On February 28, 2022, Jay Farner, Vice Chairman and CEO of Rocket Companies, Inc. (the "Company"), entered into a share trading plan (the "Purchase Plan") with a broker for the purchase of shares of the Company’s common stock. The Purchase Plan was adopted pursuant to and in compliance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and in accordance with the Company’s insider trading policies. In accordance with Rule 10b5-1, Mr. Farner will have no authority, influence or control over any purchase of shares of common stock of the Company under the Purchase Plan. Subject to the satisfaction of certain conditions, a broker may periodically effect purchases of up to $36 million total aggregate value of the Company’s common stock from March 30, 2022 through December 30, 2022. Purchases under the Purchase Plan are subject to or dependent upon certain market pricing parameters and trading limitations. Any transactions under the Purchase Plan will be reported to the Securities and Exchange Commission in accordance with securities laws, rules and regulations.
The mortgage industry has turned into a complete joke over the years. People don’t even need a college degree to get hired as a loan officer from Woke recruiters/ Woke management which is why most lenders over hired & now they got a bunch charlatans sitting around twiddling their thumbs. Just like how Twitter & Meta had/have too many workers on board- the same issue applies to the United States mortgage industry.
Most mortgage Loan officers can literally make more money for their families by working at their local McDonald’s.
These insider buys by Farner who is grossly overpaid won’t make a difference/ hasn’t made a difference as the selling pressure continues & most RKT investors can kiss their money goodbye. The stock will never see IPO $18 ever again.
“Our estimate suggests industry volume per loan officer at less than 1 loan per month”
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