Housing Wire

APRIL 1, 2024

A federal judge in Texas has granted a preliminary injunction to banking trade groups that seek to halt the implementation of new rules for modernizing the Community Reinvestment Act (CRA), according to court documents reviewed by HousingWire. We look forward to litigating this matter to a final judgment.”

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Housing Wire

JULY 5, 2023

This is according to original reporting by Bloomberg and court documents reviewed by HousingWire. Wells Fargo forces its employees on the Bilingual team to offer predatory lending options to Spanish-speaking customers,” the initial legal complaint reads. The bank, which paid a $3.7

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Housing Wire

APRIL 24, 2023

The document brings 12 antitrust counts, including claims related to Michigan, California, Florida, and Texas statutes. AML also claims that wholesale lending is a separate submarket of the mortgage industry, which has barriers to entry. AML was not the first broker shop to enter a legal battle with UWM.

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Housing Wire

MARCH 8, 2024

The lawsuit follows a legal battle that started after three of Movement’s veteran sales executives—Deran Pennington, Matt Schoolfield, and Chris Shelton — left for Summit in July 2023. The document established his relationship with the lender, which included recruiting personnel and responding directly to Scrima.

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Housing Wire

NOVEMBER 17, 2023

The transition of three veteran sales executives from South Carolina-based lender Movement Mortgage to its California competitor Summit Funding led to a legal battle over poaching. Increasing the tone of the legal battle, Pennington filed a counterclaim against Movement requesting about $9.8 million in unpaid compensation.

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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.

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Mortgage Legal Lending Investors 349

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.

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Mortgage Legal Lending Investors 350

Housing Wire

JULY 21, 2023

Citywide Home Loans , a Utah-based mortgage lending company, agreed to settle a $1.2 The news was first reported by legal website Top Class Action. For those who experienced economic losses or lost time because of the data breach, they can claim a cash reimbursement if they have the right documents to support it.

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Housing Wire

SEPTEMBER 26, 2023

The settlement follows Home Point Capital’s decision to sell the origination business to The Loan Store on April 7, 2023, exiting the mortgage lending business entirely. ” However, on June 29, the parties executed the agreement, which was filed in court on September 15.

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Housing Wire

APRIL 4, 2023

Steve Simpson, a senior attorney at Pacific Legal Foundation who represents Townstone and Sturner, wrote to HousingWire, “We look forward to the opportunity to establish on appeal that CFPB went far beyond its statutory authority in the Townstone case.” ” The CFPB, which is seeking the review of the case in the U.S. .”

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Housing Wire

MARCH 30, 2023

“As a result of a sale of a portion of its business, Homebridge Financial will terminate all of its retail operations,” Philip Schild, the company’s general counsel, wrote in the document. According to the document, employees will be paid their wages or salaries up to their termination date.

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Housing Wire

APRIL 20, 2023

TRB Solutions, which operated as Motto Mortgage Apex in Cincinnati, received Motto’s support, such as know-how, training, access to third-party resources and other trade secrets, according to the document. HousingWire reached out to NFM lending, Bolden and Stephen, but they did not reply to requests for comments.

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Contracts Loan Officers Legal Best Value 350

Appraiserblogs

JANUARY 16, 2024

It’s hard to imagine any appraiser accepting these terms, and it’s hard to imagine any lending institution accepting these as valid reviews. Related Posts: AMCs Appraisal Report Reviews AMCs are legally required to do appraisal report reviews. Appraisal reviews for $3 each and 1-2 hour turn times.

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Housing Wire

SEPTEMBER 30, 2021

Most digital solutions in the lending industry are designed to solve one problem and built for one audience in mind. This fragmentation makes it difficult for everyone involved in the lending process to communicate with each other effectively. It can intake documents from multiple sources as well as handle signings and annotations.

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Housing Wire

JANUARY 19, 2023

That’s according to four former employees and company registration documents reviewed by HousingWire. The address that Beth Strauss listed on the incorporation documents is 610 Park Avenue, New York NY, which the Strauss’s are trying to sell for $26.5 Yet Strauss, who already has a $2.45 Michael Strauss’s Smart Rate?

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Housing Wire

NOVEMBER 7, 2022

According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund. Athas Capital has been credited for “pioneering the re-birth of ‘sane’ subprime lending,” according to the company website. Presented by: Teraverde.

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Housing Wire

JUNE 28, 2023

While it will take time to fully implement AI in the mortgage industry, the most practical use of AI in the mortgage process is document and data point recognition — or finding data and figuring out what the data is, according to a new Stratmor report on the potentials and limitations of AI.

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Housing Wire

APRIL 20, 2022

A Department of Veterans Affairs lending program for Native American veterans has been severely underutilized, a government watchdog found. The GAO said that the VA lacked the staff to run the lending program and failed to inform communities that it exists. from 2012 to 2021.

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Housing Wire

OCTOBER 18, 2022

On August 5, about one month after Sprout shutting down, the parties executed a new agreement saying FirstFunding “is permitted to immediately exercise all of its rights,” including FirstFunding receiving mortgage loan proceeds directly from Sprout or any borrower, according to documents attached to the lawsuit.

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Housing Wire

DECEMBER 20, 2023

Not the corporate advertisement or online group that says you’re getting this lead from us and here’s documentation that it occurred and now you’re going to get less comp. It’s the ultimate in legalized fraud. Because it’s not true.” So the individual CEO is making all the money.

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Housing Wire

OCTOBER 12, 2023

AmeriFirst’s sale of loans will not only pay off its secured obligations to Centier Bank and Sound Capital under their warehouse lines but also resolve disputes with Oaktree, court documents showed. Oaktree, AmeriFirst and its legal counsel didn’t respond to requests for comment. A hearing on this motion is scheduled on October 26.

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Housing Wire

DECEMBER 13, 2021

The second category in critical defects was loan documentation (12.5% of the total), followed by borrower and mortgage eligibility (10.4%) and legal/regulatory/compliance (10.4%). Improvements in conventional lending defect rates are essential given that these loans have dominated the market for the past 18 months, said ACES.

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Marketing Legal Appraisal Process Appraisal 292

Housing Wire

JUNE 29, 2023

The lawsuit follows: “In the weeks leading to their departures, the former employees accessed and misappropriated confidential and trade secret documents about loanDepot’s business, its employees, and its clients; information that, in the hands of Movement, was used to convert customers to Movement and away from loanDepot.”

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Housing Wire

MARCH 22, 2021

John Hedlund: Non-delegated lending can serve multiple purposes for different types of lenders. For mortgage brokers looking to make the jump to mortgage banking, non-delegated lending is the perfect way to build the resume they need on their journey to a fully delegated, agency-approved seller and servicer.

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Housing Wire

JUNE 27, 2023

Bush and a vice president at Goldman Sachs before starting at the lender in 2021, listed several alleged violations related to lending practices. “Plaintiff has documented that TCC falsifies information on its annual certification by mischaracterizing its loans. Department of Treasury.

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Housing Wire

FEBRUARY 2, 2024

During their departure, DKMC sales staff who are not joining NAF were informed by leadership that they will have to wait a few months before receiving all of their compensation tied to any loans closed before the M&A deal, per documents reviewed by HousingWire. and NFM Lending.

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Housing Wire

DECEMBER 9, 2021

A 2021 Tech100 Mortgage honoree, Stavvy is helping organizations navigate complex financial and legal transactions easily and safely, allowing servicers to put customer experience at the forefront during tough times like a global pandemic. “In HousingWire: The lending process has long been described as “fragmented.”

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Housing Wire

JANUARY 19, 2022

In addition, the proposed rule also envisions potentially requiring mandated reporting for trusts — defined, by FinCEN, as a legal “relationship in which one person holds title to property subject to an obligation to keep or use the property for the benefit of another.”. and foreign trusts,” the agency’s proposed rule states. .

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Housing Wire

OCTOBER 2, 2020

I am concerned, however, by some of the language in this document mischaracterizing nonbanks. It grew from that point forward as the vacuum in lending enlarged as many large banks and other lenders failed — and those that survived reduced their footprint in mortgages. Nonbanks do not set the rules of lending.

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Housing Wire

JANUARY 25, 2024

Connecticut Banking Commissioner Jorge Perez alleged that LoanSnap violated the Truth in Lending Act (TILA) and Fair Credit Reporting Act (FCRA). 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.

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Housing Wire

NOVEMBER 23, 2022

There’s no WARN Notice made public in Arizona, but the company has confirmed a document was filed with the state employment department. “I In Florida, where the WARN Notice brings more details, the company cut job positions related to the origination, such as a document coordinator and two senior loan coordinators.

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Housing Wire

FEBRUARY 16, 2024

“As long as sellers can make buyer-broker commission offers, they will continue to offer ‘customary’ commissions out of fear that buyer brokers will direct buyers away from listings with lower commissions — a well-documented phenomenon known as steering,” the filing reads. “A Originally filed in 2020 in U.S.

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Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

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Housing Wire

APRIL 6, 2021

Truliant, which serves more than 270,000 members and over 30 member financial centers in North Carolina, South Carolina, and Virginia, met a series of standards relating to eSignatures, eNote documentation, eClosings, eRegistry requirements, and eNote vault requirements, said Todd Hall, Truliant president and CEO.

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Mortgage Legal Fees Law Legal 238

Appraiserblogs

MARCH 17, 2021

Valuation Legal warned us about this back in December: Appraiser and AMC Laws to Include Prohibitions Against Discrimination. shall provide a property seller with a document, in a form and manner prescribed by the board, informing the property seller of... Related Posts: Bill Prohibiting Discrimination in Appraisals.

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Housing Wire

JUNE 11, 2021

“Something buyers aren’t aware of is that the appraisal process can take a while, depending on location, geography and the number of appraisers available at a company,” said Anthony Masseria, Vice President and Area Lending Manager at Citi. The Citi team wants you to feel confident during your home-buying journey.

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Will Springer Realtor

JANUARY 16, 2024

As covered before on this blog , documents – from deeds to covenants and community bylaws – could include language that prevented certain classes of people from living in the same area as white residents. includes a $100 increase in fees for each document registered with a county’s Recording Department.

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