Rocket Mortgage

Rocket Companies lost $124 million on a GAAP basis, but its management celebrated milestones regarding its Redfin and Mr. Cooper acquisitions.

The reduction in force affects under 1% of Rocket's team, with the decision to streamline operations made following identifying overlapping roles post-merger.

Former Mr. Cooper CEO Jay Bray will become Rocket Mortgage's president and CEO as the $14.2 billion transaction closes in just six months after announcement.

The massive wholesale lender's new website stands opposite rival United Wholesale Mortgage's own originator portal which it launched in 2018.

In a complaint filed in Virginia federal court, the FTC said the partnership would reduce the number of websites offering apartment listings, leaving consumers with fewer places to search.

A Tuesday night deadline has passed and some investors in certain senior notes now have a new expiration date for the closing of the tender offer and exchange.

Even with a disappointing Spring home sales season, Rocket had higher purchase volume each month, and based on approval letters, expects a strong third quarter.

Rocket Companies confirmed it had reduced its workforce following the completion of its Redfin merger. The company also plans to discontinue Rocket Card on Sept. 8.

Mr. Cooper's Q2 profit surged on servicing gains, despite missing estimates, as it preps for Rocket deal and eyes MSR growth with new client wins.

The firm is incentivizing the cross-selling of its services by offering a lower interest rate for one year for borrowers who finance via Rocket Mortgage retail LOs and use a Redfin agent.