage originations actually rose to $351 billion, up nearly 10% from 2020. They quietly chose to compare 2021 financial results with 2019 results, a fairly normal year for the mortgage industry. It’s fitting then that Rocket executives in Thursday’s earnings report opted not to compare the full-year 2021 financials with that of the prior year, which it treated as something of a freak occurrence. Few thought those records would ever be broken. ![]() ![]() In 2020, Rocket’s parent company notched $9.4 billion in profit on the strength of $320 billion in mortgage originations. The Detroit-based company, with a ready-built infrastructure and top-notch brand recognition, was uniquely positioned to absorb historic mortgage demand as others struggled to get out of the gates. No mortgage lender in America capitalized on the pandemic-driven refi boom better than Rocket Mortgage.
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