Housing Wire

FEBRUARY 15, 2024

United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. These mortgages allegedly represent a balance of $124,011.37 28, 2023.

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Mortgage Legal Advertising Loan Officers 290

Housing Wire

MARCH 8, 2024

The Consumer Financial Protection Bureau (CFPB) will be closely scrutinizing what it described as “junk fees” imposed on borrowers when closing a mortgage. Its new priority has provoked strong criticism from the mortgage industry. And, as they are fixed, they have an “outsized impact on borrowers with smaller mortgages,” it added.

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Mortgage Legal Insurance Finance 433

Housing Wire

NOVEMBER 18, 2022

This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process.

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Legal Law Insurance Finance 296

Housing Wire

MAY 30, 2024

The Consumer Financial Protection Bureau (CFPB) on Thursday issued a new request for information (RFI) from the public concerning “fees charged by providers of mortgages and related settlement services,” according to the RFI document reviewed by HousingWire.

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Mortgage Government Finance Legal 330

Real Estate News

OCTOBER 10, 2023

The Consumer Financial Protection Bureau is suing the company over faulty loan data. In August, Freedom was fined by the CFPB for illegal kickbacks.

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Legal Mortgage 219

Housing Wire

MAY 21, 2024

Rocket Mortgage has entered into a settlement agreement with a group of current and former employees who have alleged the company did not provide sufficient overtime pay, according to court documents reviewed by HousingWire and reporting at Bloomberg Law. million settlement will go to cover legal costs. Nearly 30% of the $3.5

Legal 366

Legal Law Mortgage Development 366

Housing Wire

MARCH 19, 2024

Florida-based brokerage Atlantic Trust Mortgage has asked a Michigan federal court to dismiss a lawsuit filed by United Wholesale Mortgage (UWM) that alleges a violation of an amended agreement. Atlantic Trust entered into a wholesale broker agreement with UWM in 2018. district court in Michigan. district court in Michigan.

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Mortgage Law Brokerage Legal 314

Housing Wire

AUGUST 31, 2021

At Stavvy, they believe the promise of a fully digital mortgage has not yet been realized. Fragmentation, inefficiency and outmoded regulations still plague the consumer mortgage experience. Most of the digital tools that are involved in the mortgage process include a consumer-facing interface that was designed as an afterthought.

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Legal Tools Design Mortgage 262

Housing Wire

NOVEMBER 10, 2022

Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network , multiple sources told HousingWire. . The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch offices to Movement’s book of businesses. . Mortgage Network funded $2.5

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Retail Mortgage Loan Officers Legal 370

Housing Wire

MAY 29, 2024

Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., Traditionally, Silex Financial Group ran the initial numbers for a potential borrower to qualify for a mortgage based on what’s on their credit report, according to Racamato. Meanwhile, BNPL loans are growing rapidly.

Mortgage 356

Mortgage Clients Sellers Loan Officers 356

Housing Wire

JANUARY 31, 2024

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them. So she was approved.”

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Property Taxes Mortgage Design Finance 357

Housing Wire

OCTOBER 18, 2023

“I do anticipate that in 2024 we will propose some amendments to the mortgage servicing rules that are reflective of what we learned through the pandemic,” Chopra said on Monday morning to an audience of mortgage professionals. ” Chopra spoke during the Mortgage Bankers Association (MBA) Annual Conference held Oct.

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Mortgage Legal Insurance Finance 323

Housing Wire

FEBRUARY 29, 2024

Liberty Reverse Mortgage , a top 10 reverse mortgage lender owned by Ocwen Financial Corp. and its subsidiary PHH Mortgage Corp., This includes compensation for meal and rest periods that were allegedly unfulfilled, as well as expenses incurred by the class for their job duties and any legal fees that may arise from the case.

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Law Legal Fees Mortgage Legal 334

Housing Wire

MARCH 8, 2024

District Court for the Northern District of Texas that verbal agreements are not legally binding and the case should be dismissed, according to court filings reviewed by RMD. Attorneys for the U.S. government have repeatedly requested for the claims to be dismissed. Attorneys for the U.S.

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Legal Government Contracts Mortgage 404

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

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Buyers Agents Mortgage Real Estate Agent 498

Housing Wire

AUGUST 10, 2022

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Lone Peak is the fourth lender to join Panorama this year, following the additions of Utah-based Rely Home Loans , Texas-based Prosperity Mortgage and Oregon-based Vision Mortgage Group.

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Lending Human Resources Mortgage Loan Officers 391

Housing Wire

FEBRUARY 9, 2024

The Consumer Financial Protection Bureau (CFPB) on Friday announced that it has reached a settlement with four attorneys and their company, Consumer First Legal Group , over a long-running enforcement case regarding what the bureau called a foreclosure relief scam. Consumer First Legal Group and four attorneys — Thomas G.

Legal 379

Legal Law Mortgage 379

Inman

MAY 22, 2023

Julie de Pontbriand of EasyKnock and Nikolai Fraiture of The Strokes have been engaged in a legal battle over a coveted greenspace behind their adjacent properties since 2021.

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Legal Finance Mortgage 120

Housing Wire

DECEMBER 18, 2023

The Federal Communications Commission (FCC) last week released a new order amending its “express consent” rules for the Telephone Consumer Protection Act (TCPA), which closes the “lead generator loophole” used by mortgage professionals to connect with potential business leads. We now have a time clock of about six months.

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Mortgage Business Legal Real Estate 391

Housing Wire

SEPTEMBER 26, 2023

Mortgage servicer Nationstar , doing business as Mr. Cooper , has filed a lawsuit against electronic payment processing vendor ACI Payments related to the damages it allegedly suffered from unauthorized mortgage payments imposed on its customers two years ago. ”

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Mortgage Legal Fees Legal Contracts 325

Housing Wire

APRIL 5, 2022

But what does virtual real estate mean for real-world mortgage professionals? There is a legal description. In Decentraland or Sandbox, for example, the legal descriptions are individual pixels (essentially code) that define the “parcels.” Is there demand for “mortgages” to buy virtual real estate in the Metaverse?

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Real Estate Mortgage Property Taxes Law 527

Housing Wire

JULY 5, 2023

District Court for the Western District of Texas by a group of current and former staffers from the company’s bilingual mortgage sales team alleging race-based discrimination. Wells Fargo forces its employees on the Bilingual team to offer predatory lending options to Spanish-speaking customers,” the initial legal complaint reads.

Mortgage 351

Mortgage Lending Legal Business 351

Housing Wire

FEBRUARY 2, 2021

A coalition of 33 state attorneys general filed a motion against PHH Mortgage and its predecessor Ocwen Loan Servicing for allegedly charging unlawful servicing fees to nearly one million borrowers. Then, the CFPB announced that it was suing Ocwen for “failing borrowers at every stage of the mortgage servicing process.”.

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Mortgage Legal Law Contracts 402

Housing Wire

JUNE 28, 2023

Most mortgage professionals have either started to adopt artificial intelligence (AI) or are at least aware of how it can be adopted to make the loan origination process more efficient. Automated comparison checks can help solve one of the biggest issues in mortgage banking: a lack of trust in data provided by borrowers and lenders. “We

Mortgage 339

Mortgage Investors Legal Lending 339

Housing Wire

AUGUST 8, 2023

Mortgage tech firm Lender Toolkit sued two mortgage lenders claiming that the companies failed to make payments while continuing to use its services and software solutions. Lender Toolkit accused Celebrity Home Loans and MLD Mortgage of breach of contract. That’s according to separate filings made in the U.S.

Mortgage 267

Mortgage Contracts Legal Business 267

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.

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Tools Mortgage Finance Lending 358

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. million mortgage fraud settlement with the Securities and Exchange Commission to his name, seems to be back in the mortgage business. Shocked employees didn’t receive their last paychecks.

Mortgage 393

Mortgage Investors Legal Loan Officers 393

Appraisal Buzz

AUGUST 24, 2021

The “Valid-When-Made” Rule is under attack in federal courts, and Legal League 100’s Special Initiatives Working Group and LL100’s Chairman Stephen Hladik break down its ramifications in an informative White Paper and webinar. The post The Impact of a Century’s-Old Doctrine on the Mortgage Market appeared first on DSNews.

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Marketing Mortgage Legal Appraisal 370

Housing Wire

JUNE 15, 2021

Non-QM lender Sprout Mortgage is setting up a distributed retail operation, and it’s picked a veteran of Wells Fargo to lead the new division. Johnson, based in Miami, has also worked at PNC Bank during his career in mortgage banking. Sprout does most of its business through mortgage brokers.

Retail 345

Retail Mortgage Legal Lending 345

Housing Wire

APRIL 10, 2024

Mortgage brokers ’ compensation is in the spotlight after a recent Federal Deposit Insurance Corporation (FDIC) test concluded that some financial institutions failed to prove that payments were “reasonably related” to the value of services provided. There are some caveats related to counseling services, referrals, and duplicative work.)

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Brokerage Mortgage Development Insurance 346

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 386

Legal Lending Contracts Mortgage 386

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 341

Mortgage Retail Loan Officers Lending 341

Housing Wire

MARCH 14, 2024

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360.

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Insurance Mortgage Development Legal 450

Housing Wire

NOVEMBER 13, 2020

Offerpad also announced new hires on its executive team, appointing David Connelly as its new chief growth officer and Ben Aronovitch as its new chief legal officer. Moving to the mortgage side of the housing market, Waterstone Mortgage Corporation named Jeff McGuiness as the new president and CEO.

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Lending Mortgage Retail Legal 422

Housing Wire

JANUARY 20, 2021

Department of Housing and Urban Development declared Wednesday that the Federal Housing Administration will once again back mortgages for immigrants under the Deferred Action for Childhood Arrivals (DACA) program. HUD said DACA recipients who are legally permitted to work in the U.S. are not eligible for FHA-insured mortgages.” .”

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Mortgage Law Insurance Legal 546

Housing Wire

JULY 26, 2022

California-based wholesale/correspondent lender New Wave Lending Group filed a lawsuit against Sprout Mortgage , accusing the company of defaulting on a pool of $32 million in loans it agreed to purchase. Learn how updating your mortgage technology stack can help you get ahead in today’s unpredictable lending environment.

Mortgage 355

Mortgage Legal Lending Investors 355

Housing Wire

JULY 26, 2022

California-based wholesale/correspondent lender New Wave Lending Group filed a lawsuit against Sprout Mortgage , accusing the company of defaulting on a pool of $32 million in loans it agreed to purchase. Learn how updating your mortgage technology stack can help you get ahead in today’s unpredictable lending environment.

Mortgage 354

Mortgage Legal Lending Investors 354