A class-action lawsuit was filed by 2,769 West Virginian borrowers against Rocket Mortgage, previously Quicken Loans, alleging that their home appraisals were influenced unfairly. The court initially ruled in favor of the borrowers, awarding over $10 million in damages. However, a Supreme Court ruling in 2021 altered the landscape, establishing that only plaintiffs demonstrating concrete harm could sue, leading to reduced damages and a reversal of the class certification. This ruling echoed through the Fourth Circuit Court's findings and coincided with other legal troubles faced by Rocket Mortgage regarding biased valuations and discrimination claims.
Rocket Mortgage and its insurance arm, Amrock, have faced lawsuits alleging unfair influence on home appraisal values, with a significant Supreme Court ruling impacting damage awards.
A group of West Virginia borrowers accused Rocket Mortgage of non-independent appraisals influenced by their own value estimates, leading to a multi-million dollar lawsuit.
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