Rocket Mortgage

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%.

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.

The company reached a new record high for closed loan volume, and reported a cyclical drop in gain-on-sale margins reflecting changes in its product and channel mix.

With the 10-year Treasury yield getting a boost due to Pfizer’s COVID-19 vaccine news this week, KBW predicts insurers and title underwriters will fare best as recovery continues.

While Rocket reaches near $1 per share, Fannie Mae and Freddie Mac are seeing declines as their planned exit of conservatorship remains tied to the presidential race.