The FBI on Thursday arrested eight people in Honolulu and one in Seattle, all of whom were accused in a mortgage fraud scheme that involved flipping houses and a web of brokers, real estate agents and accountants. A federal grand jury indictment named a total of 14 people in the scheme.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
For government agencies, the road to a streamlined process is a hard slog through outdated technology, requiring battles with regulators and legislators. But that doesn’t stop them from trying.