Cleveland jobs grant for Rocket Mortgage ought to have included fair-lending safeguards

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I was delighted to see that the City of Cleveland is hiring Rocket Mortgage, formerly known as Quicken Loans, to increase the number of employees here in Cleveland.Quicken Loans plans to create 700 jobs, 22nd of January). Given the systemic issues related to lending and race in Greater Cleveland and being a longtime observer of lending data and the differences that they bring to lightI believe that lenders need to commit to lending in colored communities and in low and middle income areas (LMI).

Hence, it would certainly have been appropriate to include fair loan guarantees in the city council’s legislation, e.g. B. Rocket Mortgage’s obligation to hire certain brokers to service LMI neighborhoods and to ensure that those brokers are compensated on the same level as brokers working with higher-level companies. cost houses.

Charles Bromley,

Cleveland

Charles Bromley is a director of the Ohio Fair Lending & Vital Communities Coalition.