Probably true, plus there's apparently a strong trend where a huge portion of home buying is now being done by institutional real estate conglomerates. Rocket is where young and first time and less affluent go, so their market is shrinking. And the RE conglomerates would have no need as they get their own financing.

On the other hand, supposedly big banks including WFC are ceding the mortgage origination territory to outfits like Rocket, so whatever business there is coming available, they'd have a shot at. And it seems to me that other than advertising, rocket is set up to only make money on every deal. In other words, they only pay out the big commisions and costs when a deal closes and by definition they'd only close deals that work. Costs would be self correcting then. Ie: it's the unicorn business model that should have guaranteed break-even or better operations at any scale. (Again, leaving out advertising of course)

So even though logic says it's untouchable, so was TSLA a month ago, and META before that, and NVDA before that.