WA DFI previously entered into a Consent Order in 2016 with Rocket Mortgage in resolution of a Statement of Charges regarding advertising practices.
#QUICKEN LOANS UPDATE#
The settlement also requires Rocket Mortgage to update telemarketing scripts used by mortgage loan originators to remove talking points that the participating states asserted violate federal law. Rocket Mortgage has also agreed to cease certain advertising practices regarding adjustable rate mortgages that the participating states contended may be false, deceptive, and misleading to consumers. The improved advertising standards require Rocket Mortgage to clearly and conspicuously disclose discount points associated with the advertised interest rate and the dollar cost consumers must pay to obtain the discounted interest rate. The settlement requires Rocket Mortgage to pay a penalty of $500,000 to the participating states and establishes improved advertising standards going forward.
The settlement follows a multi-state investigation led by DFI addressing advertising practices believed to be in violation of federal advertising laws. OLYMPIA – The Washington State Department of Financial Institutions (DFI) joined regulators from 11 other states entering into a legal settlement with Rocket Mortgage, LLC (formerly known as Quicken Loans, LLC).
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