CEO says the mortgage giant had its best year ever in overall origination
Rocket Companies has reported considerable growth in its mortgage loan origination volume in 2021, but its income was a far cry from its 2020 record levels.
The Detroit-based group posted a net income of $6.1 billion for the full year of 2021. In 2020, Rocket enjoyed a $9.40 billion gain. Its net revenue was $12.9 billion last year, compared to $15.7 billion in the previous year.
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Despite the fall, Rocket Mortgage saw its closed loan origination volume skyrocket to $351.2 billion in 2021, up from $320.2 billion in 2020. In addition, the company said that 2021 represented its strongest purchase closed loan volume in company history – surpassing Q4 2020 levels by 76% quarter over quarter.
“Rocket Mortgage had its best year ever in overall origination, with $351 billion in originations, while also setting a new record in home purchase volume,” said Jay Farner, vice chairman and CEO of Rocket Companies. “Rocket continues to leverage our platform to grow and scale across real estate, mortgage, and financial services.”
According to Farner, the company’s board of directors has also approved a special dividend of $1.01 per share.
“Since our IPO, Rocket has returned $4.5 billion to shareholders through dividends and share repurchases while remaining well-capitalized and investing in a disciplined manner to generate long-term shareholder value,” he said.
Rocket expects to close between $52 billion and $57 billion in loans in the first quarter of 2022. Its anticipated gain on sale margins ranges between 2.80% to 3.10%.