Rocket Companies Details IPO Plans

Rocket Mortgage’s parent company – Rocket Companies, Inc. – on Tuesday announced details about its proposed IPO, including the filing of documentation with the Securities and Exchange Commission to offer 150 million shares of common stock to the public. The initial public offering price is expected to be between $20 and $22 per share. Rocket Companies has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RKT.”  Detroit-based Rocket Companies is a holding company with 20,000 employees in the United States consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial.  Rocket Mortgage is the nation’s…

Fannie Mae Puts 18K Loans Up For Sale

Want to buy a mortgage? Fannie Mae announced Tuesday it is putting 18,300 reperforming loans up for sale as part of its ongoing effort to reduce the size of its mortgage portfolio. Reperforming loans are loans that were previously delinquent but have reperformed for a period of time. Some of the loans may be up to 90 days delinquent. The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the…

Freedom Mortgage Adding Thousands Of Jobs

Freedom Mortgage announced Wednesday it will add 3,000 jobs over the next six months to meet increasing demand for mortgage financing and loan servicing. The jobs – in addition to 1,200 added since March – will include mortgage serving professionals, sales call representatives, and in its wholesale, correspondent and traditional retail channels. It will bring the company’s total employee count to 7,000 in the United States. “As our business continues to expand, robust recruiting efforts have been necessary to ensure we’re able to provide our customers with the type of top-notch service Freedom is known for, regardless of their home financing needs,” Mortgage CEO Stanley C. Middleman said. …

Is AIME Scrubbing Channels Of Critical Comments?

After Anthony Casa announced he was taking a leave of absence from the Association of Independent Mortgage Experts, the organization removed his bio from its website while also apparently scrubbing comments on its social media channels. Casa was the chairman and founder of AIME. He took a leave of absence last week after days of stories about lewd video text messages he sent to a Quicken Loans Vice President about the executive’s wife. In the days after the news broke, AIME started losing major sponsors – including two of three platinum level sponsors for 2020. Still, Casa did not resign and instead took a leave of absence, suggesting that he may return at some point in the future. Casa apparently…

Is AIME Keeping Door Open For Casa’s Return?

After Anthony Casa took a leave of absence from his leadership of the Association of Independent Mortgage Experts for sending lewd video texts, his (at least) temporary replacement vowed to keep the organization on track and seemed to keep the door open for Casa’s return. “In light of recent events, Anthony made the difficult decision to step away,” Katie Sweeney, executive vice president of strategy at AIME, wrote in Facebook post. “The industry and its current leaders have some hard work ahead to ensure women are treated with the same respect as our male counterparts. I trust that AIME and Anthony will play a role in that positive change. I intend to make sure of it.” Casa announced Thursday he is taking…

Townstone Hits Back At CFPB Over Redlining Lawsuit

Lawyers for the Chicago mortgage company Townstone Financial accused the Consumer Financial Protection Bureau of targeting their client because of their political views – and not their business practices, as laid out by the agency earlier this week. Specifically, the lawyers say, “(CFPB Director Kathy) Kraninger is saying in this lawsuit that financial institutions are engaging in unlawful discrimination if they advertise too much on conservative media, or if their owners, executives, or staff express conservative political viewpoints, such as statements in support of the police. This is the next step in the left’s `cancel culture.’” On Wednesday, the CFPB filed a lawsuit against Townstone for allegedly discouraging Black applicants from applying for loans while engaging in redlining by discouraging…

AIME Boss Anthony Casa Takes Leave Of Absence

Anthony Casa announced Thursday he will take a leave of absence from his role as the head of the Association of Independent Mortgage Experts – but stopped short of resigning after it was disclosed he sent lewd and misogynistic video texts about the wife of a rival. Casa has been under fire since Sunday, when The Mortgage Note and others shared videos he sent to Quicken executive Austin Niemiec falsely alleging his wife Theresa had sexual relations with United Wholesale Mortgage CEO Mat Ishbia. Casa later followed up those videos with more inappropriate texts to Niemiec before Mrs. Niemiec filed a defamation lawsuit against him. Since then, AIME has lost two of its three platinum sponsors for 2020, as well a…

CFPB Sues Chicago Lender For Redlining

The Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender for allegedly discouraging Black applicants from applying for loans while engaging in redlining by discouraging borrowers for investing in predominantly African-American neighborhoods. The CFPB alleges Townstone “drew almost no applications for properties in African-American neighborhoods” in the Chicago metropolitan area between 2014 and 2017, while processing few applications from potential Black borrowers in the Chicago area. Specifically, the complaint – filed in federal court in the Northern District of Illinois – alleges: Townstone engaged in acts or practices, including making statements during its weekly radio shows and podcasts through which it marketed its services, that illegally discouraged prospective African-American applicants from applying to Townstone for mortgage loans;Townstone…

Anthony Casa: AIME Loses 2 of 3 Platinum Sponsors

In February, the Association of Independent Mortgage Experts announced its roster of sponsors for the year, saying their involvement “highlights a renewed commitment in the industry to empowering independent mortgage brokers.” “Sponsorship is a key component to AIME’s mission of supplying innovative and advanced resources that provide our members with the tools they need to build and nurture strong relationships with consumers,” AIME Chairman Anthony Casa said at the time. “We are grateful for the trust and support of the nineteen organizations that are our 2020 sponsors and we are looking forward to putting their investments in our organization to work to support our members.”  Five months later, however, AIME is hemorrhaging key sponsors in after the disclosure that Casa…

Anthony Casa: The Fallout For AIME

A day after news broke that Association of Independent Mortgage Experts Founder and CEO Anthony Casa sent degrading video messages about the wife of a Quicken Loans executive, member companies reacted in very different ways. Theresa Niemiec, the wife of Quicken Executive Vice President Austin Niemiec, sued Casa for sharing videos via text alleging she had performed sexual favors for United Wholesale Mortgage CEO Mat Ishbia in college. (Mrs. Niemiec was 11 years old during Ishbia’s senior year at Michigan State.) The videos – and full background on the story – can be seen here. (Warning: Very crude and graphic language is included in the videos.) Here is a recap of reactions Monday to Casa’s actions – ranging from members backing…