Is Dan Gilbert Planning On Selling Rocket Mortgage Amid Plummeting Originations, Layoffs And Talks Of “Industry Consolidations”?
There is no doubt that the past year was horrible for Dan Gilbert and Rocket Mortgage. The company saw profits plummet faster than contestants on a Japanese game show.
Seriously, Rocket Mortgage has seen their profits plummet 90% in the past 6 months. They have also laid off or terminated nearly 30% of it workforce in the past year. In addition, Rocket Mortgage has cut an additional 50 IT and software jobs last week. The company also eliminated 20 marketing positions several weeks ago. Ironic since the backbone to rocket’s 20-year success has been it’s marketing. Especially, internet marketing.
As a result, Rocket was surpassed by United Wholesale Mortgage as the top overall mortgage originator volume in the nation.
Rocket Companies is expected to announce its year-end earnings in late February.
It appears that Dan Gilbert’s once crown jewel has found itself floundering. Since Gilbert’s untimely stroke in May 2019, the company has been struggling. Rising interest rates and shrinking housing market has only worsened the problem for Rocket Mortgage.