Housing Wire

MARCH 6, 2023

A former employee is suing the companies, alleging they “abruptly terminated hundreds of its employees” without giving legally required 60-day advance notice as required by the Worker Adjustment and Retraining Notification Act ( WARN Act ). Volumes reached $5.9 billion for the 12 months ending Dec.

Loan Officers 427

Loan Officers Retail Legal Lending 427

Housing Wire

JANUARY 25, 2024

From at least August 29, 2022 to December 2, 2022, individuals who were not licensed as loan officers (LOs) in Connecticut acted as LOs by taking residential mortgage loan applications , soliciting Connecticut borrowers for mortgages and offering or negotiating terms of mortgages, according to the order issued earlier this month.

Loan Officers 406

Loan Officers Mortgage Finance Lending 406

Housing Wire

JUNE 5, 2024

loanDepot and Movement Mortgage are embroiled in an ongoing legal battle over allegations that Movement poached more than two dozen loan officers in late 2021 and early 2022. “Jeff’s expertise and leadership will be invaluable as we continue to strengthen our position and grow in this critical market.”

Loan Officers 414

Loan Officers Legal Development Mortgage 414

Housing Wire

APRIL 20, 2023

Denver-based brokerage franchise Motto Mortgage , owned by RE/MAX , has accused broker shop UMortgage of “tortious interference” in its contract with a former franchisee called TRB Solutions, whose controlling member was Breon Price, the top-producing loan officer. According to a lawsuit filed in March in a U.S

Contracts 383

Contracts Loan Officers Legal Best Value 383

Housing Wire

NOVEMBER 2, 2023

Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). Smart Rate marked Strauss’s return to the mortgage market after abruptly shuttering Sprout Mortgage in July 2022.

Business 437

Business Loan Officers Law Mortgage 437

Housing Wire

MARCH 28, 2024

According to the DOL, they must pay $35,000 in emotional damages and the legal fees of the two employees who reported consumer fraud concerns. The main strategy was to tap high-volume loan officers in targeted locations. billion last year, a 35% decline from 2022. mortgage lender in 2023.

Human Resources 427

Human Resources Legal Fees Loan Officers Retail 427

Housing Wire

JUNE 6, 2023

Rocket Mortgage is looking to hire local loan officers at a time when mortgage rates are high and the industry remains heavily reliant on the purchase market. According to Rocket’s job post, the loan officer position is remote and requires a minimum of three years of experience in mortgage loan origination.

Loan Officers 370

Loan Officers Mortgage Retail Real Estate Agent 370

Housing Wire

FEBRUARY 13, 2023

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 counterclaim is a response to a lawsuit filed by JIM in December 2022. Darren Heitner, JIM’s attorney and founder at Heitner Legal , P.L.L.C,

Legal 379

Legal Contracts Lending Loan Officers 379

Housing Wire

NOVEMBER 10, 2022

Houlihan Lokey served as financial advisor and Pierce Atwood served as legal advisor to Mortgage Network. Troutman Pepper was Movement’s legal advisor in the M&A transaction. “We Movement says it employs more than 1,500 loan officers nationwide and has over 550 branches.

Retail 370

Retail Mortgage Loan Officers Legal 370

Housing Wire

JULY 19, 2022

Even in a downturn, the loan officer recruiting wars remain fierce. Beleaguered nonbank lender loanDepot is suing rival lender CrossCountry for allegedly dozens of poaching high-performing loan officers from its New York branches. Anthony Hsieh, founder and CEO of loandepot. loanDepot reported a net loss of $91.3

Loan Officers 383

Loan Officers Contracts Legal Business 383

Housing Wire

AUGUST 31, 2022

The lender has roughly 300 mortgage loan officers and 1,800 team members and does in-house processing and underwriting. billion in loans in the retail channel during the first half of 2022, good for 38th nationwide production volume but down 28.8% was the financial advisor and Holland & Knight LLP the legal counsel.

Lending 370

Lending Retail Legal Loan Officers 370

Housing Wire

APRIL 1, 2024

billion in mortgage loans in 2023, according to Kortas. As of Monday, the company had 2,391 sponsored mortgage loan officers, per the Nationwide Multistate Licensing System (NMLS). Then, according to the lawsuit, in late 2022, Kortas “convinced” Grella to acquire an FAA-licensed charter company called Fly Dreams, LLC.

Brokerage 417

Brokerage Business Loan Officers Legal 417

Housing Wire

DECEMBER 21, 2022

A representative for CrossCountry told HousingWire, “As a matter of practice, we do not comment on legal matters.” . In July 2022, loanDepot sued the rival again for allegedly poaching high-performing loan officers from its New York branches. billion in business.

Legal 407

Legal Loan Officers Contracts Business 407

Housing Wire

NOVEMBER 23, 2022

Based on recent data from the Mortgage Bankers Association (MBA) and Stratmor, Cameron said nonbank turnover rates for processors, underwriters and closers were typically in the range of 35% to 50% in the first half of 2022, compared to 18% to 22% for banks. Originations in October 2022 plummeted more than 95% year over year to $10.7

Marketing 383

Marketing Loan Officers Business Mortgage 383

Housing Wire

SEPTEMBER 7, 2023

That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. Loan officers may increasingly place more importance on reaching consumers directly especially when a buyer takes initiative in the homebuying process rather than relying on agents. “If

Buyers 395

Buyers Agents Loan Officers Real Estate 395

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 lender said FCM admitted to knowledge of these obligations in a letter sent by its counsel on September 1, 2022. . It has 994 active loan officers, 38 branches and licenses to operate in 23 states.

Loan Officers 454

Loan Officers Contracts Mortgage Legal 454

Housing Wire

AUGUST 11, 2022

What will servicing look like in 2022? That development prompted concern from legal experts that the information could be used as a basis for fair lending lawsuits. In August 2021, Cadence Bank settled allegations of redlining which stemmed, in part, from the bank’s loan officers’ lack of Spanish language skills.

Lending 383

Lending Finance Loan Officers Legal 383

Housing Wire

AUGUST 29, 2023

Ozment was hired in April 2022 and was given access to Lower’s confidential information and trade secrets, including customer identification, financial information and lending objectives. He left the lender in a “sudden coordinated departure in November 2022,” Lower alleged in its suit. AmCap declined to comment on active litigation.

Loan Officers 370

Loan Officers Lending Business Mortgage 370

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 469

Loan Officers Retail Contracts Mortgage 469

Housing Wire

JANUARY 19, 2023

There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. The mystery as to what happened to its loan pipeline and funding endure. Shocked employees didn’t receive their last paychecks. Michael Strauss’s Smart Rate?

Mortgage 395

Mortgage Investors Legal Loan Officers 395

Housing Wire

JANUARY 6, 2023

Like its competitors, Michigan-based Rocket was highly affected by surging mortgage rates in 2022, which caused refinancing volume to dry up. . Despite its efforts to obtain more purchase loans, Rocket lost $166 million in the third quarter of 2022 and fell from its position as the largest mortgage lender in the country.

Loan Officers 416

Loan Officers Mortgage Business Marketing 416

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 417

Retail Contracts Legal Business 417

Housing Wire

JUNE 2, 2022

CrossCountry Mortgage is suing Guild Mortgage for poaching a former Las Vegas branch manager and allegedly convincing her to steal proprietary information, the latest escalation in a brewing legal battle between the retail mortgage lenders. As of June 2022, litigation is ongoing. This is not the first spat between the two lenders.

Loan Officers 395

Loan Officers Retail Legal Clients 395

Housing Wire

JANUARY 6, 2023

The lawsuit was filed on December 23 in the Superior Court of the State of California for the County of Orange by about 40 former loanDepot employees, including loan officers, processors, underwriters, loss mitigation and foreclosure specialists. One of the lender’s focuses was to cut costs in the 2022 shrinking mortgage market.

Loan Officers 462

Loan Officers Law Mortgage Real Estate 462

Housing Wire

FEBRUARY 6, 2023

The company’s SEC filing indicated it ended the third quarter of 2022 with a “strong liquidity position,” which includes $800 million of cash on hand, $3.2 He said the ‘bully shield’ initiative, as it has been dubbed internally, was “really a drive towards doing the right thing.” UWM originated $33.5

Mortgage 313

Mortgage Loan Officers Retail Legal 313

Housing Wire

JANUARY 5, 2023

After its due diligence, Sprout would send a “cleared to purchase” confirmation, which is what happened with a $7,581,712 package of loans originated from January to March 2022, according to Loan America. Loan America also claims it faced losses when forced to sell the loans to a third party to mitigate its damages.

Insurance 427

Insurance Loan Officers Mortgage Business 427

Housing Wire

MAY 3, 2023

Unlike loan officers, whose commissions are highly regulated by the government, real estate agent commissions are based largely on long-standing industry practices and market forces. The legal threat that looms largest is what’s known as the “Moehrl case.”

Agents 407

Agents Real Estate Agent Brokerage Real Estate 407

Housing Wire

MAY 29, 2024

In the mortgage space, loan officers, brokers and lenders are trying to figure out the best way to deal with this type of debt amid what they call a lack of guidance or transparency. But these sources also told HousingWire that they don’t see an imminent “systemic risk” tied to BNPL debt. “So,

Mortgage 437

Mortgage Clients Sellers Loan Officers 437

Housing Wire

AUGUST 25, 2023

AmeriFirst told Housingwire that the bankruptcy action has no impact on closed mortgages and the loans in the pipeline will be closed and funded. The Arizona-based lender relaunched its forward mortgage origination business in June after ceasing it in December 2022 against the backdrop of rising interest rates.

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

APRIL 16, 2024

The company recently launched a mortgage brokerage firm that offers a plug-and-play program for real estate agents to become mortgage loan officers, a practice called dual licensing. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. For example, Realfinity pays LOs 1.4%

Real Estate Agent 462

Real Estate Agent Loan Officers Real Estate Agents 462

Housing Wire

AUGUST 31, 2022

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. As of the first quarter of 2022, there were 210,854 individuals who held at least one state license.

Lending 383

Lending Mortgage Real Estate Loan Officers 383

Appraisal Today

MAY 10, 2024

The mortgage loan officer handling the loan? 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).

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Reconsideration of Value Appraisal Real Estate Insurance 73

Lamacchia Realty

MARCH 4, 2024

Unlike loan officers at the bank or credit unions who work for a single institution, mortgage brokers have access to a vast network of lenders, providing borrowers with a wider range of options. Streamlined Process and Time Saving In the fast-paced world of real estate, time is of the essence.

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Mortgage Legal Realty Buyers 68

PennyMac

AUGUST 10, 2022

Credit scores also affect other parts of your FHA loan eligibility, such as your debt-to-income (DTI) ratio, down payment minimums, interest rates and more. The better your score, the more flexibility there is with other requirements of the loan. Credit Score Between 500-619: Pennymac buyers likely qualify with a higher down payment.

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Insurance Buyers Mortgage Renovations 36

Housing Wire

FEBRUARY 7, 2022

In California’s Contra Costa County, where the median home listing price is now $749,000, a loan officer priced a loan for a potential borrower with less-than-perfect credit, who had found a listing for $650,000. And although Fudge has repeatedly vowed to bring banks back to FHA, recent policy moves could drive them away.

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Insurance Modernization Lending Mortgage 370