Keefe sees negligible impact on Rocket from UWM comments

Keefe Bruyette keeps a Market Perform rating on Rocket Companies (RKT) after HousingWire reported that Matt Ishbia, CEO of UWM Holdings (UWMC), stated that the company was ending its subservicing relationship with Mr. Cooper (COOP). UWM, which has a $230B portfolio, does not break out how much of its portfolio is serviced by Mr. Cooper, the analyst tells investors in a research note. Keefe assumes the company uses multiple subservicers. Even if Mr. Cooper serviced half, which is very unlikely, the earnings impact on Rocket is likely to be negligible, contends Keefe.