“We want to assure our clients that all loans in process will proceed without issue, and we remain committed to supporting them through this transition,” Rocket Mortgage said in a statement. “While this means stepping away from our lending business in Canada, we thank our team members who have helped us expand over the last five years.”
The company did not disclose how many employees will be affected but said most workers from Rocket Mortgage Canada will receive severance packages that include health coverage and career transition support. Some employees may have opportunities at Rocket’s remaining Canadian businesses, according to a report from CBC News.
Windsor-based Edison Financial, a Rocket Mortgage subsidiary, was officially rebranded as Rocket Mortgage Canada in August 2022.
Last month, the Consumer Financial Protection Bureau (CFPB) withdrew its lawsuit against Rocket Homes, the Jason Mitchell Group (JMG) and other defendants, formally dismissing the case with prejudice. The decision, filed in U.S. District Court in Detroit, prevents the bureau from refiling the same claims.
The lawsuit accused Rocket Homes of steering clients toward Rocket Mortgage and affiliated settlement services provider Amrock in exchange for referrals and preferential treatment. The CFPB alleged that between 2019 and 2024, the brokerage incentivized real estate agents to direct business to Rocket-affiliated companies.
JMG and its founder, Jason Mitchell, were also accused of participating in the alleged scheme by referring thousands of clients to Rocket entities. The suit claimed Mitchell encouraged referrals by rewarding top-performing agents with $250 “Dog Bone” gift cards.
In January, Rocket Companies, the parent company of Rocket Mortgage, consolidated several subsidiaries under the unified Rocket name.
As part of the rebrand, Amrock has been renamed as Rocket Close, while its title insurance arm will now operate as Rocket Title Insurance Co. Rocket’s wholesale mortgage division, formerly known as Rocket Pro TPO, has been rebranded as Rocket Pro.
First Time Home Buyer FAQs - Via HousingWire.com
