Housing Wire

JANUARY 25, 2024

California-headquartered LoanSnap was hit with a temporary order to cease and desist from Connecticut’s Department of Banking for “systemic” unlicensed mortgage loan origination activity. These individuals also received inbound calls from individuals interested in obtaining mortgage loans, the order stated.

Loan Officers 404

Loan Officers Mortgage Finance Lending 404

Housing Wire

MARCH 28, 2024

Department of Labor announced on Wednesday that they found that PrimeLending , a Texas-based retail mortgage bank, violated whistleblower provisions in a case involving two employees who raised consumer fraud concerns. The main strategy was to tap high-volume loan officers in targeted locations. mortgage lender in 2023.

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Human Resources Legal Fees Loan Officers Retail 424

Housing Wire

MARCH 30, 2023

New Jersey-based Homebridge Financial Services will lay off 139 employees in June, three months after the acquisition of its retail division by CMG Mortgage, Inc. Severance will also be provided according to legal requirements. Per Inside Mortgage Finance data, the company was the 39th-largest U.S. CMG was the 27th-largest.)

Retail 404

Retail Loan Officers Legal Technology 404

Housing Wire

NOVEMBER 2, 2023

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. 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). 3, indicating a voluntary surrender.

Business 433

Business Loan Officers Law Mortgage 433

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 382

Contracts Loan Officers Legal Best Value 382

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. Shocked employees didn’t receive their last paychecks.

Mortgage 393

Mortgage Investors Legal Loan Officers 393

Housing Wire

MARCH 6, 2023

Illinois-based mortgage lender Celebrity Home Loans and its parent company Celebrity Financial, Inc. The lawsuit mentions that Celebrity Home Loans originated $21 billion in home loans since its foundation in 2006. are the target of a class-action-seeking lawsuit. The lawsuit was filed on Feb. Volumes reached $5.9

Loan Officers 424

Loan Officers Retail Legal Lending 424

Housing Wire

APRIL 1, 2024

Former NEXA Mortgage president Mat Grella has accused his partner at the firm, Mike Kortas, of making aircraft-related purchases with company money without his consent, resulting in his “abrupt” termination from the company. I had some concerns about where our focus was because it had shifted away from mortgages and more on aviation.

Brokerage 414

Brokerage Business Loan Officers Legal 414

Housing Wire

FEBRUARY 6, 2023

He said the lenders were inhibiting mortgage brokers from growing their business. Those who decided to work with either Rocket or Fairway could no longer send loans or applications to UWM. Since the financial penalty is removed, the ultimatum is – in effect – null and void, Rocket Mortgage said. UWM originated $33.5

Mortgage 310

Mortgage Loan Officers Retail Legal 310

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.

Legal 377

Legal Contracts Lending Loan Officers 377

Housing Wire

AUGUST 31, 2022

Houston-based nonbank mortgage lender Cornerstone Home Lending announced on Wednesday it has received all regulatory approvals to acquire traditional depository The Roscoe State Bank, a deal that will expand its operations beyond the traditional mortgage business. Expected to close around Oct. billion in assets, the companies claim.

Lending 370

Lending Retail Legal Loan Officers 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. Guild Mortgage and Caliber Home Loans have both sued CrossCountry on similar grounds.

Loan Officers 382

Loan Officers Contracts Legal Business 382

Housing Wire

AUGUST 25, 2023

filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. AmeriFirst told Housingwire that the bankruptcy action has no impact on closed mortgages and the loans in the pipeline will be closed and funded. In 2022, AmeriFirst closed $2.5

Mortgage 370

Mortgage Retail Business Lending 370

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. billion in business.

Legal 404

Legal Loan Officers Contracts Business 404

Housing Wire

NOVEMBER 23, 2022

The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. Nonbanks have more than 60% market share of mortgage industry production — and they are more likely than banks to move quickly to reduce capacity.

Marketing 382

Marketing Loan Officers Business Mortgage 382

Housing Wire

JANUARY 4, 2023

Texas-based PrimeLending is suing its direct competitor , First Community Mortgage, Inc. According to a lawsuit filed on December 20 in a district court in Tennessee, First Community Mortgage, Inc. National Mortgage News first reported on the lawsuit. . FCM), for raiding its talent pool. .

Loan Officers 450

Loan Officers Contracts Mortgage Legal 450

Housing Wire

JANUARY 30, 2023

A group of 11 former employees are accusing AmeriSave Mortgage Corp. The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. It was part of the Atlanta-based mortgage lender’s strategy for developing a retail mortgage sales division. mortgage lenders.

Loan Officers 464

Loan Officers Retail Contracts Mortgage 464

Housing Wire

SEPTEMBER 7, 2023

That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. But if you’re an originator, that simply means that your target group is now smaller,” said Brian Hale, CEO of Mortgage Advisory Partners. “If The lender and LO can make or break the transaction.”

Buyers 393

Buyers Agents Loan Officers Real Estate 393

Housing Wire

AUGUST 29, 2023

Lower also accused Texas-based lender AmCap Mortgage of conspiring in a scheme with its former employee to induce other staff to abruptly leave Lower. 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.

Loan Officers 370

Loan Officers Lending Business Mortgage 370

Housing Wire

JANUARY 6, 2023

Former bankers at Rocket Mortgage have filed a class-action-seeking lawsuit that claims the lender failed to fully compensate their overtime wages, a violation of the Fair Labor Standards Act. Complaints about the company’s labor practices were made public in November amid a challenging mortgage market. Rocket originated $25.6

Loan Officers 413

Loan Officers Mortgage Business Marketing 413

Housing Wire

AUGUST 11, 2022

The data will stay with the loan throughout the mortgage term, regardless of whether the servicing rights change hands. The policy change does not apply to reverse mortgages, according to Fannie Mae’s guidance for servicers. What will servicing look like in 2022?

Lending 382

Lending Finance Loan Officers Legal 382

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. Guild Mortgage did not respond to a request for comment.

Loan Officers 393

Loan Officers Retail Legal Clients 393

Housing Wire

JUNE 29, 2023

loanDepot is accusing its competitor Movement Mortgage of damaging its business by hiring over 25 employees in three months and “effectively crippling” “now-depleted” branches. That’s not the Orange County, California-based lender’s only poaching legal battle. In early June, a judge in the N.Y.

Retail 414

Retail Contracts Legal Business 414

Housing Wire

JANUARY 6, 2023

Mortgage lender loanDepot recently became the target of a lawsuit filed by a group of former California employees who have complaints about the company’s work conditions. . loanDepot is the seventh-largest mortgage lender in the nation, according to Inside Mortgage Finance’s rankings. The company produced $47.4

Loan Officers 457

Loan Officers Law Mortgage Real Estate 457

Housing Wire

JANUARY 5, 2023

California-based Loan America, Inc. is the latest former business partner to sue Sprout Mortgage in a suit filed six months after the mortgage lender abruptly closed its doors. Loan America, a full-service mortgage company, relies on warehouse loans or lines of credit for loan funding, similar to many other non-QM lenders.

Insurance 424

Insurance Loan Officers Mortgage Business 424

Housing Wire

APRIL 16, 2024

As the engines of the housing and mortgage markets continue to sputter due to higher interest rates and fewer buyers, industry innovators are looking for ways to get their company’s wheels off the ground. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. according to the company.

Real Estate Agent 457

Real Estate Agent Loan Officers Real Estate Agents 457

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 Source: Mortgage Bankers Association.

Lending 382

Lending Mortgage Real Estate Loan Officers 382

Appraisal Today

MAY 10, 2024

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The mortgage loan officer handling the loan?

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Reconsideration of Value Appraisal Real Estate Insurance 69

Lamacchia Realty

MARCH 4, 2024

THE IMPORTANCE OF CHOOSING THE RIGHT MORTGAGE BROKER The journey of buying a home can be both exciting and overwhelming, especially for those who may be unfamiliar with the intricacies of the process. Because excited buyers are typically caught up in house hunting, one crucial aspect is often overlooked: hiring a mortgage broker.

Mortgage 69

Mortgage Legal Realty Buyers 69

PennyMac

AUGUST 10, 2022

An FHA loan sounds like a loan that comes from the FHA, right? This is not true — the FHA does not issue loans directly to homebuyers. Instead, they insure loans offered by private lenders. If a homebuyer can’t pay for their FHA mortgage, the home will be foreclosed on. FHA loans allow you to pay as little as 3.5%

Insurance 36

Insurance Buyers Mortgage Renovations 36

Housing Wire

FEBRUARY 7, 2022

Independent mortgage banks have been “completely blindsided” by the increase in enforcement activity, said Daniella Casseres, who leads the mortgage regulatory practice group at law firm Mitchell Sander. As some independent mortgage banks have found out, a modern-day redlining allegation does not need to prove intentionality.

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Insurance Modernization Lending Mortgage 370