Rocket Companies, the parent company of America’s largest mortgage lender, announced that longtime Chief Financial Officer Julie Booth and General Counsel Angelo Vitale are retiring.
In a statement issued Monday, Rocket said both Booth and Vitale will remain with the company in strategic advisory roles. Booth’s retirement is effective November 15.
Brian Brown, Rocket’s chief accounting officer, will succeed Booth as CFO and treasurer. He joined Rocket in 2014 and leads the accounting, finance, treasury and procurement teams.
Replacing Vitale is Tina John, the company’s deputy general counsel. John joined Rocket in 2020 following a stint at Abercrombie & Fitch. She has specialized in capital markets and public company guidance.
Rocket Companies, the parent of America’s top mortgage lender Rocket Mortgage, reported a $60 million profit in the second quarter, down dramatically from $1 billion just the previous quarter. Company executives in attributed the sharp decline to a stronger than expected drop in purchase business. Mortgage origination volume dropped 58% from the first quarter $34.5 billion.
The company forecasts closed loan volume in the third quarter between $23 billion and $28 billion, with gain-on-sale margins between 2.50% and 2.80%.
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Rocket is heavily focused on managing costs, executives said. Total expenses dropped from $1.6 billion a year ago to $1.3 billion in the second quarter of 2022.
During the second quarter earnings call, Booth told analysts that Rocket’s “core business will continue to face headwinds” in the third quarter, when the company expects to cut at least $50 million in costs, for example, through renegotiations with vendors and other contracts.
The lender has also offered voluntary buyouts to select staffers.