Rocket makes $11 billion bid to dominate the homebuying process

Quick Summary:

The sweeping moves, which have stunned the real estate industry, come as the US housing market suffers from persistently high interest rates and home prices.

Nonbank mortgage servicers also grew in the post-financial-crisis period, with then-major players Nationstar, Ocwen and Walter snapping up servicing contracts from the big banks that wanted to cut their exposure to the mortgage business.

Late in Joe Biden’s presidency, the Consumer Financial Protection Bureau sued a unit of Rocket for giving incentives to and pressuring real estate agents to exclusively refer homebuyers to the lender.

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Article Details

Author / Journalist: Paige Smith, Bloomberg

Category: EconomyBusiness

Markets: United States

Topics: Rocket Mortgage rates Homebuying Real Estate

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-01 @ 00:16:42 (1 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 1174 words

Reading Time: 7 minutes read

Sentences: 4 lines

Sentence Length: 294 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 27500537

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