CFPB Targets Rocket Mortgage For Alleged Kickbacks
December 24, 2024
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The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Rocket Homes claiming kickbacks for real estate brokers and agents who steered customers to use the platform for mortgages.
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The CFPB reported that it had also sued Jason Mitchell, his real estate brokerage firm, JMG Holding Partners LLC, which does business as The Jason Mitchell Group, and the individual real estate brokerage companies in the 41 states and the District of Columbia where it does business.
Rocket Homes allegedly pressured real estate brokers and agents not to share information with their clients concerning products not offered by Rocket Mortgage,
The CFPB is seeking consumer redress, and to obtain a civil penalty for a victims relief fund.
“Rocket engaged in a kickback scheme that discouraged homebuyers from comparison shopping and getting the best deal,” said CFPB Director Rohit Chopra. “At a time when homeownership feels out of reach for so many, companies should not illegally block competition in ways that drive up the cost of housing.”
Rocket Homes Real Estate, LLC is incorporated in Michigan and is an affiliate of Rocket Companies, Inc. (NYSE: RKT).
The CFPB alleges that Rocket Homes violated the Real Estate Settlement Procedures Act by providing kickbacks in exchange for referrals.
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The CFPB further alleges that The Mitchell Group and Jason Mitchell also violated the Real Estate Settlement Procedures Act
Reuters reported that Rocket refuted the claims, quoting a representative stating:
“The facts are clear – data shows one-third of consumers with a loan application already in progress with Rocket Mortgage, before contacting Rocket Homes, chose to close with a different lender. This proves Rocket Homes is committed to empowering home-buyers to make the best decisions for their unique needs.”
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