Shares of Rocket Cos., the parent of Rocket Mortgage, fell almost 11% in after-hours trading with the company logging its first-quarter results.
The company reported earnings attributable to Rocket of $123.7 million, while a year earlier, the company broke even. Earnings this quarter were $1.07 a share.
Adjusted earnings were 89 cents a share. According to FactSet, analysts were expecting 90 cents a share.
The company reported $4.58 billion of net revenue, up from $1.37 billion a year ago. Adjusted revenue was $4.04 billion, higher than $2.11 billion a year ago.
Closed loan origination volume was $103.53 billion.
The company saw its highest ever purchase application volume in March for its mortgage business, Chief Executive Jay Farner said in prepared remarks.
Rocket said it expects between $82.5 billion and $87.5 billion in closed loan volume for the second quarter. It expects net rate lock volume for this quarter to be between $81.5 billion and $88.5 billion. The company also expects its gain on sale margins to be between 2.65% and 2.95%.
Shares were down 10.7% at $20.36 a share in after-hours trading.