Rocket Companies See $96M Profit as Mortgage Size Goes Down

Dan Gilbert’s Rocket Companies managed $96 million in net income, or earnings, in the third quarter as rising interest rates continued to hurt the mortgage industry.

Rocket Companies, the parent company of publicly traded Rocket Mortgage, saw total revenue of $1.3 billion for the quarter, which, while down slightly from $1.4 billion last quarter, was a 58% decline from its $3.1 billion (and 1.4 billion) revenue. profit dollars) in the third quarter of 2021, before interest rates start to rise.

Rocket posted a profit of $60 million in the second quarter.

Like other lenders, Rocket continues to experience an annual decline in mortgage volume, closing $114 billion in loans so far this year through the third quarter, compared to $275 billion for the same nine-month period last year.

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