Consent Order Quicken Loans, Inc. and another Reverse Home Loan, LLC

Consent Order Quicken Loans, Inc. and another Reverse Home Loan, LLC

Date: 04/20/2018
Organization: Division of Banks
Docket quantity: 2017-005
Location: Detriot, Michigan and north park, Ca

WHILE, an study of Quicken Loans was carried out pursuant to General Laws chapter 255E, part 8, at the time of August 2, 2016, to evaluate Quicken Loans’ lending performance under Mortgage Lender Community Investment standards described within the Division’s legislation 209 CMR 54.00 et seq.;

WHILE, the Report of Examination (Report) given pursuant to your Division’s study of Quicken Loans as of August 2, 2016 alleged significant non-compliance with relevant Massachusetts and federal statues, guidelines, and laws governing the conduct of the involved in the company of a home loan loan provider in Massachusetts with regards to Quicken Loans’ reporting of particular information elements beneath the Residence Mortgage Disclosure Act (HMDA);

WHILE, an study of ORM ended up being carried out pursuant to General Laws chapter 255E, part 8, at the time of November 6, 2017, to assess ORM’s compliance with the regulations relevant to its company;

WHILE, the Division has made no discovering that either business has interpreted and used law that is such bad faith or even for the goal of deliberately avoiding its reporting responsibilities under HMDA; and

WHILE, the Division and Quicken Loans now look for to solve by shared contract the issues identified within the Report, and also the Division and ORM now look for to eliminate by mutual contract comparable issues arising associated with the examination that is referenced of.Continue reading