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@@ CNMall41: expressed an objection to include the following. This is a discussion on the matter of Rocket Homes, and a network of partner agents as evidenced by https://homeopenly.com/docs/Rocket-Homes-Terms-and-Conditions.pdf
Rocket Homes Real Estate LLC (formerly, In-House Realty) (MI-LARA License 6505-346028) is a Michigan real estate brokerage operated by Rocket Mortgage, LLC (formerly, Quicken Loans) (NMLS ID 3030) parent company, Rocket Companies, Inc. (NYSE: RKT), in an effort to funnel consumers into a “Verified Partner Agent Network” of colluding third-party brokers that “spans over 3,000 counties across all 50 states” in exchange for kickbacks. Rocket Homes scheme concurrently allocates consumers for kickbacks and suffers from a major conflicts of interest: "… Rocket Homes expects brokers and Verified Partner Agents to preserve and protect the relationship between Rocket Mortgage and our mutual client …" where "… purposefully steering a client from Rocket Mortgage to another mortgage lender is prohibited and could result in termination of the broker’s relationship with Rocket Homes …" Rocket Homes claims to administer plain agreements to divide and assign customers in its Terms and Conditions "Glossary of Terms" as the following definition for a customer: "Referral: A client that we have allocated to a brokerage partner for assignment to a Verified Partner Agent." [1]
On July 7, 2020, Rocket Companies have filed an IPO Form S-1 disclosures with US-SEC that stated: "In May 2020, the CFPB issued a civil investigative demand to our subsidiary, Rocket Homes, the stated purpose of which is to determine if Rocket Homes conducted any activities in a manner that violated RESPA and to determine if further CFPB action is necessary. We intend to cooperate fully with the CFPB in this investigation and are confident in the compliance processes that Rocket Homes has in place." [2]
The investigation has been reported by the real estate news media where Rocket Homes representative had admitted that Rocket Homes "acts as the concierge for the client, assisting and checking in throughout the home buying process.” [3] However, a "concierge for the client" has no legitimate kickbacks safe harbor provisions under the Real Estate Settlement Procedures Act (RESPA). On March 30, 2023, US-CFPB has responded to a Freedom of Information Act (FOIA) request stating that Rocket Homes remains under an active investigation. [4] Litesand ( talk) 21:08, 25 May 2023 (UTC)
References
The redirect Bedrock Detroit has been listed at redirects for discussion to determine whether its use and function meets the redirect guidelines. Readers of this page are welcome to comment on this redirect at Wikipedia:Redirects for discussion/Log/2023 December 15 § Bedrock Detroit until a consensus is reached. Utopes ( talk / cont) 07:41, 15 December 2023 (UTC)
This article is rated Start-class on Wikipedia's
content assessment scale. It is of interest to the following WikiProjects: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
The following Wikipedia contributors may be personally or professionally connected to the subject of this article. Relevant policies and guidelines may include conflict of interest, autobiography, and neutral point of view. |
The
Wikimedia Foundation's
Terms of Use require that editors disclose their "employer, client, and affiliation" with respect to any paid contribution; see
WP:PAID. For advice about reviewing paid contributions, see
WP:COIRESPONSE.
|
Archives ( Index) |
This page is archived by
ClueBot III.
|
@@ CNMall41: expressed an objection to include the following. This is a discussion on the matter of Rocket Homes, and a network of partner agents as evidenced by https://homeopenly.com/docs/Rocket-Homes-Terms-and-Conditions.pdf
Rocket Homes Real Estate LLC (formerly, In-House Realty) (MI-LARA License 6505-346028) is a Michigan real estate brokerage operated by Rocket Mortgage, LLC (formerly, Quicken Loans) (NMLS ID 3030) parent company, Rocket Companies, Inc. (NYSE: RKT), in an effort to funnel consumers into a “Verified Partner Agent Network” of colluding third-party brokers that “spans over 3,000 counties across all 50 states” in exchange for kickbacks. Rocket Homes scheme concurrently allocates consumers for kickbacks and suffers from a major conflicts of interest: "… Rocket Homes expects brokers and Verified Partner Agents to preserve and protect the relationship between Rocket Mortgage and our mutual client …" where "… purposefully steering a client from Rocket Mortgage to another mortgage lender is prohibited and could result in termination of the broker’s relationship with Rocket Homes …" Rocket Homes claims to administer plain agreements to divide and assign customers in its Terms and Conditions "Glossary of Terms" as the following definition for a customer: "Referral: A client that we have allocated to a brokerage partner for assignment to a Verified Partner Agent." [1]
On July 7, 2020, Rocket Companies have filed an IPO Form S-1 disclosures with US-SEC that stated: "In May 2020, the CFPB issued a civil investigative demand to our subsidiary, Rocket Homes, the stated purpose of which is to determine if Rocket Homes conducted any activities in a manner that violated RESPA and to determine if further CFPB action is necessary. We intend to cooperate fully with the CFPB in this investigation and are confident in the compliance processes that Rocket Homes has in place." [2]
The investigation has been reported by the real estate news media where Rocket Homes representative had admitted that Rocket Homes "acts as the concierge for the client, assisting and checking in throughout the home buying process.” [3] However, a "concierge for the client" has no legitimate kickbacks safe harbor provisions under the Real Estate Settlement Procedures Act (RESPA). On March 30, 2023, US-CFPB has responded to a Freedom of Information Act (FOIA) request stating that Rocket Homes remains under an active investigation. [4] Litesand ( talk) 21:08, 25 May 2023 (UTC)
References
The redirect Bedrock Detroit has been listed at redirects for discussion to determine whether its use and function meets the redirect guidelines. Readers of this page are welcome to comment on this redirect at Wikipedia:Redirects for discussion/Log/2023 December 15 § Bedrock Detroit until a consensus is reached. Utopes ( talk / cont) 07:41, 15 December 2023 (UTC)