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Rocket settles $3.5M lawsuit alleging unpaid employee overtime

Housing Wire

Rocket Mortgage has entered into a settlement agreement with a group of current and former employees who have alleged the company did not provide sufficient overtime pay, according to court documents reviewed by HousingWire and reporting at Bloomberg Law. In a case filed in January 2023 in the U.S. Nearly 30% of the $3.5

Loans 369
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Jury convicts San Francisco real estate investor for defrauding Quicken Loans

Housing Wire

A San Francisco real estate investor with political ties was found guilty of bank fraud and making false statements to Quicken Loans as part of a larger federal investigation targeting public corruption in the city. . million real estate loan to Kelly.”.

Loans 261
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Rocket Mortgage: UWM is trying to “manipulate” market

Housing Wire

Tension between long-time rivals United Wholesale Mortgage and Rocket Pro TPO , formerly Quicken Loans Mortgage Services , reached a new boiling point after the top wholesale lender in the nation announced it will no longer work with brokers who also work with Rocket Mortgage.

Mortgages 498
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Making sense of ultra-low mortgage rates

Housing Wire

Last week, we published a story about United Wholesale Mortgage (UWM) offering 15-year fixed mortgage rates as low as 1.875% for purchases and refinances. For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. Others just wanted more details.

Mortgages 521
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UWM 1.99% 30-year mortgage rate comes with a catch

Housing Wire

United Wholesale Mortgage announced Tuesday it is offering conventional mortgage rates as low as 1.99%, but brokers warn this rate isn’t for every borrower, or even the majority. You won’t find a no-cost loan in the low 2s or high 1s,” Mortgage Broker Jason Barlow explained in an interview with HousingWire.

Mortgages 519
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Justin Messer promoted to CEO of Prosperity Home Mortgage

Housing Wire

Chantilly, Virginia-headquartered mortgage bank Prosperity Home Mortgage , a subsidiary of HomeServices of America , promoted Justin Messer to president and CEO on January 1, 2023. Messer has been with Prosperity since January 2011, working as SVP of capital markets and corporate strategy before a promotion to COO in 2019.

Mortgages 351
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AIME names Jonathon Haddad as new CEO and chairman

Housing Wire

Jonathon Haddad, president of Next Door Lending , will replace Katie Sweeney as the chairman and CEO of the Association of Independent Mortgage Experts (AIME). Before that, Haddad spent about six years at Quicken Loans , starting as a senior mortgage banker in 2013 and ascending to regional vice president.

Lending 362