Brokerage CEO denies kickback scheme with Rocket

The Mitchell Group was going to settle accusations that it participated in an alleged kickback scheme with Rocket Homes by paying $200,000 to the Consumer Financial Protection Bureau.? Doing so would make a potential headache go away. But the brokerage's CEO Jason Mitchell decided that since his company did nothing wrong, he would take his chances and try to prove that in court. In a video address posted on Linkedin, Mitchell accused the CFPB of unleashing a "witch hunt" and cryptically hinted that the bureau was trying to get his brokerage to divvy out information that would make going after Rocket Companies easier.

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Inside Loandepot's plan to settle data breach claims

A pending agreement between Loandepot and class action plaintiffs to resolve data breach claims is more nuanced than its $25 million settlement fund. A resolution for litigation over the hack the lender and servicer suffered in January is pending a federal judge's approval. The agreement, according to court filings, was reached in June, and before potentially costly motions for summary judgement and dismissal were filed. Loandepot denies any wrongdoing in the settlement. The parties suggest the total settlement benefit for the 16,924,007 affected persons could exceed $86 million.?

Mortgage rates approach end of 2024 with a surge

Mortgage rates headed upward over the Christmas holiday week, running counter to Federal Reserve policy that might suggest movement in the opposite direction. The 30-year fixed-rate mortgage came in at an average of 6.85% for the seven-day period ending Dec. 26, according to Freddie Mac's weekly Primary Mortgage Market Survey. Economic trends provided lift, as the latest number rose 13 basis points from a 6.72% average a week earlier.?

Say what? Homebuyers' unusual property search terms

In September, Zillow came out with an enhanced natural language search feature for potential homebuyers. It was able to gain additional insight beyond the broad characterizations and come up with 2024's most unique home search trends. Read on for some of the more unusual aspects that consumers are looking for in a home that everyone in the mortgage manufacturing ecosystem could see when they look at loan applications in the coming months.

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