Rocket Companies Inc., the Detroit-based parent company of mortgage lending giant Rocket Mortgage, on Tuesday said first-quarter profit was down roughly 63% year-over-year as the mortgage lending industry faces headwinds including rising interest rates.
Rocket posted net income of approximately $1 billion on net revenue of nearly $2.7 billion. That's down sharply from the first quarter of 2021, when the company reported net income of nearly $2.8 billion on revenue of $4.5 billion.
"Rocket delivered a solid performance in the first quarter and achieved our best Q1 volume in purchase and cash out refinances, even as rates rose rapidly," Jay Farner, vice chairman and CEO of Rocket Cos., said in a statement.
