The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

Rocket Mortgage relied on a biased appraisal when it denied a borrower's refinance application in Denver three years ago, the housing agency claims.

A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.

Nikitra Bailey, EVP at the National Fair Housing Alliance, says communities of color are more vulnerable to the impacts of climate change because of prior redlining practices. She explains that a HUD rule could make a big difference.

The latest headcount reduction impacted another office previously belonging to Computershare Mortgage Services, a servicing company Newrez acquired in May.

Leadership across all financial services was more likely to see a significant skills gap in today's workforce compared to the mortgage industry, according to Arizent's research.

The headcount reduction comes one month after more layoffs in Colorado and Florida.

With millions of Black and Hispanic consumers likely to become new homeowners over the coming decades, the lending community stands to benefit if they are willing to combine expanded underwriting with direct outreach.

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

The total compensation of the highest paid CEO among the largest nonbank mortgage lenders in the country was $30.3 million in 2023, up by nearly 300% versus 2022.