Page 12 - Jay Farner News Today

The company's volume fell behind its chief competitor's in the third quarter but management foresees potential weakness in the broker channel.

Rocket reported total revenue of $1.3 billion in its latest earnings, dropping more than 40% from the same period last year.

With rising mortgage rates drastically curtailing lending, Rocket Mortgage saw third-quarter mortgage originations plummet by 73 percent from a year ago, to $23.7 billion.

Generated Q322 net revenue of $1.3 billion and net income of $96 millionDelivered closed loan volume, net rate lock volume and gain on sale margi...

Rocket Companies and other lenders continue to experience a year-over-year plunge in mortgage origination volume as mortgage rates rise.

Rocket Rewards is the latest marketing initiative from the mortgage giant following the introduction of home equity loans and a monthly payment reduction offer earlier this year.

After focus on mortgages, "Rocket Rewards" will be expanded to provide discounts on other "ecosystem" offerings including personal loans.

Rocket Mortgage has launched a new rewards program for loyal Rocket customers looking to buy homes.

New customer loyalty program offers closing cost incentives

And a trio of large publicly traded nonbank lenders looking to defend market share may consider buying those mid-sized brethren, a Keefe, Bruyette & Woods report said.