Rocket Mortgage

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.

United Wholesale Mortgage set off a brawl in the press when it forbade brokers from doing business with Rocket and Fairway. As a small group of brokers pursue legal action over the ultimatum, experts weigh in on whether the spat is benefiting the wholesale channel.

The suit, filed in the U.S. District Court for the Middle District of Florida, seeks class action status.

Rocket Pro TPO EVP Austin Niemiec calls this the start of the slippery slope, but UWM's Mat Ishbia responds he isn't being aggressive

But the move could have legal repercussions from a competitive standpoint.