Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
Rocket Cos., parent company of Rocket Mortgage, has reported a year-over-year revenue decline, down 58 percent to $1.295 billion. The mortgage company saw third-quarter mortgage originations equal $25.6 billion.
“This period of change and reset in the mortgage industry creates significant opportunity for Rocket. The company operates from a position of strength, which is clear from our $8.8 billion of liquidity and differentiated competitive advantages in brand, technology, data insights, client experience and client engagement,” said Jay Farner, Vice Chairman and CEO of Rocket Companies. “We are actively investing in the Rocket Platform to attract more consumers, lift conversion and lower client acquisition cost. This week, we launched Rocket Rewards, our new loyalty program and a key component of our platform. We expect our new offerings and investments to unlock the true growth potential and scale of Rocket.”