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. District Court in Florida in December.

Legal 271

Legal Contracts Lending Loan Officers 271

Housing Wire

APRIL 24, 2024

During an earnings call on Wednesday, chief financial officer Daniel Perotti said that “Pennymac maintained its dominant position in correspondent lending in the first quarter” as it acquired $18 billion in volume. million profit it posted in 2022. Its net revenues shrank from $2 billion in 2022 to $1.4 billion in 2023.

Lending 372

Lending Legal Contracts Mortgage 372

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 367

Loan Officers Real Estate Legal Lending 367

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

Mortgage 351

Mortgage Legal Lending Investors 351

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

Mortgage 349

Mortgage Legal Lending Investors 349

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 354

Retail Contracts Legal Business 354

Housing Wire

MAY 13, 2024

The groups also request “sufficient data to evaluate the impact” of the new representative score calculations, as well as “sufficient detail” to evaluate the accuracy “and fair lending analysis” of bi-merge combinations. These recommendations for additional data are critical to the successful implementation of the VantageScore 4.0

Legal 343

Legal Mortgage Contracts Insurance 343

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 380

Contracts Lending Mortgage Legal 380

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 320

Brokerage Contracts Legal Business 320

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. The DOJ also noted that this type of conditional offer is permitted under federal government lending programs, thus requiring no changes to lending regulations.

Sellers 422

Sellers Buyers Real Estate Contracts 422

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. Because it’s not true.” So the individual CEO is making all the money.

Loan Officers 438

Loan Officers Clients Law Legal 438

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. Bank Home Mortgage and Planet Home Lending declined to comment. Wells Fargo , Pennymac , U.S.

Buyers 375

Buyers Agents Loan Officers Real Estate 375

Housing Wire

NOVEMBER 3, 2023

Merle Whitehead, who in 2016 sold his brokerage RealtyUSA to Howard Hanna Real Estate Services , “years ago, worked diligently to increase the share of buyers who were under contract to work with his agents,” says Murray. “Fast forward to 2022, and we manage 1,200 properties through Southern California.

Real Estate 293

Real Estate Brokerage Buyers Property Management 293

Appraisal Today

NOVEMBER 4, 2022

They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). Mortgage Lending You decide. To read more, including the full legal document and appraiser comments, click here.

Reconsideration of Value 52

Reconsideration of Value Appraisal Inspection Advertising 52

Appraisal Today

MARCH 31, 2023

The AMC insists that as long as I disclose in the addendum that the zoning is currently ‘illegal,’ then I can mark on the first page as ‘Legal.’” Mortgage Lending In Q4 Hit Lowest Point Since 2014 Refinance mortgage originations hit low point this century. Excerpts: Key Takeaways In the fourth quarter of 2022, 1.52

Appraisal 52

Appraisal Contracts Inspection Clients 52

Appraisal Today

DECEMBER 8, 2023

The last unit they bought was in mid-2022 as far as I can tell… To read more, plus the 45+ appraiser comments, Click Here Investor Home Purchases Are Down Over 40% in Sun Belt Pandemic. ”… Question 2: does the lending industry owe the appraiser a living? The average contract interest rate for 5/1 ARMs decreased to 6.58

Appraisal 69

Appraisal Real Estate Contracts Design 69

Appraisal Today

NOVEMBER 24, 2023

Obviously, you need legal counsel, but you may also need USPAP counsel as well. So, your first step is to get proper counsel, who can then give you proper advice… A state’s appraisal board carries the sword and shield of legal counsel. Quite different than others in the lending business who just want to make as much money as they can.

Appraisal 77

Appraisal Mortgage Business Contracts 77

Appraisal Today

MAY 10, 2024

There is administrative time involved, as well as legal factors. There are few bank-owned (REO) sales right now, but when they happen, they’ve been a combination of older loans and some newer ones (but not really people who bought in 2022 at peak prices). The anticipation includes the additional burden on lenders as well as appraisers.

Reconsideration of Value 76

Reconsideration of Value Appraisal Real Estate Insurance 76

Housing Wire

AUGUST 31, 2022

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. At 5 basis points in first-quarter 2022, and at a loss of 5 basis points in second-quarter 2022, the industry is now struggling with the perfect storm of lower volume, lower revenues, and higher costs per loan.

Lending 382

Lending Mortgage Real Estate Loan Officers 382

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. Foreclosure Completions Increase Annually By 64 Percent In November 2022.

Modernization 52

Modernization Appraisal Contracts Real Estate 52

Appraisal Today

JULY 29, 2022

July 25, 2022 . This is actually about fewer buyers getting into contract. New in the August 2022 Issue of Appraisal Today. Excerpt: ASC just sent a letter to state appraiser regulatory officials pointing out that the USPAP update course is factually inaccurate and puts appraisers in legal jeopardy if they follow it.

Real Estate Agent 52

Real Estate Agent Real Estate Appraisal Agents 52

Simonson Real Estate

DECEMBER 6, 2022

In 2022, Simonson Appraisals completed a steady stream of financing assignments with planned new construction or significant proposed renovations. Helpful information includes tax parcel numbers, legal descriptions, number of buildings, building size, etc. Key Appraisal Items to Communicate.

Appraisal Process 78

Appraisal Process Real Estate Appraisal Renovations 78

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.

Valuation 69

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

Appraisal Today

SEPTEMBER 9, 2022

Cities With the Cheapest Mansions for Sale in 2022. The date of value can be a legal issue and the appraiser should not be the one accepting responsibility for whether the date of value is correct for whatever the use is (such as an estate tax return). By Kyle Campbell, Staff Writer , American Banker, September 7 2022.

Reconsideration of Value 52

Reconsideration of Value Appraisal Clients Contracts 52

Housing Wire

JUNE 14, 2022

Starting in 2023, Freddie Mac said it will look at expanding the use of its automated collateral evaluation for mortgages with loan to value ratios greater than 80% through a targeted lending program. According to Freddie Mac’s equitable housing finance plan, it could be the expansion of automated valuation models.

Appraisal 295

Appraisal Valuation Inspection Law 295

Housing Wire

APRIL 7, 2021

The Consumer Financial Protection Bureau released a proposed rule on Monday that would bar servicers from starting on foreclosures until 2022. So I do suspect if they come out with this ruling, we might see legal challenges to it by somebody in the industry.”

Investors 358

Investors Legal Contracts Government 358

Will Springer Realtor

JANUARY 7, 2022

We are only a couple of weeks into 2022 and the region’s residential real estate market is already getting back in motion for what should be another year of unprecedented levels of activity and incredibly high demand. The 2021 real estate market was incredibly hot and will be hard to beat,” said Lennox Scott, CEO of John L. Scott Real Estate.

Construction 36

Construction Real Estate Inventory Buyers 36