The recently announced RocketRentRewards program from Rocket Mortgage — which the company says is the homeownership industry’s first offer to provide closing cost credits for renters — allows homebuyers who use Rocket as their lender to earn 10% back on their last 12 months of rental payments.

Renters, who are the targets of the new program, can receive up to $5,000 in lender credits toward closing costs, Rocket explained.

Many on social media are calling the program a deliberate marketing tactic that locks homebuyers into higher mortgage rates. But Bill Banfield, Rocket’s chief business officer and economist, details ⇒

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