Housing Wire

MARCH 19, 2024

Plaintiff’s bald, conclusory allegation that the parties somehow ‘agreed’ to the 2022 unsigned amendment to the 2018 wholesale broker agreement as a complete and total replacement for the 2018 wholesale broker agreement in some unidentified manner is entirely implausible as a matter of law,” according to Atlantic Trust.

Mortgage 342

Mortgage Law Brokerage Legal 342

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 381

Buyers Contracts Agents Realtors 381

Housing Wire

FEBRUARY 13, 2023

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 300

Legal Contracts Lending Loan Officers 300

Housing Wire

AUGUST 8, 2023

Lender Toolkit accused Celebrity Home Loans and MLD Mortgage of breach of contract. Both lenders entered into a contract with Lender Toolkit in 2021. MLD Mortgage, doing business as Money Store, posted origination volume of $906 million in 2022, according to data from mortgage tech platform Modex.

Mortgage 291

Mortgage Contracts Legal Business 291

Housing Wire

SEPTEMBER 25, 2023

The firm’s legal troubles began in late 2022 when it was sued by attorneys general in Florida , Massachusetts and Pennsylvania over its 40-year contracts. In addition, the Florida-based firm has been essentially banned from operating in 14 states through legislation.

Realty 446

Realty Real Estate Agent Legal Agents 446

Housing Wire

JUNE 29, 2023

The poaching lawsuit, filed on June 22 at a federal district court in Delaware, states that South Carolina-based Movement recruited and hired its employees in late 2021 and early 2022 to take trade secrets and confidential information. That’s not the Orange County, California-based lender’s only poaching legal battle.

Retail 387

Retail Contracts Legal Business 387

Housing Wire

NOVEMBER 2, 2023

California-based nonbank lender loanDepot is suing former chief operations officer Tammy Richards for breach of contract and fiduciary duty, accusing her of stealing confidential information concerning the lender’s customers. However, on Oct. loanDepot filed the lawsuit on Oct.

Contracts 374

Contracts Legal Retail Training 374

Housing Wire

JANUARY 11, 2024

TCB’s contract with RMF and the bankruptcy court order also expressly stated that TCB’s right to a lien was subject to GNMA’s extinguishment rights.” 31, 2022, special requirements for HECM reverse mortgage loan pools, TCB’s tail agreement and documents from RMF’s bankruptcy case unfolding in the U.S.

Lending 401

Lending Government Legal Law 401

Housing Wire

APRIL 18, 2024

McDermott joined G-Rate when the lender acquired Superior Mortgage in 2012, and resigned in November 2022. She also included allegations of breach of contract, misappropriation of likeness and tortious interference with prospective contracts. “We know Megan very well and treasured her 10 years with the company.

Loan Officers 424

Loan Officers Human Resources Contracts Mortgage 424

Housing Wire

JUNE 6, 2023

In February 2022, UWM sued California-based Mid Valley for violating the agreement and demanded that the broker shop pay $310,000. 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 348

Brokerage Contracts Legal Business 348

Housing Wire

APRIL 24, 2024

million profit it posted in 2022. Its net revenues shrank from $2 billion in 2022 to $1.4 Legal troubles with Black Knight contributed to the loss in Q4 2023. Legal troubles with Black Knight contributed to the loss in Q4 2023. Last year, Pennymac earned net income of $144.7 billion in 2023.

Lending 401

Lending Legal Contracts Mortgage 401

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 production volume in the first half of this year was down roughly 47% from the same period in 2022.

Loan Officers 393

Loan Officers Legal Real Estate Lending 393

Housing Wire

MAY 10, 2024

Members also pay a special assessment for NAR’s consumer ad campaign, which was raised to $45 in 2022. represent an entity in which the REALTOR(R) or member of their immediate family has a legal interest.” represent an entity in which the REALTOR(R) or member of their immediate family has a legal interest.”

Realtors 341

Realtors Finance Agents Legal 341

Housing Wire

MAY 13, 2024

In late 2022, FHFA announced that it would replace the Classic FICO credit model — which Fannie Mae and Freddie Mac have relied on for roughly 20 years — with new models (FICO 10T and VantageScore 4.0) These recommendations for additional data are critical to the successful implementation of the VantageScore 4.0

Legal 378

Legal Mortgage Contracts Insurance 378

Housing Wire

DECEMBER 21, 2022

A representative for CrossCountry told HousingWire, “As a matter of practice, we do not comment on legal matters.” . Finally, CrossCountry is likely to be found liable for aiding and abetting the Individual Defendants’ contractual and fiduciary violations, as well as being responsible for tortious interference with contract.”.

Legal 384

Legal Loan Officers Contracts Business 384

Housing Wire

FEBRUARY 2, 2024

. “2023 was one of the more challenging origination markets in recent history, with industry volumes down approximately 40% from 2022 and unit originations at their lowest level since 1990,” David Spector, chairman and CEO, told analysts during a call on Thursday afternoon. million in the same quarter of 2022.

Technology 375

Technology Legal Mortgage Contracts 375

Housing Wire

JANUARY 4, 2023

The lender said that despite not formally renewing the contract, CAVU continued to provide the services as of September 2022. The employees’ PrimeLending contracts had non-solicitation, non-interference and confidentiality clauses, according to the lawsuit.

Loan Officers 448

Loan Officers Contracts Mortgage Legal 448

Housing Wire

NOVEMBER 3, 2023

The agreement puts an end to a short-lived legal dispute with the Treasury Department. Change Lending was removed from the CDFI Fund’s list of certified program lenders in August after a Barron ‘s investigation found that the lender failed to meet its underserved lending requirements in 2022.

Lending 384

Lending Finance Legal Contracts 384

Housing Wire

JULY 26, 2022

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. 20, 2022, to Feb. 15, 2022, for the purchase of 51 loans, with a total principal value of $32,864,270.

Mortgage 372

Mortgage Legal Lending Investors 372

Housing Wire

JULY 19, 2022

The lawsuit, filed in federal court in New York last week, alleges that since February 2022 “CrossCountry improperly poached no fewer than 32 loanDepot employees from loanDepot branches in Manhattan, Brooklyn and Fishkill, New York by interfering with loanDepot’s contractual and other legal rights.”

Loan Officers 383

Loan Officers Contracts Legal Business 383

Housing Wire

JULY 26, 2022

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. 20, 2022, to Feb. 15, 2022, for the purchase of 51 loans, with a total principal value of $32,864,270.

Mortgage 366

Mortgage Legal Lending Investors 366

Housing Wire

MARCH 12, 2024

loanDepot greatly reduced its costs in 2023 while revenues were in free fall amid a contracting market. million loss in 2022. The reduction was impacted by its exit of the wholesale channel in 2022, and it was partially offset by growth in servicing income and home equity lines of credit (HELOCs), as well as higher margins.

Legal 368

Legal Contracts Marketing Mortgage 368

Housing Wire

JANUARY 30, 2023

The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022. The company originated $12 billion in 2022, down 62.2%

Loan Officers 457

Loan Officers Retail Contracts Mortgage 457

Housing Wire

APRIL 19, 2023

The incident in question dates back to March 2022 when mortgage rates were still relatively low. in March and April of 2022,” the suit said. The couples initially sued the lender in October 2022 on seven counts, including breach of contract, negligence and fraud. of the U.S.

Contracts 383

Contracts Lending Mortgage Legal 383

Housing Wire

FEBRUARY 7, 2023

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.

Real Estate 332

Real Estate Legal Contracts Mortgage 332

Housing Wire

DECEMBER 19, 2023

Big Four title firm Fidelity National Financial and its subsidiary mortgage subservicer Loancare are facing a class action lawsuit alleging that they were negligent with customer data and that they breached their contract, after the firm was the victim of a cyber security attack in late-November. District Court for Central California.

Clients 411

Clients Contracts Mortgage Legal 411

Housing Wire

AUGUST 31, 2023

According to the filing, after the franchisees signed a contract, the defendants then required franchisees to adopt KWRI’s present market cap, which is the fee agents pay their market centers. In the filings, which name Keller Williams , Keller, former KW president Josh Team, Business MAPS Ltd.

Contracts 406

Contracts Brokerage Business Training 406

Housing Wire

OCTOBER 4, 2023

Sarah Pierce , former executive vice president for customer experience, sales and operations, filed a lawsuit on June 8, 2022, in the New York federal court, including Better Holdco, its founder Vishal Garg and general counsel Nicholas Calamari as defendants. The earliest due date was 120 days after the termination of her employment.

Law 384

Law Contracts Business Legal 384

Housing Wire

MARCH 27, 2024

The court initially certified the class in April of 2022, as it found that the class satisfied all the requirements of Federal Rule of Civil Procedure 23. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices. HomeServices did not return a request for comment.

Law 383

Law Sellers Realtors Contracts 383

Housing Wire

FEBRUARY 16, 2024

The Antitrust Division’s own analysis of buyer-broker prices in large metropolitan areas in NWMLS’s region shows that the October 2022 change likewise had no meaningful effect. Despite this being allowed, the practice of cooperative compensation continues and agent commissions have not changed.

Sellers 427

Sellers Buyers Real Estate Contracts 427

Housing Wire

NOVEMBER 16, 2023

A Barron’s investigation found that Change failed to meet its underserved lending requirements in 2022, resulting in the lender being removed from the CDFI Fund’s list of certified program lenders in August. But at least 60% of a lender’s financing must target these borrowers.

Lending 361

Lending Finance Contracts Development 361

Housing Wire

MAY 11, 2022

A CrossCountry spokesperson told HousingWire they don’t comment on legal matters. Following the acquisition, Caliber’s CEO Sanjiv Das , who was in the position since 2016, stepped down in January 2022, as industry analysts and observers expected. Staying nimble in a fast-paced market with the right mortgage technology.

Technology 383

Technology Investing Legal Mortgage 383

Housing Wire

AUGUST 30, 2023

Better failed to pay for two “insertion orders” – agreements where Meredith would place ads on its digital platforms in exchange for the mortgage lender’s fee – from the summer to the winter of 2022, according to a filing in the U.S. District Court Southern District of New York in March. Among the $2.1 Among the $2.1

Advertising 386

Advertising Finance Contracts Mortgage 386

Housing Wire

DECEMBER 20, 2023

It was late 2022 and Mike was feeling the pressure. It’s the ultimate in legalized fraud. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender. It’s a race to the bottom,” he said of the practice. Because it’s not true.”

Loan Officers 452

Loan Officers Clients Law Legal 452

Empire Appraisal Group

NOVEMBER 3, 2022

More than a quarter of real estate professionals say they avoid having any interaction with an appraiser, falsely believing they legally can’t. Source: Can You Talk to an Appraiser? nar.realtor). © eyecrave productions – E+/Getty Images. The survey of more than 600 appraisers and 2,500 residential real estate pros was conducted in May.

Appraisal 78

Appraisal Appraisal Process Legal Real Estate 78

Housing Wire

MAY 27, 2022

This week’s HW+ member spotlight features Jeremy Potter, chief evangelist at Stavvy , a 2022 Tech100 Mortgage winner. Potter was recently promoted after serving as head of legal and capital markets and is a thought leader in the industry, regularly sharing his insights on how the industry can move forward through the power of innovation.

Modernization 362

Modernization Legal Contracts Mortgage 362

Housing Wire

SEPTEMBER 9, 2022

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 380

Marketing Mortgage Investors Legal 380