![]() ![]() CEO Jay Farner framed the challenges rising mortgage rates pose for the industry as a whole as an opportunity. The company managed to boost liquidity by $1.5 billion, to $8.8 billion, which included $4 billion in cash and $3.1 billion in undrawn lines of credit. The servicing portfolio generates more than $1.4 billion in recurring income a year, the company said. On the bright side, Rocket boosted its loan servicing portfolio by 2 percent, with 2.5 million borrowers making payments on $531 billion in outstanding mortgage debt. With rising mortgage rates drastically curtailing refinancings and also denting purchase lending, Rocket Mortgage saw third-quarter mortgage originations plummet by 73 percent from a year ago, to $23.7 billion. Expenses at Rocket - which has been slimming its payroll through attrition and voluntary buyouts - were down 30 percent from a year ago, to $1.188 billion. reported $96 million in net income Thursday, down 93 percent from year ago, as revenue fell 58 percent to $1.295 billion. The parent company of the nation’s largest mortgage lender, Rocket Mortgage, saw third quarter profits nearly evaporate as revenue fell faster than the company could cut expenses. Experts and industry leaders will take the stage at Inman Connect New York in January to help you navigate the market shift - and prepare for the next one. When assessing ability to service a loan, Westpac may use an interest rate that’s higher than the current interest rate for the loan you’ve requested.New markets require new approaches and new tactics. Might not be taken into account if you apply for a loan with us, as we’ll make our own calculations.Doesn’t represent a quote or pre-qualification for a loan.We recommend you talk with your financial adviser before taking out a loan. If you need more information, please call 131 900. Before you act on the output of this calculator, please consider if it’s right for you. Is prepared without knowing your personal financial circumstances.Is subject to the assumptions, which are subject to change.Premier Advantage Package Conditions of Use (PDF 290KB) Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. #Premier Advantage Package: Conditions of Use and $395 annual package fee applies. Read our Redraw Authority form (PDF 66KB) for full details. Prepayments exceeding this threshold may incur a break costģRedraw facility : if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714ġBreak costs on prepayments and switching: Customers can make total prepayments of up to $15,000 (cumulative) for loans fixed prior to 21 March 2009, $25,000 (cumulative) for loans fixed between 21 March 2009 and 16 March 2012 or $30,000 (cumulative) for loans fixed on or after 17 March 2012, without costs or fees applying. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This information has been prepared without taking your objectives, needs and overall financial situation into account. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. ![]() Terms and conditions available on request. Conditions, credit criteria, fees and charges apply. ![]()
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