Rocket Mortgage

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.

The announcement comes weeks after the industry giant reported a colossal drop in profit in the second quarter.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

Several lenders have introduced loan offerings this year to tap into surging property values, as refinances plunge by more than 80%.

From bass fishing to the Super Bowl, lenders see a large pool of consumers they can reach through athletic sponsorships.

With an Q4 earnings report that showed declining revenues, Jay Farner called out lenders who reduce pricing and threw shade at certain unnamed lenders who fire employees via video call.

The move formalizes the use of the Rocket Mortgage moniker, which has been a major part of the company’s branding since 2016.