![]() ![]() His complaint says that while Rocket promises to match Quicken’s borrower clients with highly rated realty agents, it actually connects them with “only real estate agents (who) have agreed to pay a referral fee.” The fee is never disclosed to the client, according to Shkipin. I have copies of all of his complaints, but since the Rocket Homes investigation is the only one that is public, let’s stick to his allegations about that company. But the company, which went public in early August under the name Rocket Companies, said in its IPO prospectus that it “intend(s) to cooperate fully with the CFPB in this investigation and (is) confident in the compliance processes that Rocket Homes has in place.” Quicken, one of the nation’s largest mortgage lenders, did not respond to a request for comment. And rightly so - to announce an investigation without any such findings would cast an unnecessary cloud over innocent companies. The CFPB’s investigation has gone largely unnoticed because it does not publicize such cases until a determination of guilt is made. Under RESPA, it is illegal to collect money without providing “meaningful” services. Specifically, the consumer watchdog agency is wondering whether Rocket Homes Real Estate violated the Real Estate Settlement Procedures Act when it charged fees for referring Quicken’s mortgage clients to real estate agents. In a little-known civil action, the Consumer Financial Protection Bureau is investigating the real estate affiliate of Quicken Loans for illegal kickbacks. ![]()
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