Talk:Rocket Mortgage

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Rocket Homes

@@CNMall41: expressed an objection to include the following. This is a discussion on the matter of Rocket Homes, and a network of partner agents as evidenced by https://homeopenly.com/docs/Rocket-Homes-Terms-and-Conditions.pdf

Rocket Homes

Rocket Homes Real Estate LLC (formerly, In-House Realty) (MI-LARA License 6505-346028) is a Michigan real estate brokerage operated by Rocket Mortgage, LLC (formerly, Quicken Loans) (NMLS ID 3030) parent company, Rocket Companies, Inc. (NYSE: RKT), in an effort to funnel consumers into a “Verified Partner Agent Network” of colluding third-party brokers that “spans over 3,000 counties across all 50 states” in exchange for kickbacks. Rocket Homes scheme concurrently allocates consumers for kickbacks and suffers from a major conflicts of interest: "… Rocket Homes expects brokers and Verified Partner Agents to preserve and protect the relationship between Rocket Mortgage and our mutual client …" where "… purposefully steering a client from Rocket Mortgage to another mortgage lender is prohibited and could result in termination of the broker’s relationship with Rocket Homes …" Rocket Homes claims to administer plain agreements to divide and assign customers in its Terms and Conditions "Glossary of Terms" as the following definition for a customer: "Referral: A client that we have allocated to a brokerage partner for assignment to a Verified Partner Agent."

On July 7, 2020, Rocket Companies have filed an IPO Form S-1 disclosures with US-SEC that stated: "In May 2020, the CFPB issued a civil investigative demand to our subsidiary, Rocket Homes, the stated purpose of which is to determine if Rocket Homes conducted any activities in a manner that violated RESPA and to determine if further CFPB action is necessary. We intend to cooperate fully with the CFPB in this investigation and are confident in the compliance processes that Rocket Homes has in place."

The investigation has been reported by the real estate news media where Rocket Homes representative had admitted that Rocket Homes "acts as the concierge for the client, assisting and checking in throughout the home buying process.” However, a "concierge for the client" has no legitimate kickbacks safe harbor provisions under the Real Estate Settlement Procedures Act (RESPA). On March 30, 2023, US-CFPB has responded to a Freedom of Information Act (FOIA) request stating that Rocket Homes remains under an active investigation. Litesand (talk) 21:08, 25 May 2023 (UTC)

References

First question I have was raised in my edit summary when removing. It appears Rocket Homes is part of Rocket Companies. Rocket Mortgage would then be a sibling company to Homes correct? --CNMall41 (talk) 22:55, 26 May 2023 (UTC)

Rocket Companies is a parent company for a number of separate operating subsidiaries that do different things. In this case, Rocket Homes is a real estate broker (MI-LARA licensed) and Rocket Mortgage (NMLS licensed) is a lender, both are subsidiaries under Rocket Companies. This Article, technically, should be titled "Rocket Companies" where discussion for each subsidiary would have its own section, but when this article was first created Rocket Mortgage (Quicken Loans) was primary business model, so that's how people know/reference the company. We can potentially rename the Article to Rocket Companies, which would make title technically accurate since (NYSE: RKT) is assigned to "Rocket Companies" rather than "Rocket Mortgage" See https://www.rocketcompanies.com/

I don't think it makes sense separating Rocket Homes and Rocket Mortgage into two Articles if they can be written about as RKT subsidiaries, although plausible. For instance, https://en.wikipedia.org/wiki/Microsoft and https://en.wikipedia.org/wiki/Microsoft_Azure are separated into separate Articles, but MSFT has a much bigger scope than does RKT. Litesand (talk) 07:44, 28 May 2023 (UTC)

It is a parent company. A holding company of many other companies, including Rocket Mortgage and Rocket Homes. Rocket Mortgage is notable for a standalone page as it was notable before Rocket Companies was even formed. What you are doing is coatracking in what appears to be an attempt to WP:RGW as I have said in discussions on the other Wikipedia pages where you are attempting to add similar information. As such, I would oppose including this on the page. --CNMall41 (talk) 02:21, 31 May 2023 (UTC)

"Bedrock Detroit" listed at Redirects for discussion

The redirect Bedrock Detroit has been listed at redirects for discussion to determine whether its use and function meets the redirect guidelines. Readers of this page are welcome to comment on this redirect at Wikipedia:Redirects for discussion/Log/2023 December 15 § Bedrock Detroit until a consensus is reached. Utopes _{(talk / cont)} 07:41, 15 December 2023 (UTC)

Founders

Hello all! I wanted to bring up and discuss the founders. I've been helping on this page for a while and when working on the History section and noticed the Founders were off. I could not find any notable sources stating that Ron Berman was ever a founder. Here are two sources stating who the founders are, where Ron is not mentioned. I also saw that "Ron" content was attempted to be removed and it was reverted by someone who might have a COI with Ron/the Founders?

Let me know if anyone else might have any other thoughts on this or insight. Fabiola718 (talk) 00:01, 25 June 2024 (UTC)

I searched ProQuest for "Ron Berman" AND "Rocket" and got zero hits. S0091 (talk) 17:13, 29 July 2024 (UTC)

References