Rocket (RKT) unit Rocket Homes Real Estate was sued by the US Consumer Financial Protection Bureau for allegedly paying kickbacks to real estate brokers and agents so they could steer prospective borrowers to Rocket Mortgage, the regulator said Monday.
Rocket Homes allegedly "pressured" brokers and agents to withhold information on products not offered by Rocket Mortgage, such as the availability of down payment assistance programs that often save homebuyers thousands of dollars, according to the CFPB.
The CFPB also sued Jason Mitchell and his firm JMG Holding Partners, doing business as The Jason Mitchell Group, in the alleged scheme.
The allegations could result in civil penalties against Rocket Homes and Jason Mitchell and his firm for violations of the Real Estate Settlement Procedures Act, the CFPB added.
Rocket did not immediately respond to a request for comment from MT Newswires.
Shares of Rocket fell 3.6% in recent trading.
Price: 11.39, Change: -0.43, Percent Change: -3.64
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