#mortgage-steering

#mortgage-steering

The plaintiffs are represented by Hagens Berman, a consumer protection law firm that was also involved in similar litigation against Zillow and the National Association of Realtors. In a press release announcing the action, the law firm said that Rocket including its affiliates Rocket Mortgage, Amrock Holdings and Rocket Homes Real Estate, which were also named as defendants conspired to pressure clients to use Rocket's mortgage company to finance their purchase.

Borrowers have added new details in an amended complaint alleging that loanDepot engaged in a sophisticated, years-long scheme to steer customers into higher-rate loans to inflate its performance ahead of its 2021 initial public offering (IPO). The class-action lawsuit, filed in July in Maryland, claims the lender required loan officers (LOs) who couldn't push higher-cost loans to transfer borrowers to internal loan consultants (ILC).