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
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
Cavaliers Owner Dan Gilbert Recovering From Stroke On Sunday
Cleveland Cavaliers owner and founder of Quicken Loans Dan Gilbert suffered from a stroke on Sunday.According to ESPN, Quicken Loans CEO Jay Farner said that Gilbert is “awake, responsive and resting comfortably.”“Dan and his family are immensely grateful to the doctors and nurses whose early intervention is already paying dividends toward his recovery, Farner said, according to ESPN. “We will update the public as additional details become known.”The Detroit billionaire was feeling ill and asked a friend to take him to a nearby Detroit hospital. The 57-year-old co-founded Quicken Loans in 198...