Housing Wire

JULY 8, 2022

Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. First Guaranty Mortgage Corp. The post Ex-workers sue Sprout Mortgage over unpaid salaries appeared first on HousingWire. District Court on Friday. James Kleimann contributed reporting.

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Housing Wire

SEPTEMBER 16, 2022

Wells Fargo will pay $94 million to settle a class-action lawsuit that argued it sent more than 200,000 mortgage borrowers into forbearance during the pandemic unlawfully and without their consent. Scharf also argued depository banks are held to higher standards than nonbank mortgage lenders.

Mortgage 432

Mortgage Lending Business Clients 432

Housing Wire

OCTOBER 10, 2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday filed a lawsuit against Freedom Mortgage Corporation for allegedly violating the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order by submitting legally required mortgage loan data that “was riddled with errors.”

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Brokerage Realty Real Estate Loan Officers 387

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. According to Pennington’s counterclaim, Movement made him co-national sales director in 2020.

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Contracts Legal Mortgage 356

Housing Wire

APRIL 22, 2022

Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. Publicly traded mortgage tech company Blend Labs isn’t changing its strategy to survive a shrinking mortgage market, even though a drop in originations is sapping its revenue stream and forcing it to trim its workforce. ” In 2021, Blend processed more than 1.8

Mortgage 366

Mortgage Marketing Human Resources Clients 366

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. The suit mirrors an earlier, parallel legal action filed in Illinois state court. 2013 and February 2019.

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Mortgage Loan Officers Brokerage Clients 389

Housing Wire

JULY 21, 2023

Citywide Home Loans , a Utah-based mortgage lending company, agreed to settle a $1.2 million class action lawsuit to resolve claims surrounding a 2020 data breach. The news was first reported by legal website Top Class Action.

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Housing Wire

NOVEMBER 30, 2022

A recent lawsuit filed by Banc of California is claiming that mortgage lenders and servicers Sprout Mortgage (now defunct) and Planet Home Lending owe $1.5 Mortgage industry veteran Michael Strauss, Sprout’s founder, is also listed as a defendant. million related to the proceeds of two notes it owned and funded.

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Housing Wire

MAY 20, 2024

This integration supports the growing demand for online notarization and marks the first state added to the Notarize Network since its inception in 2020. It aims to allow any person or business to legally notarize a document online through a web portal or dedicated mobile application after users go through an identity verification process.

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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.

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Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. That was more than double the 3,831 brokers who sent at least 99% of their business to UWM in 2020. Escue, Billy R.

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Housing Wire

FEBRUARY 8, 2024

Bankruptcies and foreclosures After 2010, the qualified mortgage laws came into play and all the exotic loan debt structures in the system, especially in the run-up in demand from 2002 to 2005, disappeared. Then add three refinancing waves in 2012, 2016 and 2020-2021, and you can see why homeowners are in a good spot.

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Housing Wire

APRIL 18, 2024

McDermott joined G-Rate when the lender acquired Superior Mortgage in 2012, and resigned in November 2022. ” Regarding her compensation, McDermott, who was paid on a commission basis only, said G-Rate at various times denied her commission, identifying the mortgages as originated by another employee.

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Housing Wire

NOVEMBER 2, 2023

The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Exchange. But “instead, Richards crumbled.”

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Contracts Legal Retail Training 344

Housing Wire

APRIL 9, 2024

Modern-day redlining persists, and it’s costing lenders millions in legal fees. Recently, the Department of Justice (DOJ) has taken a strong stance on redlining, taking direct legal action against bad actors and thrusting the topic into the national spotlight. The future of the mortgage industry is increasingly diverse.

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Housing Wire

SEPTEMBER 15, 2023

Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. The company originates and markets its mortgage lending services to Anywhere’s real estate brokerage and relocation subsidiaries.

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Loan Officers Real Estate Legal Lending 371

Housing Wire

DECEMBER 5, 2023

An arbitrator conclusion issued last week caps a four-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry, Black Knight Servicing Technologies and PennyMac Financial Services. In March 2020, the companies entered arbitration.

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Housing Wire

SEPTEMBER 13, 2023

Gavin Newsom of California on Tuesday received a senate bill legalizing remote online notarizations ( RON ). Maura Healey signed legislation legalizing remote online notarizations ( RON ) last March. Digital closings could be coming to California , the country’s largest real estate market, within the decade. He has until Oct.

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Real Estate Legal Government Technology 359

Housing Wire

APRIL 6, 2021

eNotes contain the same information as a traditional mortgage note – on paper – but they are created, signed and stored digitally. Officials said 11 federal home loan banks set servicing system requirements relating to eSignatures and eNote documentation in early 2020 – the culmination of three years of development.

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Mortgage Legal Fees Law Legal 239

Housing Wire

OCTOBER 18, 2022

A recent lawsuit claims Sprout Mortgage left its warehouse lender FirstFunding holding over $220 million of its debt when the mortgage lender abruptly closed on July 6. Sprout was founded in 2009 by industry veteran Michael Strauss and became “one of the fastest growing non-QM lenders in the country,” according to the lawsuit.

Contracts 364

Contracts Law Legal Mortgage 364

Housing Wire

SEPTEMBER 9, 2021

Notarize , a provider of remote online notarization (RON) services in 38 states, and Snapdocs , a California-based digital mortgage closing platform, are partnering, the companies announced Thursday. 5000 list, connects all parties and technologies involved in a mortgage transaction to complete the closing process online.

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Housing Wire

MARCH 29, 2021

The announcement named Stacie Herron as KWx chief legal officer; Dave Smith as president of Keller Home Financial Services; TV Kumaresh as head of strategy planning and integration; and Paige Gorman as vice president of integration. mortgages, and was CEO and president of CitiMortgage Inc. retail bank and mortgage operations.

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Retail Insurance Legal Finance 409

Housing Wire

FEBRUARY 6, 2023

Last month, PrimeLending sued competitor First Community Mortgage, Inc. Dybvad’s professional career began in 1988 with her role as a mortgage originator at Savings of America. “She brings her high energy and optimism to work every day, inspiring all around her to achieve their very best.”

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Housing Wire

FEBRUARY 16, 2022

Florida-based mortgage tech and analytics behemoth Black Knight reported on Tuesday that despite strong sales in the fourth quarter, net earnings in 2021 were down from the prior year and organic growth should slow in 2022. million in 2020. Black Knight said that in 2020 it recorded a $62.1 in 2021, compared to 25% in 2020.

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Technology Investors Legal Mortgage 301

Housing Wire

FEBRUARY 5, 2021

Romeo also will continue to oversee the education department, NTP Designation program, legal publications and the ALTA Registry. In her new role, Romeo will continue to focus on technology as eClosings and remote online notifications continue to increase across the mortgage industry.

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Housing Wire

APRIL 4, 2023

Steve Simpson, a senior attorney at Pacific Legal Foundation who represents Townstone and Sturner, wrote to HousingWire, “We look forward to the opportunity to establish on appeal that CFPB went far beyond its statutory authority in the Townstone case.” The lawsuit brought to light comments made by Sturner on a radio show.

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Housing Wire

NOVEMBER 8, 2023

The answer is no, and for that, we must thank the 2010 qualified mortgage (QM) rule, which has high standards for borrower credit scores and the ability to repay the loan. And I’m not even talking about the over 40% of homes that don’t have a mortgage; I am just talking about homeowners who are paying a mortgage.

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Housing Market Legal Marketing Mortgage 410

Housing Wire

AUGUST 8, 2022

Cenlar FSB , the nation’s second-largest mortgage servicer and largest sub-servicer, has installed new leadership following the retirement of its president, CEO and chairman Greg Tornquist. Dave Applegate, a board member since 2020, has been named the company’s chairman. Presented by: Newbold.

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Housing Wire

NOVEMBER 17, 2022

After two years of negotiations, California-based Carrington Mortgage Services has agreed to pay a $5.25 “Carrington Mortgage unlawfully withheld legally mandated pandemic protections, wrongly imposed fees, and reported false information to credit reporting companies,” the CFPB’s director Rohit Chopra said in a statement.

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Housing Wire

JUNE 30, 2023

Indian Land, South Carolina-based lender Movement Mortgage has agreed to pay $23.75 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. million and Guild Mortgage in October 2020 for $24.9

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Housing Wire

DECEMBER 9, 2020

Together with HW Media brands HousingWire and FinLedger, the company will reach over 11 million real estate, mortgage and fintech professionals each year. mortgage and housing markets and serves an audience of lending, servicing, investment and real estate market participants. About HW Media. million unique visitors each month.

Real Estate 537

Real Estate Brokerage Legal Real Estate Agent 537

Housing Wire

NOVEMBER 9, 2020

One area in the mortgage and real estate industry that has been evolving for nearly two decades is digital closings. E-mortgage volume spikes. E-mortgage volume spikes. Earlier this year, Fannie Mae and Freddie Mac modified their Seller Guides and provided guidance on several policy areas to support mortgage originations.

Law 440

Law Legal Technology Real Estate 440

Housing Wire

JULY 14, 2022

Cuts also hit operations, risk and compliance, legal, finance, business operations and marketing teams, according to a presentation held on Wednesday afternoon. . billion in originations, up about 78% from 2020, according to a recent report by Inside Mortgage Finance (IMF). . Employees will be terminated on Friday, July 15.

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Human Resources Construction Legal Investors 372

Housing Wire

SEPTEMBER 21, 2020

March 2020 is a month the real estate industry will never forget. In preparing this article, we asked mortgage, real estate and title professionals to share the experiences and challenges they face in dealing with compliance issues during this pandemic. Their answers were no surprise. Some are forging ahead in whack-a-mole fashion.

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Real Estate Legal Government Mortgage 421

Housing Wire

JUNE 5, 2023

originator United Wholesale Mortgage (UWM) is the target of two lawsuits filed by former underwriters alleging retaliation, a hostile workplace environment, gender/sexual harassment and failure to pay minimum wages and overtime. A spokesperson for UWM said the company “does not comment on legal matters that are currently pending.”

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Housing Wire

NOVEMBER 7, 2022

Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed by HousingWire. According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund. and Sprout Mortgage.

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Lending Investors Business Mortgage 426

Housing Wire

DECEMBER 9, 2021

A 2021 Tech100 Mortgage honoree, Stavvy is helping organizations navigate complex financial and legal transactions easily and safely, allowing servicers to put customer experience at the forefront during tough times like a global pandemic. “In What changes can help bring together all of the pieces of the mortgage journey?

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