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

Housing Wire

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.

Legal 309
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Change Lending keeps CDFI certification after agreement with US Treasury 

Housing Wire

The agreement puts an end to a short-lived legal dispute with the Treasury Department. Change accused Levine of committing fraud and breaching his contract with the firm to advance his scheme to extort Change and its principals for over $10 million. Levine was fired in March over multiple accusations of workplace misconduct.

Lending 376
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UWM and broker shop Mid Valley settle ‘ultimatum’ lawsuit

Housing Wire

Mid Valley, which started doing business with UWM in June 2015, sent at least 62 mortgages to Rocket and Fairway, the lawsuit claims. Mat Ishbia , UWM president and CEO, said in a statement, “It’s very unfortunate to see a company like Mid Valley breach their contract, but we’re going to continue to do what’s right for the broker community.”

Brokerage 337
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G-Rate sued for gender discrimination, sexual harassment, unpaid comp

Housing Wire

She also included allegations of breach of contract, misappropriation of likeness and tortious interference with prospective contracts. In a lawsuit filed in late February in New Jersey, she accused G-Rate, Joseph Moschella and Jon Lamkin of violating New Jersey laws regarding discrimination, equal pay and unfair competition.

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Zillow believes the evolution of the industry will only help it grow

Housing Wire

Barton added that since 2015, Zillow has shrunk its Premier Agent partner base by roughly 60%, while increased its Premier Agent revenue by more than 2.5

Agents 353
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Title giant Stewart sues Qualia over software licensing agreement dispute

Housing Wire

In 2015, Stewart was granted an “irrevocable and perpetual license” to install and use the ResWare software title production system product, which at that time was owned by Adeptive Software. The firm estimates that roughly 4,000 Stewart employees use the software on a daily basis. Adeptive was acquired by Qualia in Dec.

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UWM sues two more broker shops for working with Rocket & Fairway

Housing Wire

The Pontiac-based wholesale lender filed two lawsuits on Wednesday in Michigan federal court accusing broker partners of breach of contract for originating mortgages to its competitors. A warranty in the addendum said that if brokers submitted loans to Rocket or Fairway, it would constitute a breach of contract.

Contracts 369