Rocket Companies posted impressive results in the second quarter, with profit driven by the increasing purchase mortgage market share and a significant amount of expense cuts. With overall gains of $5.47 billion in Q2 – the largest quarterly profit in history for the company – Rocket Companies has set a new bar for performance in the industry.
Despite being hit by the uncertainty created by the COVID-19 crisis, Rocket Companies managed to take advantage of their established consumer-friendly technology to gain significant purchase mortgage market share. Furthermore, the company implemented an effective expense management plan that leveraged its digital products and marketing efficiencies to increase its operating leverage and create long-term savings.
Most important elements of the text:
• Increase in purchase mortgage market share: Rocket Companies gained market share in the purchase mortgage market through their existing consumer-friendly technology.
• Expense cuts: The company implemented an effective expense management plan to leverage digital products, marketing efficiencies and increase long-term savings.
• Profit: Rocket Companies achieved record profits of $5.47 billion in Q2.
You can read this full article at: https://www.housingwire.com/articles/rocket-has-a-profitable-quarter-and-a-new-ceo/(subscription required)
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