Mortgage

Quicken's father or mother firm stories an unlimited revenue improve within the second quarter

Rocket Cos., The new Quicken Loans holding company after the IPO, earned between $ 3.35 and $ 3.55 billion in the second quarter, according to the updated prospectus.

"Our financial results for the three months and six months ended June 30, 2020 are not yet complete and will not be available until this offer is complete. Accordingly, we will provide certain preliminary estimated unaudited financial results," the prospectus said.

Second quarter earnings are a turnaround from a loss of $ 54 million in the same period a year ago.

Quarter to quarter, net profit centered $ 3.35 billion above the $ 97.7 million that Rocket reported in the first quarter.

The discussion section of the prospectus has not been updated to include comments on the new numbers.

During the quarter, Quicken mortgaged $ 72.3 billion, compared to $ 51.7 billion in the first quarter and just under $ 32 billion a year ago.

Among the major bank lenders, Wells Fargo generated $ 59 billion and Chase $ 24.2 billion in the second quarter.

Bank of America has raised a total of $ 23.1 billion between its consumer banking and global wealth management units. $ 18.9 billion was recorded in the first quarter, while BofA generated $ 18.2 billion in the second quarter of 2019.

Quicken's total revenue for the quarter was between $ 4.93 and $ 5.13 billion. The profit from the sales figures was not shown. For the same period last year, total sales were $ 938 million.

Second quarter net sales were reduced by an adjustment of the fair value of its service rights between $ 265 and $ 285 million.

In the second quarter of last year, sales were reduced by $ 391 million by adjusting fair value.

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