Rocket Companies CEO Jay Farner in an appearance on CNBC on Wednesday credited the mortgage lender’s investments in technology for its record quarter it reported the day prior.
The Detroit-based company, which began trading on the public market in August, posted triple-digit loan volume in the third quarter amid a low interest rate environment spurred by the coronavirus pandemic.
“It’s all about our platform,” Farner said in an interview with “Mad Money” host Jim Cramer. “That platform allows us to scale.”
Rocket, which focuses on technology to drive real estate deals, pumped about $500 million into its platform in the past year, he said. The company, parent of Quicken Loans Inc, does business through its Rocket Mortgage, Rocket Homes and Rocket Auto brands.
In the third quarter that ended in September, Rocket recorded $89 billion in closed loan volume, up 122% from a year ago when the U.S. was enjoying a strong economy. The strong performance comes amid a low interest rate environment that has powered a home-buying spree over recent months. Demand driven by low rates has pushed home prices up. Read from source….