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ocket Mortgage's parent company, Rocket Companies, saw a significant surge in loan originations as mortgage rates declined. The Detroit-based firm reported a 28% year-over-year increase in origination volume, with $28.5 billion in closed loans in the third quarter, up from $24.6 billion in the previous quarter. However, this growth was overshadowed by a $481 million net loss, largely due to an $878 million decline in the fair value of its mortgage servicing rights.

    Total revenue fell to $647 million, while expenses rose to $1.14 billion. CEO Varun Krishna attributed the mixed results to the market's unpredictability, saying "the past few months have thrown our industry almost every curve ball imaginable." To mitigate losses, Rocket is exploring portfolio acquisitions and subservice agreements, including a recent deal with Annaly Capital Management.

    As of September 30th, Rocket had $8.3 billion in total liquidity, including $1.2 billion in cash on hand. The company forecasts adjusted revenue between $1.05 billion and $1.2 billion for the fourth quarter, despite seasonal lulls and high mortgage rates. Following the earnings call, Rocket shares dropped 11.3% to $13.78 per share.