The large mortgage originator, Rocket Mortgage, has been utilizing a variety of strategies in order to remain competitive in a shrinking mortgage market. Despite their efforts, the firm was unable to achieve profitability in the first quarter of this year.
In an effort to reduce costs and increase revenue, Rocket Mortgage has made significant changes. These include slashing overhead expenses such as marketing, technology, personnel and operations. Additionally, the firm has shifted their focus from the refinancing market to the purchase business.
Rocket’s initiatives highlight the difficulties facing the industry. Important elements of this text include:
• Cost Reduction Measures: Rocket has reduced overhead expenses like marketing, technology, personnel and operations.
• Focus On Purchase Business: The company has changed focus from refinancing to purchase.
• Inability To Achieve Profitability: The firm was unable to achieve profitability in Q1 in a shrinking mortgage market.
You can read this full article at: https://www.housingwire.com/articles/rocket-reports-big-losses-for-third-consecutive-quarter/(subscription required)
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