The New Jersey-based bank was alleged to have restricted mortgage lending services and credit access to certain neighborhoods from 2018 through at least 2022.
FHA Commissioner Julia Gordon spoke Tuesday at an online housing counseling conference hosted by the Department of Housing and Urban Development’s Office of Housing Counseling.
Khalil Kanaan, head of residential mortgage at LibreMax, an asset manager that has invested in home equity investments, said the products offer unlevered returns in the low double digits.
“These rules must be updated, and your efforts to stop regulators from doing so is unjustified and harmful,” Sens. Elizabeth Warren and Maxine Waters wrote in a letter to the Chamber of Commerce and the American Bankers Association.
In the first six months of 2024, Rocket had a market share of 10.5% in the wholesale channel, according to estimates by Inside Mortgage Finance, while United Wholesale Mortgage’s market share stood at 43.1%.
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