Housing Wire

NOVEMBER 18, 2022

This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process.

Legal 367

Legal Law Insurance Finance 367

Housing Wire

SEPTEMBER 26, 2023

Mortgage servicer Nationstar , doing business as Mr. Cooper , has filed a lawsuit against electronic payment processing vendor ACI Payments related to the damages it allegedly suffered from unauthorized mortgage payments imposed on its customers two years ago. ”

Mortgage 406

Mortgage Legal Fees Legal Contracts 406

Housing Wire

JANUARY 10, 2024

Guild Mortgage has filed a petition in a district court in Washington to confirm a $10.7 million award resulted from an arbitration dispute against three former employees accused of poaching when they transitioned to rival CrossCountry Mortgage. A spokesperson for CCM wrote that the company “does not comment on legal matters.”

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Legal Lending Contracts Mortgage 421

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.

Lending 431

Lending Government Legal Law 431

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

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Housing Wire

DECEMBER 5, 2023

An arbitrator conclusion issued last week caps a four-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry, Black Knight Servicing Technologies and PennyMac Financial Services. 28, an arbitrator awarded Black Knight $155.2 In March 2020, the companies entered arbitration.

Contracts 421

Contracts Development Legal Law 421

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.”.

Mortgage 405

Mortgage Legal Law Contracts 405

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. Learn how updating your mortgage technology stack can help you get ahead in today’s unpredictable lending environment.

Mortgage 384

Mortgage Legal Lending Investors 384

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. Learn how updating your mortgage technology stack can help you get ahead in today’s unpredictable lending environment.

Mortgage 370

Mortgage Legal Lending Investors 370

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 367

Legal Contracts Lending Loan Officers 367

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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Retail Legal Lending Business 421

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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Contracts Tenants Legal Sellers 143

Movoto

APRIL 8, 2024

This is a legally binding agreement between the buyer and seller that helps ensure the sale will be completed according to the contract’s outlined conditions. Real estate purchase contracts come into play to protect both parties and move the sale forward, helping prevent either party from wasting the other’s time and money.

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Contracts Real Estate Property Taxes Legal 36

Housing Wire

FEBRUARY 9, 2024

A lawsuit against the “ All-In” initiative at United Wholesale Mortgage (UWM) should be dismissed, a federal judge said, citing inadequate evidence to prove accusations against the lender. UWM terminated its contract with the broker and no longer accepts mortgage applications from Okavage customers.

Contracts 421

Contracts Retail Mortgage Lending 421

Housing Wire

APRIL 24, 2024

Its owned mortgage servicing rights (MSR) portfolio had a UPB of $386.6 In response to an analyst’s question during the earnings call, Spector said he expects the company’s servicing channel to lead to more refinance opportunities when mortgage rates eventually decline. Pennymac’s servicing portfolio continues to grow.

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Lending Legal Contracts Mortgage 421

Raleigh Realty

FEBRUARY 24, 2022

What Does 'Under Contract' Mean in Real Estate? You've decided to buy a home and whether it's your first home or your tenth you're likely to stumble across homes that are listed as 'under contract' on the real estate listing. Then, you look at the status and that other shoe finally has a chance to drop: it's "under contract."

Contracts 147

Contracts Real Estate Sellers Real Estate Agent 147

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. It also accuses Movement of inducing these employees to breach contracts by soliciting others to leave loanDepot.

Retail 420

Retail Contracts Legal Business 420

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. million and liquidated damages for the company’s breach of contract. Movement filed a lawsuit in a U.S.

Contracts 420

Contracts Legal Mortgage 420

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.

Contracts 409

Contracts Legal Retail Training 409

Housing Wire

JUNE 6, 2023

Top originator United Wholesale Mortgage settled a lawsuit with broker shop Mid Valley Funding , in which the broker shop was accused of violating UWM’s controversial ultimatum by sending loans to rivals Rocket Mortgage and Fairway Independent Mortgage. Ishbia hasn’t backed down.

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Brokerage Contracts Legal Business 370

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.

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Loan Officers Human Resources Contracts Mortgage 450

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. billion in the first six months of 2023, according to data from Inside Mortgage Finance. The lender originated $10.6

Loan Officers 410

Loan Officers Legal Real Estate Lending 410

Housing Wire

FEBRUARY 5, 2024

Veteran mortgage executive James Seely has sued Guild Mortgage for allegedly failing to pay $750,000 in compensation after terminating his employment for cause by “manufacturing out of whole cloth spurious claims of Mr. Seely not working full time,” according to a recently filed lawsuit. billion in mortgage loans. 2 in a U.S.

Retail 421

Retail Contracts Loan Officers Mortgage 421

Housing Wire

NOVEMBER 3, 2023

Non-bank originator Change Lending will continue to originate non-qualified mortgages ( non-QMs ) for underserved borrowers after it reached a tentative deal with the U.S. The agreement puts an end to a short-lived legal dispute with the Treasury Department. Levine was fired in March over multiple accusations of workplace misconduct.

Lending 409

Lending Finance Legal Contracts 409

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.

Legal 370

Legal Contracts Business Mortgage 370

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.”.

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Legal Loan Officers Contracts Business 409

Housing Wire

NOVEMBER 13, 2023

” Mr. Cooper is accused of negligence, breach of implied contract and unjust enrichment, among other claims. At this time, however, it’s not possible to quantify the full extent of remediation and legal expenses due to the cyberattack. On Thursday, Mr. Cooper announced it had partially resumed its operations.

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Legal Law Contracts Technology 544

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 458

Loan Officers Contracts Mortgage Legal 458

Housing Wire

NOVEMBER 7, 2023

million since the second quarter due to lower salaries and benefits resulting from reduced headcount and legal expenses. In the quarter, the company also accrued $2 million of legal expenses related to the expected settlement of outstanding litigation. Quarterly non-volume expenses decreased $18.7 billion in the second quarter of 2023.

Legal 421

Legal Contracts Real Estate Mortgage 421

Housing Wire

FEBRUARY 25, 2022

United Wholesale Mortgage (UWM) just sued two more broker shops that allegedly violated its controversial “ultimatum” by sending loans to rivals Rocket Mortgage and Fairway Independent Mortgage. However, the lender said it was necessary to protect the long-term viability of the wholesale mortgage channel.

Contracts 370

Contracts Brokerage Investing Mortgage 370

Housing Wire

MAY 1, 2024

During the first quarter of 2024, Zillow recorded revenue growth across all sectors of its business, including a 31% annual jump in its rentals revenue to $97 million and a 19% year-over-year increase in its mortgage revenue to $31 million.

Agents 433

Agents Real Estate Contracts Real Estate Agent 433

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.” billion in business.

Loan Officers 384

Loan Officers Contracts Legal Business 384

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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Contracts Appraisal Market Value Real Estate 64

Housing Wire

FEBRUARY 2, 2024

That’s despite a net loss in the last quarter of the year attributable to the resolution of a long-standing arbitration process with Black Knight regarding its servicing technology and losses in mortgage servicing rights (MSR) fair value. A legal battle impacted fourth-quarter earnings. million, compared to a gain of $92.87

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Technology Legal Mortgage Contracts 409

Housing Wire

MARCH 12, 2024

loanDepot greatly reduced its costs in 2023 while revenues were in free fall amid a contracting market. million in legal expenses regarding the expected settlement of outstanding litigation, compared to $2 million in Q3 2023. billion in mortgages, compared to $6 billion in the previous quarter and $6.3 loanDepot accrued $3.7

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Legal Contracts Marketing Mortgage 418

Housing Wire

FEBRUARY 7, 2023

.” Still, he firmly believes it is important to seek out fresh perspectives amid the recent rise in mortgage rates. Like its peers, loanDepot is struggling amid a contracting mortgage market. Per Inside Mortgage Finance data, conditions have since worsened – the lender originated just $6.37

Real Estate 381

Real Estate Legal Contracts Mortgage 381

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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Loan Officers Clients Law Legal 458