article thumbnail

Amid legal uncertainty, MLSs explore cooperative compensation workarounds

Housing Wire

Though these policies have been put in place to avoid future antitrust lawsuits, legal experts who spoke to HousingWire said they might not be enough. But the policy may still present a legal issue, as it requires listing agents to make an offer compensation, even if that offer of compensation is in fact nothing ($0), law professors said.

Legal 433
article thumbnail

CFPB details legal requirements for lenders’ use of A.I. when making credit decisions

Housing Wire

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of legal requirements lenders must adhere to when using artificial intelligence (AI) or “other complex models” when making decisions about the creditworthiness of borrowers.

Legal 423
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

UWM offers legal support to brokers, accuses Rocket of ‘connections’ with Hunterbrook report

Housing Wire

The wholesale lender said it’s offering legal support to partners in case they are sued and once again accused Rocket Mortgage of being behind the report, which the rival denies. He left in February.

Legal 433
article thumbnail

FHFA language disclosure rule stokes fears of legal blowback

Housing Wire

The Federal Housing Finance Agency will now require lenders to provide data on borrowers’ language preferences in order to sell loans to Fannie Mae and Freddie Mac , a move which could invite fair lending lawsuits. These steps will contribute to an equitable housing finance system that welcomes all qualified borrowers,” said Thompson.

Legal 382
article thumbnail

Homebot home education portal acquires mobile app firm Quo Finance 

Housing Wire

Homebot , a home education portal that keeps people connected to their loan officers and real estate agents, acquired Quo Finance , a mobile app for first-time homebuyers. Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo.

Finance 381
article thumbnail

Opinion: Two legal issues relevant to FHFA’s review of FHLB system

Housing Wire

31, 2022, the Federal Housing Finance Agency (FHFA) announced that it would conduct a comprehensive review of the Federal Home Loan Bank (FHLB) system. This provision may be challenged by the affected FHLBank under legal process. The fundamental purpose of the Federal Home Loan Bank System is housing finance.

Legal 370
article thumbnail

UWM sues Mortgage Solutions and its owner over EPOs, trademark infringement

Housing Wire

The legal battle follows the creation of a Facebook group called “Rocket Pro TPO vs UWM,” which UWM says Walker founded on Oct. mortgage lender, originating about $108 billion in 2023, per Inside Mortgage Finance estimates. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday. UWM is the largest U.S.

Mortgage 406