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Rocket Mortgage posted $17 billion in closed origination loan volume. Gain on sale margin was 2.39%. The company’s total liquidity was $8.1 billion, including $0.9 billion cash-on-hand, $2.4 billion of corporate cash used to self-fund loan originations, $3.1 billion of undrawn lines of credit, and $1.7 billion of undrawn MSR lines.
Its direct-to-consumer segment saw a net revenue of $495 million in Q1, down from $1.49 billion in Q1 2022. Rocket’s partner network, which includes its mortgage broker partnerships through Rocket Pro TPO, generated a net revenue of $91 million, down from $292 million.
“To help our clients in this market, we recently launched BUY+ and SELL+, a collaboration between Rocket Homes and Rocket Mortgage, and unveiled our new Rocket Visa Signature Credit Card, a loyalty program card,” Farner said. “These initiatives, along with Rocket Rewards, provide our clients with tangible value and an experience that can only be realized through Rocket. We believe our ability to provide a superior, differentiated client value proposition will drive growth in our purchase market share, revenue and profitability.”
Rocket said it expects adjusted revenue of between $850 million to $1 billion in the second quarter.
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