Why Shares of Rocket Companies Are Falling Today
Shares of the largest mortgage originator in the country, Rocket Companies (NYSE: RKT), were trading roughly 6.3% lower as of 10:33 a.m. ET today after the company reported earnings results for the second quarter of the year.
Rocket reported diluted earnings per share of just $0.02 on total revenue of nearly $1.4 billion, both of which missed estimates for the quarter. Earnings and revenue are also way down year over year.
Closed loan origination volume in the quarter came in at just $34.5 billion, down from $83.7 billion in the second quarter of 2021. The gain-on-sale margin of 2.92% did climb from 2.78% over the same period.
Source Fool.com
