Rocket Mortgage

A steep mortgage servicing rights valuation change hurt earnings which included greater adjusted net income and total origination volume.

The incentive, meant to ramp up activity in Rocket's broker channel, is valid from Nov. 5 to Nov. 17.

The real estate investment trust and correspondent lender also anticipates improved subservicing costs due to a larger trend in the mortgage market.

The arrangement complements the publicly traded nonbank lender's acceleration of other activity in the servicing space and builds on other business with the REIT.

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.