The U.S. Supreme Court remanded to the United States Court of Appeals for the Fourth Circuit the class action lawsuit decided in favor of borrowers alleging tainted appraisals.
The lawsuit, filed in 2011 in the Circuit Court of Ohio County, West Virginia, involves a potential payment of $9.7 million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans, now Rocket Mortgage, originated from 2004 to 2009.
Read on for more details about this court decision.