Housing Wire

FEBRUARY 9, 2023

Amid the expectation of a wave of mergers and acquisitions in 2023, nonbank mortgage lenders American Portfolio Mortgage Corporation and Town Square Mortgage announced on Wednesday that the companies are merging their operations. This week, Guild announced it has acquired Legacy Mortgage.

Mortgage 335

Mortgage Retail Loan Officers Lending 335

Housing Wire

FEBRUARY 16, 2022

HousingWire recently sat down with Steve Meirink, executive vice president and general manager, Compliance Solutions, Wolters Kluwer’s Governance, Risk and Compliance Division, to discuss the impact of digital technology on mortgage and the future of digital lending in an era of accelerated innovation and digital transformation.

Lending 317

Lending Technology Tools Loan Officers 317

Housing Wire

JANUARY 12, 2024

A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.

Tools 351

Tools Mortgage Finance Lending 351

Housing Wire

AUGUST 25, 2023

Retail lender AmeriFirst Financial Inc. filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. AmeriFirst told Housingwire that the bankruptcy action has no impact on closed mortgages and the loans in the pipeline will be closed and funded.

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

MARCH 30, 2023

New Jersey-based Homebridge Financial Services will lay off 139 employees in June, three months after the acquisition of its retail division by CMG Mortgage, Inc. Severance will also be provided according to legal requirements. Per Inside Mortgage Finance data, the company was the 39th-largest U.S.

Retail 370

Retail Loan Officers Legal Technology 370

Housing Wire

JUNE 6, 2023

Rocket Mortgage is looking to hire local loan officers at a time when mortgage rates are high and the industry remains heavily reliant on the purchase market. According to Rocket’s job post, the loan officer position is remote and requires a minimum of three years of experience in mortgage loan origination.

Loan Officers 288

Loan Officers Mortgage Retail Real Estate Agent 288

Housing Wire

APRIL 24, 2023

United Wholesale Mortgage (UWM) has moved to dismiss an amended counterclaim filed by broker shop America’s MoneyLine (AML) that accuses the lender of antitrust practices regarding the “ultimatum” it imposed two years ago. A spokesperson for UWM said the company had no comment. Any broker who did so would face fines.

Legal 310

Legal Law Retail Brokerage 310

Housing Wire

JANUARY 10, 2024

Guild Mortgage has filed a petition in a district court in Washington to confirm a $10.7 million award resulted from an arbitration dispute against three former employees accused of poaching when they transitioned to rival CrossCountry Mortgage. A spokesperson for CCM wrote that the company “does not comment on legal matters.”

Legal 379

Legal Lending Contracts Mortgage 379

Housing Wire

OCTOBER 12, 2023

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. If approved, AmeriFirst’s retail and commercial loans worth more than $5 million will be sold to a non-QM lender Oaktree Funding Corp.,

Retail 373

Retail Legal Buyers Mortgage 373

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

Mortgage 481

Mortgage Government Retail Lending 481

Housing Wire

DECEMBER 20, 2023

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. Three loan officers at three different retail lenders described it as a feature of their lender’s business model. It’s the ultimate in legalized fraud. Because it’s not true.”

Loan Officers 438

Loan Officers Clients Law Legal 438

Housing Wire

MARCH 6, 2023

Illinois-based mortgage lender Celebrity Home Loans and its parent company Celebrity Financial, Inc. A former employee is suing the companies, alleging they “abruptly terminated hundreds of its employees” without giving legally required 60-day advance notice as required by the Worker Adjustment and Retraining Notification Act ( WARN Act ).

Loan Officers 367

Loan Officers Retail Legal Lending 367

Housing Wire

NOVEMBER 17, 2023

The transition of three veteran sales executives from South Carolina-based lender Movement Mortgage to its California competitor Summit Funding led to a legal battle over poaching. Increasing the tone of the legal battle, Pennington filed a counterclaim against Movement requesting about $9.8 million in unpaid compensation.

Loan Officers 311

Loan Officers Legal Retail Finance 311

Housing Wire

FEBRUARY 9, 2024

A lawsuit against the “ All-In” initiative at United Wholesale Mortgage (UWM) should be dismissed, a federal judge said, citing inadequate evidence to prove accusations against the lender. UWM terminated its contract with the broker and no longer accepts mortgage applications from Okavage customers.

Contracts 387

Contracts Retail Mortgage Lending 387

Housing Wire

SEPTEMBER 2, 2022

Freedom Mortgage. Finance of America Mortgage. Enact Mortgage Insurance. SVP, Retail Lending Analytics Manager. AmeriHome Mortgage. Mortgage Coach. SVP, Retail. Fairway Independent Mortgage Corporation. Association of Independent Mortgage Experts. Synergy One Lending.

Retail 309

Retail Realty Finance Technology 309

Housing Wire

APRIL 4, 2023

The Consumer Financial Protection Bureau (CFPB) will appeal a redlining lawsuit it lost against the nonbank retail lender Townstone Financial Inc. The CFPB alleged that he discouraged prospective African American borrowers in the Chicago metropolitan area from applying for mortgages with the lender. and its founder Barry Sturner.

Advertising 323

Advertising Legal Retail Lending 323

Housing Wire

JUNE 29, 2023

loanDepot is accusing its competitor Movement Mortgage of damaging its business by hiring over 25 employees in three months and “effectively crippling” “now-depleted” branches. and Delaware employees also transitioned to the retail competitor. Additional Maryland, Washington, D.C.,

Retail 352

Retail Contracts Legal Business 352

Housing Wire

FEBRUARY 5, 2024

Veteran mortgage executive James Seely has sued Guild Mortgage for allegedly failing to pay $750,000 in compensation after terminating his employment for cause by “manufacturing out of whole cloth spurious claims of Mr. Seely not working full time,” according to a recently filed lawsuit. billion in mortgage loans. 2 in a U.S.

Retail 361

Retail Contracts Loan Officers Mortgage 361

Housing Wire

JANUARY 24, 2023

United Wholesale Mortgage ‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. Attorneys interviewed by HousingWire said nothing appeared to be clearly over the legal line with the Control Your Price initiative. Ultimately, they would be denied access to mortgages.

Lending 337

Lending Law Legal Training 337

Housing Wire

MARCH 8, 2024

Ex-chief growth officer Brian Mitchell accuses Summit and Scrima of gaining illegal access to confidential information from its competitor Movement Mortgage to poach their employees and take their businesses, according to the lawsuit filed on Feb. 7 in the Superior Court of California in the County of Sacramento.

Legal 330

Legal Business Mortgage Retail 330

Housing Wire

AUGUST 5, 2022

Numerous organizations criticized the agencies for not proposing to grade banks based on data about their minority lending. Above all, we are extremely disappointed to see the lack of the explicit consideration of lending by race in a lender’s CRA rating,” wrote the St. Louis Equal Housing and Community Reinvestment Alliance.

Lending 385

Lending Development Mortgage Retail 385

Housing Wire

MARCH 22, 2021

This month, United Wholesale Mortgage took the industry by surprise when it made a statement that it would block mortgage brokers from doing business with the company if they did business with either Quicken Loans or Fairway Mortgage. mortgage industry drives the best in consumer options and experience.

Business 538

Business Retail Mortgage Lending 538

Housing Wire

APRIL 20, 2022

eVaults are an integral part of any end-to-end digital mortgage transformation. within the mortgage ecosystem. A portfolio lender, for example, might want to add an eVault to offer eClosings and eNotes that enhance their borrower experience and help them compete more effectively against national retail lenders.

Lending 290

Lending Investors Technology Business 290

Housing Wire

NOVEMBER 23, 2022

The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. Nonbanks have more than 60% market share of mortgage industry production — and they are more likely than banks to move quickly to reduce capacity.

Marketing 332

Marketing Loan Officers Business Mortgage 332

Housing Wire

SEPTEMBER 30, 2020

Today, Ocwen Financial Corporation is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. On the originations side, we’ve built a scalable, multi-channel lending platform that has grown volume by 16X in just the past year.

Mortgage 354

Mortgage Investors Business Human Resources 354

Housing Wire

FEBRUARY 27, 2024

In the early 20th century, Black Americans faced significant barriers to homeownership, including racial segregation, discriminatory lending practices, and exclusionary covenants that prevented them from buying homes in certain neighborhoods. But it wasn’t enough. You’ll find most of these assets attached to real estate in urban areas.

Real Estate 393

Real Estate Investors Business Lending 393

Housing Wire

AUGUST 31, 2022

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. Based on our read of 2021 Home Mortgage Disclosure Act (HMDA) data, we estimate that total originations volume last year was $4.4 Source: Mortgage Bankers Association. in the three years prior to the pandemic.

Lending 382

Lending Mortgage Real Estate Loan Officers 382

Housing Wire

NOVEMBER 17, 2023

The transaction also created legal battles with Sculptor’s shareholders and founders, including Daniel S. The deal was made public four months ago and created a dispute among investors to take the firm, leading Rithm to increase its price by 14% compared to the original bid. Och, but the parties settled the cases in court.

Real Estate 371

Real Estate Investors Investing Legal 371

Housing Wire

AUGUST 30, 2023

Sculptor also said in the letter sent on Tuesday that Och and the other shareholders have requested millions of dollars in cash for legal expenses incurred during the process of being acquired by Rithm Capital. million in cash for the group’s legal expenses supposedly incurred in connection with the company’s sales process.

Legal 329

Legal Inspection Real Estate Finance 329

Appraisal Today

NOVEMBER 24, 2023

The Surfing Appraiser Riding the Waves of Up and Down Mortgage Rates By Mark Buhler Excerpts: Riding the waves of the appraisal profession can result in a range of outcomes and emotions over time. Obviously, you need legal counsel, but you may also need USPAP counsel as well. Mortgage applications increased 3.0

Appraisal 75

Appraisal Mortgage Business Contracts 75

Housing Wire

AUGUST 15, 2023

Two former employees have filed a class-action lawsuit against Rocket Mortgage for allegedly failing to pay overtime wages. Roseboro and Glover, two non-exempt employees at Rocket, were responsible for “making outbound calls to existing and new customers to solicit additional business opportunities for Rocket Mortgage.”

Training 335

Training Technology Law Mortgage 335

Housing Wire

JUNE 16, 2023

A former CrossCountry Mortgage employee accused her immediate superior at a branch in Georgia of sexual harassment and said the mortgage company retaliated against her after she lodged complaints with the human resources department and federal authorities. District Court for the Northern District of Georgia, Atlanta Division.

Human Resources 328

Human Resources Mortgage Retail Legal 328

Appraisal Today

JANUARY 5, 2024

I suppose it is because most appraisals are done (now) for residential lending purposes. NOTE: Please scroll down to read the other topics in this long blog post on New CA bias classes, 2024 New Years resolutions, 2024 goals, unusual homes, mortgage origination stats, etc. Legal topics are very popular with appraisers.

Appraisal 75

Appraisal Contracts Legal Business 75

Appraisal Today

FEBRUARY 16, 2024

Many downtown mixed-use buildings (retail and apartments) are in my city. NOTE: Please scroll down to read the other topics in this long blog post on appraiser fights back against bias accusation, ok behavior when taking Zoom CE classes, estate appraisal liability issues, unusual homes, mortgage origination stats, etc. =

Appraisal 80

Appraisal Contracts Training Architecture 80

Appraisal Today

NOVEMBER 4, 2022

They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). Mortgage Lending You decide. To read more, including the full legal document and appraiser comments, click here.

Reconsideration of Value 52

Reconsideration of Value Appraisal Inspection Advertising 52

Housing Wire

SEPTEMBER 23, 2021

A former executive at loanDepot dropped a bombshell on the mortgage industry late Wednesday, alleging in a lawsuit that the California-based nonbank lender, in a ploy to drum up money during the refi boom and in preparation for its initial public offering, closed thousands of loans without proper documentation. billion in 2019 to $4.3

Development 100

Development Retail Law Mortgage 100

Appraisal Today

MAY 10, 2024

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The mortgage loan officer handling the loan?

Reconsideration of Value 73

Reconsideration of Value Appraisal Real Estate Insurance 73