Rocket Companies hit by falling net profit

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Rocket managed to cut spending by $300 million quarter over quarter, beating its target of $100 million. The company’s total spending in the second quarter was $1.3 billion.

“We are also investing our capital in Rocket Engagement and Services platforms to expand our customer base, drive higher conversion and lower our customer acquisition costs, laying the foundation for our next stage of growth,” said Julie Booth, Chief Financial Officer and Treasurer of Rocket Companies. “We will continue to deploy our capital in a strategic and disciplined manner to generate long-term shareholder value.”

“We are adapting our mortgage operations to the current market environment and remain focused on managing the business with discipline,” added Farner. “It’s an energizing time for us. Our ability to constantly innovate to better serve our customers through our platform, especially during these difficult times, will further differentiate us from our competitors and allow us to capture market share over the long term.

In the next quarter, Rocket expects closed loan volume of between $23 billion and $28 billion.