Rocket Mortgage Gets $10 Million Win Tossed in Appraisal Lawsuit

Rocket Mortgage LLC convinced the Fourth Circuit Thursday to vacate a $10 million judgment in a class action claiming the lender deprived borrowers of independent home appraisals by sending the owners’ estimates to appraisers.

The class members—West Virginia residents who refinanced mortgage loans with Rocket—didn’t all show they were concretely harmed by Rocket’s actions, a divided US Court of Appeals for the Fourth Circuit said.

Because the alleged injuries were too speculative under the standard set by the US Supreme Court in TransUnion LLC v. Ramirez, the district court’s judgment certifying a class and awarding it damages must ...