When you take a look at the suit that was filed against us, we find it very interesting that the first line in the press release is Rocket. It's not the appraiser or Solidifi, the third-party appraisal company. Per the Dodd Frank Act, back in 2010, appraisal independence is the rule, so a lender cannot get involved in the determination of value as it relates to an appraisal. When HUD puts our name in the headline, it's to find a big name so they can have this individual suit show up in the press.
This was a three-time Rocket client. Why would we not want to help a three-time client? The appraisal came in lower than it did previously. We ordered this appraisal from a third party, who contracted the state-licensed appraiser. At the end of the day, the client didn't like the appraisal. We offered a reconsideration of value twice to the client. They refused it twice and ultimately decided not to proceed with the transaction.
They're clearly trying to send messages to the industry. There shouldn't be discrimination in the process.
Collection
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