Rocket Mortgage Sees Stocks Spike After Major Surge in Loan Figures for Second Quarter
Rocket Mortgage saw significant moves in stock after it posted second quarter year-over-year gains in mortgage loans, with the numbers coming at the tail end of a year of real estate frenzy coupled with record-low interest rates.
The company in its Q2 SEC filing said it recorded nearly $84 billion in closed loan origination volume, up from about $72 billion in the same quarter the prior year.
Year-to-date the company has seen nearly $190 billion in loan origination, soaring above the $124 billion YTD recorded at the same time last year.
“Our record purchase mortgage volume puts us well on the path to our goal of becoming the largest retail home purchase lender in the nation by the end of 2023,” Rocket Companies Vice Chairman and CEO Jay Farmer said in the SEC filing.
“That strong momentum will carry us into the second half of the year, as we expect our 2021 mortgage origination closed loan volume to exceed 2020’s record performance of $320 billion.”
Farmer said that the corporation’s “newer businesses Rocket Homes, Rocket Auto and solar program leverage our existing platform and represent significant growth opportunities.”
Shares in Rocket jumped sharply after the news late last week, rising from about $17.50 to above $19 prior to the weekend.