Rocket Mortgage

The lender claims it's been the first player in the industry to raise the threshold for three years in a row.

The company will fund the discount across the first two years through a special escrow account.

10-Q filings with the SEC reveal additional information regarding the financial wherewithal of public mortgage lenders in the second quarter.

The leading mortgage player posted another nine-figure profit, although its gain-on-sale margins slipped.

With the appointment, interim leader Bill Emerson will take over the role of president and chief operating officer, while Bob Walters announced his retirement.

The legal proceedings, which began in 2012, claim that Quicken Loans, now Rocket, inflated the appraisal value of 2,769 properties refinanced from 2004 to 2009 in West Virginia.

Management provided upbeat commentary both about the period and how the second quarter is progressing.

Jay Farner's compensation package was $9.46 million last year, almost five times larger than his yearly income in 2021.

In Jay Farner's last earnings call as CEO, management emphasized long-term client development efforts like the forthcoming credit card program.

The change comes as the battle with rival United Wholesale Mortgage reaches a fever pitch and analysts speculate that more changes at the top could be coming.