The Agency Expands To Spain; Rocket & UWM Cut 9,500 Jobs

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The Agency Expands To Spain

Mauricio Umansky and team are saying “Hola!” to Mallorca!

Boutique powerhouse The Agency has announced the launch of its new office in Mallorca, the largest Balearic Island set just off the eastern coast of Spain. The new locale is the brand’s 75th global partner and third office in Europe, following Lisbon, Portugal and the Netherlands. 

The Mallorca office will be led by industry veteran and Managing Partner, Alby Euesden.

“We’re thrilled to expand our presence overseas in Europe with the launch of our new franchise in Mallorca,” said Mauricio Umansky, CEO and Founder of The Agency. “Our partner Alby Euesden is one of the most respected real estate professionals in Mallorca, and we know he will be an incredible steward of our unique brand and culture.”

In the first two months of 2023 alone, The Agency has launched four new offices, including the new office in Mallorca, with more reportedly on the horizon in the coming weeks.

Rocket Companies Reports Nearly Half-A-Billion Dollar Loss

Its was a very tough quarter for Rocket Mortgage. According to the company’s earnings statement, Rocket Companies reported a $493 million net loss in Q4 of 2022.

Total revenue for the quarter was $481 million.

“Last year marked a period of transformation for Rocket. We right-sized our business to respond to a challenging market; we also made key investments to serve our clients better on every step of their home ownership journey,” said Jay Farner, CEO of Rocket Companies. “With foundational pieces of our client engagement program in place, we are focused on expanding our top of funnel, lifting conversion and lowering our client acquisition cost, with the ultimate goal of growing our purchase market share and extending client lifetime value.”

For the year as a whole, Rocket generated total revenue of $5.8 billion with a net loss of $137 million. Rocket Mortgage generated $133.1 billion in mortgage origination.

Rocket and UWM Cuts 9,500 Jobs In 2022

And speaking of Rocket, more numbers were revealed as word broke that the company, along with United Wholesale Mortgage, cut some 9,500 positions over the course of 2022.

According to Inman, Rocket Companies disclosed that it lost 7,500 workers in 2022, finishing the year with 18,500 employees (a 29 percent reduction over 2021). Meanwhile, UWM also noted in its financial statements that it cut 2,000 workers—or 25 percent of the 8,000 employees it began the previous year employing. 

The companies say that instead of laying off workers, they cuts were largely made through attrition or by offering voluntary buyouts.