CFPB Investigating Quicken’s Real Estate Affiliate Some Lenders Take Referral Fees, Too By Lew Sichelman | Special to Banker & Tradesman | Jan 10, 2021 | Reprints | Print
Lew Sichelman
In a little-known civil action, the Consumer Financial Protection Bureau is investigating the real estate affiliate of Quicken Loans for allegedly illegal kickbacks.
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. Under RESPA, it is illegal to collect money without providing “meaningful” services.
The CFPB’s investigation has gone largely unnoticed because it does not publicize such cases until a determination of guilt is made. And rightly so – to announce an investigation without any such findings would cast an unnecessary cloud over innocent compan