Key facts
- Rocket Companies reported $709 million in net income for Q3, a turnaround from a $124 million loss a year ago.
- Net total revenue rose to $3.28 billion from $1.7 billion.
- Closed mortgage origination volume fell to $43.6 billion from $49.1 billion in Q2.
- The company's purchase market share approached 6.5% in Q3, up from 6.2% in Q2.
- Refinance market share reached 15.5%, up from 14.3% in Q2.
- Total liquidity rose to $11.4 billion at the end of Q3.
Rocket Companies reported a third-quarter profit of $709 million, a significant turnaround from a $124 million loss in the same period last year. The Detroit-based mortgage lender saw its net total revenue nearly double to $3.28 billion, driven by expanded market share in both purchase and refinance lending, despite a tougher overall mortgage market.
While adjusted net income and EBITDA saw slight sequential declines, and mortgage production volume decreased, the company highlighted its strategic investments in technology and distribution. CEO Varun Krishna emphasized that Rocket gained market share and grew profits by adapting to rising interest rates.
Rocket's purchase market share approached 6.5% in Q3, up from 6.2% in Q2, while its refinance share reached 15.5%, up from 14.3%. The company also reported total liquidity rose to $11.4 billion.