The country’s two largest mortgage lenders reported unexpected profits in the second quarter of 2023.
United Wholesale Mortgage and Rocket Companies both bounced back last quarter after dismal results at the beginning of the year.
UWM reported a net income of $228.8 million, making up for losses of $138.6 million in the first quarter of 2023 and $62.5 million in the fourth quarter of 2022.
It originated $31.8 billion in loans, up from $22.3 billion in Q1. The boost coincided with warm weather bolstering home sales, though this past spring buying season was tepid compared to historical norms.
“UWM continues to prove that regardless of the interest rate environment, our business model, coupled with the broker channel being the best…
Fintech exec Varun Krishna has been named CEO of Rocket Companies, the parent company of Rocket Mortgage.
“I am honored to join the Rocket Companies team,” Krishna said in a statement. “Rocket has a rock-solid foundation and tremendous potential, with its comprehensive ecosystem and industry-renowned technology, strong brand, and award-winning client service. I look forward to working with Bill, the Board, and Rocket’s exceptionally talented team members to drive the company’s future success and create long-term value for our stakeholders.”
Krishna succeeds Bill Emerson, who has served as interim CEO since June when Jay Farner retired. Emerson will remain on the Board and work with Krishna throughout the transition.
Krishna officially takes over on September 5.
Krishna brings over two…
Leaders at Rocket Companies have announced an expansion of Rocket Mortgage Canada.
The digital mortgage broker has become a mortgage lender. Using a tech-driven experience, clients can close faster than if they use the traditional paper-heavy process. Programs include a 5% down option.
Rocket Mortgage Canada, founded in 2020, is currently offering mortgage products in Ontario, where the company is headquartered. Company leaders plan to expand to additional provinces.
“The Rocket Mortgage brand is synonymous with innovation. For too long Canadian homebuyers have endured an inefficient and old way of financing a home that we are eager to transform,” said Hash Aboulhosn, President of Rocket Mortgage Canada. “As a lender, we are now able to impact every part of the…
The executive vice president of Rocket Pro TPO says a lack of housing inventory has been hurting mortgage professionals, but he is confident broker partners and loan officers have the tools to help homebuyers achieve their goals.
Mike Fawaz recently sat down with Editor Kimberley Haas to talk about this year’s successes and challenges.
Haas: Mike, so it’s great to have you here today as always. What have been some of the successes in this past year working with the Rocket Pro TPO team?
Fawaz: First of all, thanks for having me and I’m excited to have this conversation with you. When I think about the successes of Rocket Pro TPO this year with the broker channel, it’s been a…
By KIMBERLEY HAAS
After a 27-year career, Rocket Companies CEO Jay Farner is retiring this week and he will be remembered as a keen businessman who helped make mortgages more accessible to average Americans as technology pushed transactions out of traditional offices and onto mobile devices.
Leaders at the company announced Farner’s retirement on February 13, saying that he had stepped down from his position on the Rocket Board of Directors and would begin transitioning his roles and responsibilities as CEO to longtime Rocket executive Bill Emerson. Emerson will assume the role of chief executive officer on an interim basis on June 1, according to the press release.
Farner, who is 50 years old, said in a statement that he…
By KIMBERLEY HAAS
The new vice president of public policy at Rocket Central says his goal is to increase opportunities for people who have historically had difficulties achieving home ownership because of a host of barriers.
Karan Kaul, a housing finance veteran who worked as a principal research associate in the Housing Finance Policy Center at the Urban Institute prior to joining Rocket, said that means focusing on first-time homebuyers, people of color, and low- to moderate-income borrowers.
In a recent interview with The Mortgage Note, Kaul said a well-documented hurdle to homeownership is a lack of an adequate down payment, especially with the increase in home prices over the last decade.
“So what can we do to make sure…
By KIMBERLEY HAAS
As the housing market moderates after a whirlwind pandemic ride, affordability continues to be a chief concern for consumers and mortgage providers are responding with a variety of programs to encourage potential buyers to get off the sidelines.
Leaders at Rocket Mortgage say that a major hurdle on the path to homeownership for their clients is saving for closing costs and earlier this month they announced a national program where buyers can receive help through BUY+, a collaboration with Rocket Homes.
Buyers can receive a credit of 1.5% of their loan amount – up to $10,000 off their closing costs – by working with a Rocket Homes Partner Agent. Those working with an unaffiliated real estate professional…
Leaders at Rocket Companies have debuted a credit card with cashback rewards designed for homebuyers.
The Rocket Visa Signature Card is the first credit card with rewards created for this purpose, Rocket leaders said in a press release.
“Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country,” said Haroon Mokhtarzada, co-founder and CEO of Rocket Money.
“We are proud to offer Americans simple and achievable ways to invest in their financial freedom, whether it’s budgeting with Rocket Money, or redeeming credit card points toward their mortgage down payment or…
Long-time Rocket CEO Jay Farner is retiring after 27 years and he says the move will give him more time to focus on his family.
Farner will officially retire effective June 1, 2023, according to a press release. He is also giving up his position on Rocket’s board of directors, effective immediately.
“Being part of this amazing organization has been one of the most rewarding experiences of my life. More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I could never have predicted the amazing journey that one decision would have taken me on,” Farner said.
Farner joined Rock Financial– the company that would later become Rocket Mortgage…
Rocket Companies has rolled out a rewards program that allows consumers to get points towards various transactions across Rocket’s platforms, the company announced. In its first phase, consumers will be able to use Rocket Rewards on closing costs when financing a home through Rocket Mortgage. “Rocket Companies is known for delivering exceptional client service and the introduction of Rocket Rewards continues that trend – showing our appreciation for clients by offering incentives at various points throughout their financial journey,” said Jay Farner, Vice Chairman and CEO of Rocket Companies. Home shoppers need to create an account and visit the rewards page. New clients will get a 7,500-point welcome bonus, or $75, which can be used on closing costs. More points…
