Rocket Mortgage

The Department of Justice argues that mortgage lenders, including Rocket Mortgage, should be held accountable for the work of third-party appraisers.

Rocket argues it was unfairly tied to discrimination accusations, arguing the government aimed for "headline-grabbing claims" to bolster its case.

Rocket Mortgage is also allowing customers to use automated valuation models in lieu of appraisal for loans up to $400,000.

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.

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%.