Rocket Mortgage Surges After Posting 277% Profit Increase
- Revenue and earnings jumped with U.S. home loans cheaper
- Margins are focus in industry as borrowing costs climb
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Rocket Companies Inc., one of the nation’s largest mortgage lenders, surged on Friday after reporting a 277% increase in quarterly profit.
The results punctuated a record-setting year as the home-loan specialist rode the U.S. housing rally. With a ten-fold increase in net income last year to $9.4 billion, Rocket declared a special dividend of $1.11 per share, according to a statement on Thursday.