A weekly report on what's happening in mortgages and closings.

November 13, 2024

ONE BIG STORY

Looking beyond $878 million in paper writedowns in the fair value of Rocket Companies’ mortgage servicing rights, CEO Varun Krishna was pleased with the Detroit-based lender’s third quarter, saying Rocket picked up market share from competitors as mortgage originations grew 28 percent from a year ago, to $28.5 billion.

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Number of the week: Rocket’s (adjusted) Q3 revenue: $1.32 billion.

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THE NEWS TO KNOW

Better’s $1B Q3. Digital mortgage lender Better originated more than $1 billion in mortgages during the third quarter for the first time in two years, but posted a $54.1 million loss as the company staffed up and boosted spending on marketing and advertising. Founder and CEO Vishal Garg put a positive spin on the results, saying Better’s continued investment in technology gives it a cost advantage over competitors, and that expanded partnerships with retail lenders will help fuel growth. Read the full story here.

Opportunity knocks. Homebuyers are feeling frustrated by high mortgage rates and home prices, but mortgage lenders can score points by helping them navigate the challenging landscape. Those who don’t risk losing market share to competitors who have remained staffed up and invested in digital processes that streamline the process of taking out a home loan, according to an annual customer satisfaction survey by J.D. Power. Read the full story here.

Change in the weather. Shares in homeowners insurance and software platform Porch Group soared by more than 50 percent Friday after the company reported record profits and outlined plans to restructure its insurance business to better insulate it from catastrophic weather events. Read the full story here.

THE BEST OF THE REST

Amerant Bank exits Texas but still providing mortgages nationwide

Florida-based community bank sells its Houston branches to MidFirst Bank

Latest CPI reading leaves door open for December Fed rate cut

October Consumer Price Index report isn't having a big impact on mortgage rates

Record number of Americans say they'd rather rent than buy

Housing market sentiment rose in October to the highest level since February 2022

New customers and layoffs help Blend approach profitability

Blend laid off 50 workers in September, or about 9% of its workforce, helping trim expenses

QUOTE OF THE WEEK: “Looking ahead, Mr. Trump’s economic policy agenda threatens to prevent core PCE inflation from returning to the Fed’s 2 percent target next year, though elevated political uncertainty means the range of possible outcomes is extremely wide.” —Samuel Tombs, Pantheon Macroeconomics.

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