Quicken Loans' parent Rocket Companies shows $3.4B profit in first earnings report
Detroit-based Rocket Companies, the new publicly traded firm that includes Dan Gilbert’s Quicken Loans, announced a massive profit Wednesday in its first earnings report since its IPO last month.Rocket reported net income of $3.4 billion in the second quarter that ended June 30, compared to a net loss of $54 million during the same three-month period last year.The company also did a record $72.3 billion in closed loans, which was 126% more than the same period in 2019.Rocket closed Wednesday at $31.30, up about 2%.“Record low interest rates are driving demand for home loans,” Rocket Companies ...
Detroit Free Press
Undeterred by the pandemic, more people are buying a house sight unseen to take advantage of record-low mortgage rates
PHILADELPHIA — Forty-five percent of people bought a home in the past year without seeing it in-person — a number that is likely to grow during the coronavirus pandemic, according to a study of about 1,400 people that the real estate platform Redfin released Thursday.The figure is the highest since 2015, according to the survey, which polled respondents from 29 major markets in the U.S. and Canada. Redfin credited record-low mortgage rates and work-from-home policies that have allowed employees to move elsewhere.As of Thursday, the mortgage loan company Freddie Mac said the average rate for a ...
The Philadelphia Inquirer
Quicken Loans files paperwork for IPO under name Rocket Companies
DETROIT — Quicken Loans, the nation’s largest mortgage lender, has filed paperwork with the U.S. Securities and Exchange Commission to move forward with taking the company public under the name Rocket Companies.Although the Detroit-based company has not yet announced the number or price of shares that would be offered on the New York Stock Exchange, experts have speculated an initial public offering by Quicken could raise tens of billions of dollars. No date was given for the proposed IPO.Under the proposal made public Tuesday, Quicken founder Dan Gilbert would retain a controlling stake in Ro...
The Detroit News
Detroit Will Breathe protesters make noise at Rocket Mortgage Classic
DETROIT — Detroit Golf Club wasn’t quiet on Sunday.The first three days of the PGA Tour’s Rocket Mortgage Classic, played without spectators, were so silent that third-round leader Matthew Wolff could hear an ice cream truck playing in the distance.Just before 3 p.m. Sunday, the noise level at the tournament increased as 75 or so protesters from “Detroit Will Breathe” showed up outside the main gates of the clubhouse, which is near the ninth green and 10th tee box.The demonstrators brought megaphones to protest against an “exclusive event” that shows how Mayor Mike Duggan and his administratio...
Detroit Free Press