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 381

Mortgage Legal Lending Investors 381

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.

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Mortgage Legal Lending Investors 370

Housing Wire

JUNE 6, 2023

UWM launched the “All in” initiative in March 2021, requiring brokers partners to stop sending loans to Rocket and Fairway for review, underwriting, purchase and funding if they were also doing business with UWM. The reality is if a broker breaks the contract and if they have, we will address it, and we will win,” he said in a statement.

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Brokerage Contracts Legal Business 367

Housing Wire

FEBRUARY 5, 2024

Seely joined Guild in 2021 when the California-based lender paid $196.7 Following the M&A transaction , Seely signed a five-year employment agreement with Guild in May 2021. 10, Guild sent a written notice of the employment agreement, saying he failed to cure the breaches and because of that, the company terminated his contract.

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Retail Contracts Loan Officers Mortgage 410

Housing Wire

FEBRUARY 25, 2022

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.

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Contracts Brokerage Investing Mortgage 370

Housing Wire

FEBRUARY 4, 2022

United Wholesale Mortgage (UWM) is making good on its threat to take legal action against partnering broker shops that also send business to Rocket Mortgage and Fairway Independent Mortgage , a violation of the wholesaler’s controversial broker agreement. million for repeatedly violating the terms of the agreement.

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Legal Contracts Business Mortgage 370

McKissock

MARCH 2, 2021

Here are five excellent resources offered by McKissock Learning—including a Pro-Series webinar on Wednesday, March 17, 2021, “ The Market Value Doesn’t Support the Contract Price, Now What? ”. Webinar: The Market Value Doesn’t Support the Contract Price, Now What? Sign up now. Blog post: 9 Ways to Handle Appraisal Pressure.

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Appraisal Contracts Market Value Clients 103

Eppraisal

OCTOBER 19, 2021

In fact, according to the National Association of Realtors, "94% of metro areas saw double-digit price growth in the second quarter of 2021." There are many instances nowadays where a house doesn't appraise for the price on the contract. The lender will only lend the loan-to-value amount of money to you, the buyer.

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Appraisal Contracts Sellers Home Value 66

Housing Wire

NOVEMBER 3, 2023

Other threats Another lawsuit filed by REX in March 2021 against the trade group and Zillow , alleges anti-trust violations related to an NAR rule, known as the no-commingling rule, that prompted Zillow to separate non-MLS listings from MLS listings on its website, including listings from REX. “He got up to 20% to 30%, as I recall.”

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Real Estate Brokerage Buyers Property Management 318

Appraisal Today

MAY 10, 2024

VA’s Tidewater Initiative written in 2021 by McKissock (Similar idea as current ROV changes), effective in 2003. There is administrative time involved, as well as legal factors. In more recent downturns, such as during the 2008 recession, many foreclosures were due to bad lending. First, the burden on borrowers.

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Reconsideration of Value Appraisal Real Estate Insurance 71

Appraisal Today

DECEMBER 8, 2023

The first question to talk about is this: “Does the real estate appraiser have any ethical, moral, or legal responsibility to protect the consumer/mortgagor2, 3, 4 when appraising a property for a mortgagee/client?”… ”… Question 2: does the lending industry owe the appraiser a living? percent from 7.37

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Appraisal Real Estate Contracts Design 67

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 By comparison, we are forecasting total volume of about $2.3

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Lending Mortgage Real Estate Loan Officers 382

Housing Wire

MARCH 7, 2022

billion in 2021, according to an analysis of 10 different blockchain ledgers by DappRadar. The NFT representing ownership of an LLC representing ownership of a house is 100% legally meaningless. between signing a contract to buy a home and purchase closing is 50 days, according to a September 2021 report from ICE Mortgage Technology.

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Real Estate Law Inspection Agents 477

Housing Wire

APRIL 27, 2023

And yet another big force in the market, FirstKey Homes , is pulling collateral out of a 2021 securitization deal. KBRA reported last month that FirstKey Homes exercised a so-called “excess collateral release” [ECR] feature for a securitization deal dubbed FirstKey Homes 2021-SFR1.

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Renovations Investing Real Estate Marketing 349

Appraisal Today

DECEMBER 16, 2022

Joe Minnich, a condo risk consultant, spoke on how loans secured by an individual unit in a condominium project have greater risk than found in typical SFR lending. We recently scanned millions of appraisals from 2021 – 2022 for subjective terms. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.92

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Modernization Appraisal Contracts Real Estate 52

Clear Capital

JUNE 21, 2022

When Freddie Mac published the study, “ Discovery of Racial and Ethnic Valuation Gaps In Home Purchase Appraisals ” in late 2021, its conclusion, “that Black and Latino applicants receive lower appraisal values than the contract price more often than White applicants,” sent shockwaves through the mortgage industry. Valuation Equity.

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Valuation Technology Lending Real Estate 69

Will Springer Realtor

APRIL 10, 2024

However, this poses its own risks, as listing agents are legally obligated to prioritize their contractual relationship with the seller. A federal appeals court, in a separate legal case, on April 5 granted the DoJ the right to reopen an investigation into NAR policies even after the government ended the probe in 2020.)

Real Estate 36

Real Estate Buyers Sellers Insurance 36

Will Springer Realtor

APRIL 6, 2021

Condo bylaws, covenants and other legal documents usually lay out in specific terms who is responsible for what.). My thanks to the mortgage loan team at Salmon Bay Community Lending in Seattle for providing insights and guidance in support of this blog post. Getting a mortgage is complicated for several reasons.

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HOA Mortgage Buyers Insurance 36

Will Springer Realtor

JULY 13, 2023

Data from the Federal Reserve indicates Goldman Sachs has the highest exposure to commercial loan losses at 16% of its lending total due within the next two years, followed by Morgan Stanley (14%) and Citizens (12%). Another sale followed 11 days later and six others are under contract preparing to close.

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Construction Supply Chain Real Estate Development 36

Housing Wire

JULY 8, 2022

With the change of Federal administrations in 2021, it didn’t take long for the Consumer Financial Protection Bureau (CFPB) to signal that it would prefer to see more LEP services made available, particularly in the mortgage servicing and lending sectors. For example, a Nevada law (Assembly Bill No. More LEP activity.

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Law Advertising Contracts Government 393

Housing Wire

JUNE 14, 2022

Freddie Mac research concluded in 2021 that appraisal gaps, which negatively impact Black and Latino borrowers and homeowners, exist on purchase appraisals. Non-traditional appraisals to the rescue. According to Freddie Mac’s equitable housing finance plan, it could be the expansion of automated valuation models.

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Appraisal Valuation Inspection Law 358

Housing Wire

MARCH 15, 2022

A recent judge’s ruling in pending litigation involving student-loan securitization trusts could have far-reaching legal and financial implications for the private-label securities market. District Court judge in the case, Stephanos Bib as , states in a ruling lodged in late December of 2021. Now the trusts move to dismiss,” the U.S.

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Legal Law Investors Finance 425

Will Springer Realtor

JANUARY 7, 2022

The industry is prepared for another high-demand, low-inventory year, even if conditions do not quite hit the fever pitch of 2021. The 2021 real estate market was incredibly hot and will be hard to beat,” said Lennox Scott, CEO of John L. Buyers will continue to outstrip sellers but with slightly less intensity than in recent years.

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Construction Real Estate Inventory Buyers 36