Housing Wire

MARCH 8, 2023

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a special edition of its Supervisory Highlights report that profiles “unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets,” including among mortgage servicers.

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Housing Wire

FEBRUARY 15, 2024

Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses.

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Housing Wire

DECEMBER 26, 2023

Mortgage subservicer Loancare informed authorities that the data of about 1.3 19 , FNF said it suffered a “ cybersecurity incident ” that led the system to shut down some of its networks, causing disruptions to its title insurance, escrow and other title-related services, as well as mortgage transactions.

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Housing Wire

DECEMBER 5, 2023

In a 2019 lawsuit, Black Knight accused Pennymac of copying its mortgage servicing platform, MSP, to create its Servicing Systems Environment (SSE) platform. million in damages related to a breach of contract claim (plus interest and attorney’s fees), representing six years of avoided license fees. per share.

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Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

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Housing Wire

APRIL 18, 2024

McDermott joined G-Rate when the lender acquired Superior Mortgage in 2012, and resigned in November 2022. In a lawsuit filed in late February in New Jersey, she accused G-Rate, Joseph Moschella and Jon Lamkin of violating New Jersey laws regarding discrimination, equal pay and unfair competition.

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Loan Officers Human Resources Contracts Mortgage 391

Housing Wire

FEBRUARY 2, 2021

A coalition of 33 state attorneys general filed a motion against PHH Mortgage and its predecessor Ocwen Loan Servicing for allegedly charging unlawful servicing fees to nearly one million borrowers. Then, the CFPB announced that it was suing Ocwen for “failing borrowers at every stage of the mortgage servicing process.”.

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Housing Wire

FEBRUARY 23, 2024

The case stems from Ginnie Mae’s extinguishment of Reverse Mortgage Funding (RMF) from its reverse mortgage-backed securities program. But Ginnie Mae has never sought to contract with TCB itself regarding TCB’s transactions with RMF.” Ginnie Mae accordingly implored TCB to lend money to RMF.

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The Robert Weiler Company

JANUARY 2, 2021

Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.

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Housing Wire

FEBRUARY 26, 2024

Top 10 mortgage lender and servicer Newrez sued one of its former executives over multiple allegations, including breach of contract, disclosure of confidential information and unfair competition tied to soliciting several Newrez executives to join a competing lender. 21 in the U.S.

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Housing Wire

JULY 8, 2022

There is unquestionably a need for regulatory innovation across the broader mortgage industry, but none more pressing than de-risking the mortgage servicing space. Broad lessons were learned on how to curb predatory lending practices following the subprime mortgage crisis. The true benefit of quantitative easing.

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Appraisal Buzz

JUNE 7, 2024

The CFPB has issued “CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The CFPB recently launched an inquiry into junk fees that are increasing mortgage closing costs.

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Housing Wire

APRIL 26, 2022

A rising player in the world of crypto-mortgages and blockchain-enabled financing, LoanSnap, plans expand its reach in the market by opening its lending platform to licensed mortgage brokers across the country in the near future. It’s an open platform. We’re not huge, but we’re not small either.”.

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Housing Wire

JANUARY 21, 2022

The United States Court of Appeals for the Fourth Circuit ruled on Wednesday that borrowers can pursue a class action lawsuit against Carrington Mortgage Services regarding the fees it applied when collecting payments online or by phone. Plaintiff Alexander took out a mortgage to purchase a property in Baltimore, Maryland, in 2005.

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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. loanDepot filed the lawsuit on Oct. 30, 2021, Richards resigned from her position at loanDepot.

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Contracts Legal Retail Training 342

Housing Wire

NOVEMBER 13, 2023

The firm informed law enforcement, regulatory authorities and other stakeholders. ” Mr. Cooper is accused of negligence, breach of implied contract and unjust enrichment, among other claims. On Thursday, Mr. Cooper announced it had partially resumed its operations.

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Housing Wire

FEBRUARY 12, 2021

United Wholesale Mortgage has filed a motion to dismiss a lawsuit filed by three independent mortgage brokers last year whom the lender accused of “churning.” “In 2020, UWM became concerned the EPO period was not effectively curbing the potential for churning,” Miller Law Firm PC wrote on behalf of UWM.

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Mortgage Brokerage Law Contracts 252

McKissock

AUGUST 13, 2021

Why must an appraiser be given a copy of the sales contract? Secondly, the appraiser is likely familiar with the local real estate contract forms, customary terms, and conditions of real estate transactions in the area, and might be able to identify irregularities and comment on them. When should we analyze the contract?

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Housing Wire

OCTOBER 4, 2023

A federal judge in New York has decided to dismiss the majority of accusations made by a former top executive at Better against the digital nonbank lender and other high-level executives, including claims related to labor and securities laws violations. Also, Garg’s motion to dismiss Pierce’s defamation claim was denied.

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Appraisal Today

APRIL 2, 2023

What Do Appraisers Look For in a Sales Contract? Why must an appraiser be given a copy of the sales contract? Secondly, the appraiser is likely familiar with the local real estate contract forms, customary terms, and conditions of real estate transactions in the area, and might be able to identify irregularities and comment on them.

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Contracts Appraisal HOA Architecture 52

Housing Wire

NOVEMBER 18, 2022

When the FHLB Act was adopted in 1932, membership was limited to mortgage lenders (e.g., Thus, all members must be in the business of making home mortgage loans and are generally required to meet minimum home mortgage asset requirements. He is a Partner with the Washington, DC law firm of Sivon, Natter & Wechsler, P.C.,

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Housing Wire

DECEMBER 20, 2023

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. One top-producing California -based loan officer said she was excited when a top 35 mortgage lender tried to recruit her with the promise of multiple pricing buckets.

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Housing Wire

JANUARY 13, 2022

The Supreme Court weighed in on a class action lawsuit against Quicken Loans , now Rocket Mortgage , regarding its appraisal practices during the financial crisis, delivering a procedural win for the mortgage lender. million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans originated from 2004 to 2009.

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Housing Wire

FEBRUARY 4, 2022

United Wholesale Mortgage (UWM) is making good on its threat to take legal action against partnering broker shops that also send business to Rocket Mortgage and Fairway Independent Mortgage , a violation of the wholesaler’s controversial broker agreement. million for repeatedly violating the terms of the agreement.

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Housing Wire

DECEMBER 27, 2022

The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” The Big Chill” or “Frozen,” says Green, principal at real estate law firm Polunsky Beitel Green. A mortgage rate lockdown freezes the housing market. The mortgage industry shrinking by more than half to an estimated $1.7

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Housing Market Marketing Real Estate Agent Real Estate 493

Lamacchia Realty

MAY 6, 2024

When you hire a real estate attorney, you’re getting someone who is licensed to practice law with industry specific experience. Their job is to make sure the sale from the seller to the buyer happens within the confines of the law, while also looking out for your best interests. What does a Real Estate Attorney do?

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Real Estate Legal Law Contracts 67

Appraisal Buzz

AUGUST 29, 2022

A significant indirect influence comes with the infrastructure bill signed into law in November 2021. In 2020, 30% of all households had “unaffordable” mortgage or rent payments. The good news is that a recently passed law may indirectly change the real estate market for the better. The Current Housing Crisis.

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Transportation Law Investing Investors 370

Appraisal Buzz

AUGUST 1, 2022

Since USPAP is part of our regulations and laws that oversee our profession, it is the best place to start here as a professional. When reading contracts, words will always have their ordinary meaning unless defined otherwise. Below is the definition from Webster’s online dictionary of the plain meaning rule: Plain meaning rule.

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Valuation Contracts Appraisal Legal 360

Housing Wire

AUGUST 1, 2022

Mortgage lender Guaranteed Rate Affinity is suing a divisional manager for allegedly orchestrating a “mass departure” to competitor Cardinal Financial Company , a violation of the employment agreement. including six regional managers, an executive assistant and a business development associate, the mortgage lender alleges.

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Loan Officers Mortgage Retail Contracts 367

Will Springer Realtor

OCTOBER 11, 2023

Zoning laws in the U.S. The laws also play a role in community planning. The first successful zoning laws were established in 1916 to determine building heights in New York City, soon followed by the zoning of residential and business districts. The laws can be a double-edged sword.

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Housing Wire

JUNE 3, 2024

When California legislators voted in 2021 to eliminate zoning laws that require neighborhoods to have only single-family homes, supporters and detractors alike fiercely argued that it would have a big impact.

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Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

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Housing Wire

JULY 28, 2022

As the Federal Reserve announced yet another 75 basis point interest rate hike Wednesday, loan officers and lending executives — already well aware of the news — were looking ahead, questioning whether mortgage rates will spike or dip in the aftermath. It is possible that the 30-year fixed mortgage rate may settle down at 5.5%

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Housing Market Marketing Loan Officers Buyers 299

Housing Wire

AUGUST 17, 2022

The bank, which operates a mortgage-lending unit, along with its holding company, Eagle Bancorp Inc., The [Federal Reserve] Board also cited EagleBank for third-party risk-management deficiencies over the same period that resulted in inadequate oversight of contracts between the bank and a local government official.”.

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Will Springer Realtor

NOVEMBER 12, 2021

And one solution to this worsening issue is an examination of our restrictive zoning laws in urban areas. In a review of 45 years’ data, a 2019 study claims adverse zoning laws wiped out 36% of potential economic growth and negatively affected each worker by more than $8700 in annual wages. Zoning] dictates our economy.

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Housing Wire

DECEMBER 9, 2020

The case has the potential to be the most profound legal decision to affect the mortgage market in over a decade. According to The Hill, arguments on Wednesday focused more on how the court should adjudicate the 2012 contract, and less on the structure of the agency itself. home loans.

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Housing Wire

DECEMBER 20, 2021

While the family’s income has been cut by almost half and inflation has increased their expenses, Wilen’s primary concern is his mortgage. mortgage for 12 months, and the county where he lives paid three months of his mortgage bill as part of an assistance program. He is afraid of losing his home.

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