Agreement Reached In Tribal Land Loan Dispute

By KIMBERLEY HAAS

Officials at the U.S. Department of Housing and Urban Development have reached an agreement with Rocket Mortgage after the company allegedly denied a loan to a couple hoping to buy a home on tribal land.

According to a press release, the single-family home was located within the boundaries of the Flathead Indian Reservation in St. Ignatius, Montana. Because Rocket denied the couple’s loan application based on race, they were “forced to pay a higher interest rate and accept a loan from another lender on less favorable terms.”

Rocket and the banker involved in the complaint deny any violation of the law under the agreement. They do acknowledge their duty to not discriminate under the Fair Housing Act.

The couple will receive a $65,000 settlement payment. Rocket will also be required to provide fair lending training to employees and abide by fair lending standards for applicants seeking credit to buy on a Native American reservation.

Rocket has agreed to provide financial support for programs that improve housing conditions and will offer consumer financial literacy education for Native Americans. They will also add content to their website about options for mortgages located on reservations.

Principal Deputy Secretary for Fair Housing and Equal Opportunity Demetria McCain said this agreement demonstrates HUD’s commitment to ensuring fair lending for people living on tribal lands.

“No one seeking to purchase a home should be subjected to unlawful discrimination when applying for a home mortgage,” McCain said in a statement.

According to visitmt.com, St. Ignatius boasts views of the Mission Valley and the National Bison Range offers tourists the opportunity to view 500 bison roaming on natural grassland.

On May 2, leaders at Rocket Companies announced their first quarter results for 2024, including a total net revenue of $1.4 billion and adjusted revenue of $1.2 billion.

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