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.

Buyers 504

Buyers Agents Mortgage Real Estate Agent 504

Housing Wire

NOVEMBER 10, 2022

Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network , multiple sources told HousingWire. . The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch offices to Movement’s book of businesses. . Mortgage Network funded $2.5

Retail 370

Retail Mortgage Loan Officers Legal 370

Housing Wire

AUGUST 10, 2022

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Lone Peak is the fourth lender to join Panorama this year, following the additions of Utah-based Rely Home Loans , Texas-based Prosperity Mortgage and Oregon-based Vision Mortgage Group.

Lending 421

Lending Human Resources Mortgage Loan Officers 421

Housing Wire

OCTOBER 18, 2023

“I do anticipate that in 2024 we will propose some amendments to the mortgage servicing rules that are reflective of what we learned through the pandemic,” Chopra said on Monday morning to an audience of mortgage professionals. ” Chopra spoke during the Mortgage Bankers Association (MBA) Annual Conference held Oct.

Mortgage 410

Mortgage Legal Insurance Finance 410

Housing Wire

MARCH 21, 2024

Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week. The trade group urged the regulators to examine Equifax’s pricing practices.

Insurance 458

Insurance Legal Finance Mortgage 458

Housing Wire

MARCH 14, 2024

Nonbank mortgage originator Change Lending will become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF). Treasury Department , given to specialized organizations that provide financial services to low-income communities and others who lack financing options. billion in 2022 production volume, per Scotsman Guide.

Lending 418

Lending Renovations Legal Real Estate 418

Housing Wire

JUNE 15, 2021

Non-QM lender Sprout Mortgage is setting up a distributed retail operation, and it’s picked a veteran of Wells Fargo to lead the new division. Johnson, based in Miami, has also worked at PNC Bank during his career in mortgage banking. Sprout does most of its business through mortgage brokers.

Retail 384

Retail Mortgage Legal Lending 384

Housing Wire

JULY 19, 2022

Fannie Mae and Freddie Mac ’s regulator imagines a future where, perhaps through artificial intelligence and machine learning, errors in mortgages are identified in real time before a loan is closed. billion five years ago, per the Federal Housing Finance Agency — closing a mortgage loan has since gotten more expensive, not less.

Mortgage 384

Mortgage Finance Technology Legal 384

Housing Wire

JANUARY 10, 2023

Amid a rapidly shrinking mortgage market, the company reported a loss of $133.98 It resulted from a big decline in mortgage banking, title insurance revenues and an impairment related to the Title365 segment. . million in the third quarter of 2022. He’ll also receive a $1 million signing bonus. Winnie Ling will replace Sumner.

Legal 421

Legal Finance Insurance Mortgage 421

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. mortgage lender in 2023. Investigators at the U.S. The company’s estimated origination volume was $8.24

Human Resources 429

Human Resources Legal Fees Loan Officers Retail 429

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.

Loan Officers 407

Loan Officers Legal Retail Finance 407

Housing Wire

APRIL 14, 2021

Non-QM lender Sprout Mortgage has brought on Infosys ‘s chief information officer and global director of real estate finance solutions, Henry Santos , as its own CIO and executive vice president, the company announced Tuesday. In her new role, LaRaia will oversee all legal and regulatory compliance functions.

Mortgage 348

Mortgage Lending Legal Modernization 348

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 404

Mortgage Legal Fees Legal Contracts 404

Housing Wire

APRIL 10, 2024

Mortgage brokers ’ compensation is in the spotlight after a recent Federal Deposit Insurance Corporation (FDIC) test concluded that some financial institutions failed to prove that payments were “reasonably related” to the value of services provided. There are some caveats related to counseling services, referrals, and duplicative work.)

Brokerage 418

Brokerage Mortgage Development Insurance 418

Housing Wire

AUGUST 8, 2023

Mortgage tech firm Lender Toolkit sued two mortgage lenders claiming that the companies failed to make payments while continuing to use its services and software solutions. Lender Toolkit accused Celebrity Home Loans and MLD Mortgage of breach of contract. That’s according to separate filings made in the U.S.

Mortgage 350

Mortgage Contracts Legal Business 350

Inman

MAY 22, 2023

Julie de Pontbriand of EasyKnock and Nikolai Fraiture of The Strokes have been engaged in a legal battle over a coveted greenspace behind their adjacent properties since 2021.

Legal 145

Legal Finance Mortgage 145

Housing Wire

DECEMBER 18, 2023

The Federal Communications Commission (FCC) last week released a new order amending its “express consent” rules for the Telephone Consumer Protection Act (TCPA), which closes the “lead generator loophole” used by mortgage professionals to connect with potential business leads. We now have a time clock of about six months.

Mortgage 431

Mortgage Business Legal Real Estate 431

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. Retail lender AmeriFirst Financial Inc.

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

SEPTEMBER 25, 2023

Equifax ‘s new product integration with the United Kingdom’s IRIS Software Group aims to cut down underwriting time for mortgage borrowers at small- and medium-sized businesses (SMBs). When a consumer applies for a home mortgage , auto loan or social service benefits, their employer is required to provide employment and income history.

Legal 441

Legal Business Government Tools 441

Housing Wire

JULY 8, 2022

Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. A deal for financing fell through and Strauss made the decision to pull the plug on Wednesday, sources said. First Guaranty Mortgage Corp. James Kleimann contributed reporting.

Mortgage 432

Mortgage Legal Investors Finance 432

Housing Wire

FEBRUARY 6, 2023

He said the lenders were inhibiting mortgage brokers from growing their business. Since the financial penalty is removed, the ultimatum is – in effect – null and void, Rocket Mortgage said. million in production, led by its Game On pricing initiative that cut 50 basis points across all mortgage products in July.

Mortgage 315

Mortgage Loan Officers Retail Legal 315

Housing Wire

MAY 10, 2023

At that point, Home Point said it would manage its balance sheet and mortgage servicing rights ( MSR ) portfolio. Wachtell, Lipton, Rosen & Katz and Simpson Thacher & Bartlett LLP were the legal advisors to Mr. Cooper in the transaction. billion in 2022, a 71.6% decline compared to 2021. billion in 2022, a 71.6%

Legal 397

Legal Sellers Inventory Mortgage 397

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 368

Lending Retail Legal Loan Officers 368

Housing Wire

NOVEMBER 9, 2023

The company has already resumed buying mortgage servicing rights (MSRs). At this time, however, it’s not possible to quantify the full extent of remediation and legal expenses. The cyber attack is not expected to bring a “material” impact on the company finances, Mr. Cooper said. Servicing operations resumed on Nov.

Legal 431

Legal Law Finance Technology 431

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. At least 60% of a lender’s financing must target low- and moderate-income borrowers or customers in underserved communities.

Lending 409

Lending Finance Legal Contracts 409

Housing Wire

MARCH 14, 2024

Hello Divorce , a platform that provides legal assistance to couples in the process of divorce, has introduced a new service, HomeSplit, to help individuals navigate the process of dividing their home’s financial assets. In return, they receive a report detailing the various options they have for reaching their goals.

Real Estate 458

Real Estate Legal Modernization Clients 458

Housing Wire

AUGUST 17, 2023

The Consumer Finance Protection Bureau (CFPB) issued orders against Freedom Mortgage Corporation and Realty Connect USA Long Island for illegal kickbacks on Thursday, the first enforcement action associated with the 1974 Real Estate Settlement Procedures Act in six years. million fine. million fine.

Realty 370

Realty Mortgage Brokerage Real Estate 370

Housing Wire

OCTOBER 16, 2023

Generative artificial intelligence (AI) has tremendous potential to cut costs and improve customer experience, but regulation has not caught up to develop a governance program, industry pros said of AI’s implementation in mortgage lending. The panel noted the findings of the latest Fannie Mae mortgage lender sentiment survey.

Technology 462

Technology Lending Government Legal 462

Housing Wire

DECEMBER 19, 2023

While the current leadership is vocal relative to consumer protection and racial equity issues, there are permanent, institutional commitments to fairness in housing and housing finance that have been enshrined in law for decades and that transcend politics.

Legal 409

Legal Law Supply Chain Lending 409

Housing Wire

JANUARY 8, 2021

For the system to work, mortgage-backed security investors need an efficient and verifiable means to know that all loans in their securities comply with this law, and originators and issuers want certainty that they are not running afoul of the Bureau. This approach has advantages: it’s simple, observable and verifiable.

Government 288

Government Mortgage Finance Legal 288

Housing Wire

JANUARY 3, 2024

Reverse mortgage servicing company Celink is seeking the dismissal of a lawsuit alleging that it had added unlawful servicing fees to reverse mortgage loans alongside now-bankrupt lender Reverse Mortgage Funding (RMF). In response to the recent recommendation by a magistrate judge against the dismissal of Dancy-Wilkins v.

Legal 418

Legal Property Taxes Design Mortgage 418

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. Cyber security issues are among the biggest challenges for real estate and housing finance companies. million class action lawsuit to resolve claims surrounding a 2020 data breach.

Legal 370

Legal Technology Insurance Lending 370

Housing Wire

AUGUST 11, 2022

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data. The data will stay with the loan throughout the mortgage term, regardless of whether the servicing rights change hands. Presented by: Selene Finance.

Lending 384

Lending Finance Loan Officers Legal 384

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.

Retail 410

Retail Loan Officers Legal Technology 410

Housing Wire

APRIL 22, 2022

Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. Publicly traded mortgage tech company Blend Labs isn’t changing its strategy to survive a shrinking mortgage market, even though a drop in originations is sapping its revenue stream and forcing it to trim its workforce. ” In 2021, Blend processed more than 1.8

Mortgage 397

Mortgage Marketing Human Resources Clients 397

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. The company originates and markets its mortgage lending services to Anywhere’s real estate brokerage and relocation subsidiaries.

Loan Officers 410

Loan Officers Legal Real Estate Lending 410

Housing Wire

AUGUST 4, 2022

Tech-focused real estate brokerage Radius , flush with $14 million in venture capital raised this past April, has launched a mortgage lending arm in California that it plans to roll out to additional markets sometime next year. Is now a good time to invest in real estate automation technologies?

Brokerage 397

Brokerage Real Estate Lending Mortgage 397