Rocket Companies hit by fall in net income

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Rocket managed to reduce its expenses by $300 million quarter over quarter, exceeding its target by $100 million. The company’s total expenses in the second quarter were $1.3 billion.

“We are also investing our capital into the Rocket engagement and services platforms to expand our client base, drive higher conversion, and lower our client acquisition cost, setting the foundation for our next stage of growth,” said Julie Booth, chief financial officer and treasurer of Rocket Companies. “We will continue to deploy our capital in a strategic and disciplined manner to generate long-term shareholder value.”

“We are adapting our mortgage operations to the current market environment, and we remain focused on managing the business with discipline,” Farner added. “This is an energizing time for us. Our ability to constantly innovate to serve our clients better through our platform, particularly during these challenging times, will further differentiate us from our competition and will allow us to capture market share over the long term.”

In the next quarter, Rocket expects a closed loan volume of between $23 billion and $28 billion.