By KIMBERLEY HAAS Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market. Bill Banfield, EVP of Capital Markets at Rocket Mortgage in Detroit, Michigan, said he appreciates the mental stimulation of navigating a tough market because people are forced to get creative in finding solutions for customers. “Your company, your teams, you get to try to figure out how you can help people or how you can improve your company. It’s actually a much more fascinating time than when you’re in a super boom and all you can do is talk about rates and payments,” Banfield said. Banfield had just sat down with The Mortgage Note to talk…
Rocket’s CFO and General Counsel are both retiring, resulting in changes to its executive leadership, the company announced in a press release. Julie Booth, CFO and Treasurer, will be retiring effective November 15. She has been with Rocket Mortgage for nearly 20 years and has served as CFO since 2005. She will be replaced by Brian Brown, currently Chief Accounting Officer. Prior to Rocket, he consulted with financial services companies at EY. “During her time as CFO, Julie has been a tremendous leader in our organization, helping guide our company through significant growth and expansion, culminating with our IPO in 2020,” said Jay Farner, Rocket Companies Vice Chairman and CEO. “Even more impressive is the tremendous team Julie has built…
Rocket Companies released its Q3 2021 earnings report, which showed its earnings bested expectations of analysts, despite a serious dip in refinancing activity. Analysts expected Rocket to close out the quarter at 48 cents per share, but the company came out on top at 57 cents per share, an adjusted net income of $1.14 billion. Its adjusted revenue reached $3.2 billion, well above consensus estimates of $2.96 billion. The company’s total revenue rose 96% from Q3 2019. “We had an excellent third quarter, as we executed on our mission to remove friction from life’s complex moments. Our core mortgage business exceeded the high end of guidance for closed loan volume and gain-on-sale margin while achieving record purchase volume,” Rocket CEO…
Longer loan processing times, infrequent communication and challenges using digital tools adversely impact customer experiences with mortgage originators, but overall customer satisfaction with their lenders increased this year, according to a survey released by J.D. Power on Monday. The J.D. Power 2020 US Primary Mortgage Origination Satisfaction Study found that customer satisfaction increased by six points this year, largely driven by low interest rates amid the Covid-19 pandemic. Specifically, the study found: Average refinancing time took 42 days from application to closing, up from 39 days in 2019 – with customer satisfaction about wait time declining accordingly.Satisfaction with the application and approval process declined 10 points this year.Customers using self-service channels for applications and approvals climbed five percentage points, while…
