Rocket Companies Inc. made so much money last year it's giving about $2.2 billion of it back to shareholders. The Detroit-based mortgage giant (NYSE: RKT) on Thursday afternoon reported "record-breaking" earnings for the fourth quarter of 2020 and the full fiscal year, smashing analyst estimates…
The main headquarters for mortgage lender Rocket Companies Inc. is in downtown Detroit.
Rocket Companies Inc. made so much money last year it s giving about $2.2 billion of it back to shareholders.
The Detroit-based mortgage giant (NYSE: RKT) on Thursday afternoon, Feb. 25, reported record-breaking earnings for the fourth quarter of 2020 and the full fiscal year, smashing analyst estimates.
Detroit s largest employer reported total net income of $9.4 billion last year on more than $15.7 billion in revenue. That performance led Rocket to announce a massive one-time dividend to Class A shareholders of $1.11 per share, or about $2.2 billion according to the company s earnings report.
Newsmakers webcast: UWM, Lineage CEOs on how they kept growing in a pandemic year
Crain s Detroit Business
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The CEOs of two of metro Detroit s fastest-growing companies maintained their agility in navigating a difficult 2020, while maintaining their breakneck expansions.
Greg Lehmkuhl, CEO of Novi-based cold food storage warehouse giant Lineage Logistics, and Mat Ishbia, CEO of Pontiac-based United Wholesale Mortgage, share some of how they it in interviews with Crain s Publisher and Crain Communications CEO KC Crain as part of a series of interviews with 2020 s top Newsmakers.
Lehmkuhl led Lineage to one of the most acquisitive years on record for any company in Michigan, ever.
United Wholesale Mortgage Corp. has hired industry veteran Desmond P. Smith to be the company's first chief growth officer.
Smith, 48, most recently an executive for Fannie Mae, was hired by the Pontiac-based wholesale lender to work on growing the overall broker channel, according to a UWM news…
Lenders holding their own as mortgage relief remains in place
Foreclosures likely to tick up at some point
U.S. government agencies continue with moratorium programs for borrowers
iStock
Amid a depressed economy that shows little sign of revving into higher gear in the near term, people s ability to stay in their homes has been a relief for many.
That s been made possible by the federal CARES Act, sweeping relief legislation passed last March as the COVID-19 pandemic took hold that included a moratorium on evictions and foreclosures for those unable to pay their housing costs.
And under orders issued earlier this week by the Federal Housing Finance Agency, those moratoriums have been extended through at least the end of March of this year. Those with mortgages backed by Fannie Mae and Freddie Mac can remain in forbearance for up to 15 months. Federal COVID-19 Payment Deferral allows those borrowers to repay their missed payments at the time the home is sold, refinanced or at m