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FirstFunding sues Sprout for breaching of contract

Housing Wire

The agreement’s maximum funding amount changed seven times, increasing to $230 million in April 2022 but returning to $175 million in May 2022. Consequently, the warehouse lender filed the lawsuit against Sprout on Wednesday for breaching the contract and injunction in the U.S. According to Zillow , the estimated price is $26.5

Contracts 369
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EPM files a counterclaim against Jesse Iwuji Motorsports

Housing Wire

Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The Atlanta-based mortgage lender is accusing the stock car racing team of breaking the agreement by changing the driver of the car starting in May 2022. The dispute led to a U.S.

Legal 278
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Ginnie Mae fires back over RMF lending suit, seeks case dismissal

Housing Wire

When [RMF] defaulted on its obligations, GNMA exercised its right to extinguish RMF’s interest in certain mortgages in order to ensure the timely payment to investors in securities backed by those mortgages,” the filing reads. District Court for the District of Delaware. District Court for the District of Delaware.

Lending 377
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New Wave sues Sprout for defaulting on $32M purchase of mortgages

Housing Wire

District Court of Southern District of New York against Sprout Mortgage and Sprout Mortgage Asset Trust for fraud, breach of contract, promissory estoppel and unjust enrichment. New Wave said it requested bids from multiple investors from Jan. 20, 2022, to Feb.

Mortgage 356
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New Wave sues Sprout for defaulting on $32M purchase of mortgages

Housing Wire

District Court of Southern District of New York against Sprout Mortgage and Sprout Mortgage Asset Trust for fraud, breach of contract, promissory estoppel and unjust enrichment. New Wave said it requested bids from multiple investors from Jan. 20, 2022, to Feb.

Mortgage 356
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Anthony Hsieh is fighting with the loanDepot board

Housing Wire

Like its peers, loanDepot is struggling amid a contracting mortgage market. million loss in the third quarter of 2022, when origination volumes declined to $12.4 loanDepot’s headcount has nearly halved from 11,300 at year-end 2021 to approximately 6,100 at the end of September 2022.

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Private-label MBS market facing strong headwinds

Housing Wire

The frenetic pace of growth in nonagency issuance has since slowed, however, due to a variety of market pressures — chief among them the contraction of mortgage originations in the face of fast-rising interest rates. “In Less than one year later, in June 2022, the rate reached 5.8% …. “In

Marketing 357