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Rocket Companies, the parent of Rocket Mortgage, generated a whopping $1.4 billion in net income in the third quarter, up from $1 billion the previous quarter.
According to the company’s earnings released on Thursday, Rocket originated $88 billion in mortgages, with a net-rate lock close to $87 billion in the third quarter.
Rocket’s gain on sale margin rose by 27 basis points to 305 bps, a significant leap from 278 bps in the second quarter. The margin boost came in part due the removal of the controversial adverse market fee by the Federal Housing Finance Agency in July, Julie Booth, chief financial officer of Rocket Companies, said during the company’s third quarter conference call.
Booth noted that the third quarter “marked a new company record” with purchase closed loan volume growing 70% year over year.
“In fact, both our direct consumer and partner networks generated all time highs for purchase volumes,” she added.
This growth was “driven by [the company’s] focus on a superior, technology-driven client experience, product innovation and our integrated, end-to-end home buying ecosystem,” the top-ranked multi-channel lender said.
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The post Rocket closing in on 10% of the mortgage market appeared first on HousingWire.
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