UWMC - Rocket stock continues decline as CEO speaks of normalizing margins

Rocket Companies (RKT) CEO said the company's margins are returning to more normal ranges.Rocket stock falls 4.1% in late morning trading.Regarding 2020, "we were able to scale and take advantage of the best margins we've probably ever seen in the mortgage industry," Jay Farner said during the Bank of America Global Technology Conference.And while margins are moderating in 2021, volume is "still tracking to the bet volumes we've ever had," he added.In May, analysts were disappointed with RKT's guidance for its gain-on-sale margins, a measure of its pricing power.Speaking of rival UWM Holdings' (UWMC) decision to cut off ties with brokers that deal with RKT, that "caused brokers to align with us," Farner said. "We saw significant wallet-share gain with all those brokers.""Because we operate in multiple channels, we don't have to protect one channel," he said.Investing in "Rocket Logic" technology that applies local requirements and data to the mortgage origination system and Rocket

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Rocket stock continues decline as CEO speaks of normalizing margins