Rocket reports steep decline in profit in 2Q

Rocket Cos. was barely profitable in the second quarter, earning a mere $60 million of net income, versus $1.03 billion in the first quarter and $1.04 billion for the second quarter of 2021.

In its earnings call, management focused on how its various parts, including its new programs in solar and home equity, as well its acquisition of Truebill — now called Rocket Money — can help develop business in other parts of its organization.

On the mortgage side it announced a new partnership with Santander Bank to originate loans for its customers. Plus it noted its second quarter cost-cutting efforts were more successful than planned.