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. New Wave said it requested bids from multiple investors from Jan. 20, 2022, to Feb. Presented by: Polly.

Mortgage 368

Mortgage Legal Lending Investors 368

Housing Wire

FEBRUARY 9, 2023

Amid the expectation of a wave of mergers and acquisitions in 2023, nonbank mortgage lenders American Portfolio Mortgage Corporation and Town Square Mortgage announced on Wednesday that the companies are merging their operations. This week, Guild announced it has acquired Legacy Mortgage.

Mortgage 363

Mortgage Retail Loan Officers Lending 363

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 371

Retail Mortgage Legal Lending 371

Housing Wire

APRIL 28, 2022

The revenue is up 6% from the first quarter of 2021, but net income dipped from $33 million that quarter, largely due to declining fortunes for the company’s mortgage joint venture with Chicago-based mortgage lender Guaranteed Rate. We take it seriously, and we’ve got an experienced legal team.”.

Mortgage 363

Mortgage Brokerage Agents Real Estate Agent 363

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). Change and the Treasury Department went through a short-lived legal dispute after the lender sued the CDFI Fund for its “flawed analysis and mathematical errors,” leading to a decertification of Change Lending.

Lending 384

Lending Renovations Legal Real Estate 384

Housing Wire

JUNE 4, 2024

million), investor Freddie Mac ($3.4 According to mortgage tech platform Modex , it originated $3.3 “The Debtor, however, was not immune from the consequences of the Federal Reserve’s policy to curb inflation, which hit the mortgage industry in 2022,” Hometown’s attorneys said in court filings.

Investors 358

Investors Mortgage Marketing Legal 358

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. First Guaranty Mortgage Corp. Unlike some of its peers, Sprout wasn’t backed by a major asset management firm, and it was particularly vulnerable to a lack of liquidity from investors.

Mortgage 424

Mortgage Legal Investors Finance 424

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

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 406

Lending Government Legal Law 406

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. Although investors have poured an increasing amount of money into fintechs — $1.7 But that scenario is a long way off.

Mortgage 374

Mortgage Finance Technology Legal 374

Housing Wire

APRIL 17, 2024

The portfolio of loans examined included residential, commercial investor and business purpose loans. FundingShield also noted that data showed a concentration of higher fraud risk factors in states that are “attorney only,” meaning that the handling of title and settlement work is considered a legal product. of transactions.

Insurance 440

Insurance Agents Tools Legal 440

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 388

Mortgage Marketing Human Resources Clients 388

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 393

Brokerage Real Estate Lending Mortgage 393

Housing Wire

NOVEMBER 17, 2023

The deal was made public four months ago and created a dispute among investors to take the firm, leading Rithm to increase its price by 14% compared to the original bid. The transaction also created legal battles with Sculptor’s shareholders and founders, including Daniel S. Och, but the parties settled the cases in court.

Real Estate 398

Real Estate Investors Investing Legal 398

Housing Wire

NOVEMBER 9, 2023

4, with employees taking customer calls and payments, remitting to investors and onboarding new loans. 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. Servicing operations resumed on Nov.

Legal 410

Legal Law Finance Technology 410

Housing Wire

MAY 17, 2022

Private equity firm Narrow Gauge Capital (NGC) acquired Inco-Check, LLC , a provider of quality control audit mortgage software and fraud prevention services. Founded in 2000, Irvine, California-based Inco-Check leverages its proprietary web-based platform to support GSE, regulatory agency, and investor requirements.

Logistics 341

Logistics Legal Investors Technology 341

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 251

Government Mortgage Finance Legal 251

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

Mortgage 483

Mortgage Government Retail Lending 483

Housing Wire

NOVEMBER 7, 2022

Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed by HousingWire. According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund. and Sprout Mortgage.

Lending 424

Lending Investors Business Mortgage 424

Housing Wire

FEBRUARY 4, 2021

Stone Point and Insight Partners are highly respected investors who recognize the value and potential of CoreLogic’s digital content, solutions and market-leading platforms that power the housing economy,” CoreLogic President and CEO Frank Martell said. The investors dropped their takeover bid on Nov.

Legal 441

Legal Investors Lending Finance 441

BiggerPockets

SEPTEMBER 23, 2023

Want to know how assumable mortgages work for investors? We'll explain the benefits, steps, and legal considerations for assuming a mortgage.

Legal 82

Legal Mortgage Investors Finance 82

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 310

Legal Contracts Lending Loan Officers 310

Housing Wire

JULY 14, 2022

Non-QM lender Kiavi , which specializes in fix-and-flip and investor loans, has laid off 39 employees, sources told HousingWire on Thursday. Because we are in the hard money space, we don’t have a lot of investors willing to buy our assets because of the rate hikes, is what our CEO told us.”.

Human Resources 390

Human Resources Construction Legal Investors 390

Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D.

Loan Officers 450

Loan Officers Mortgage Business Retail 450

Housing Wire

OCTOBER 18, 2022

A recent lawsuit claims Sprout Mortgage left its warehouse lender FirstFunding holding over $220 million of its debt when the mortgage lender abruptly closed on July 6. Sprout was founded in 2009 by industry veteran Michael Strauss and became “one of the fastest growing non-QM lenders in the country,” according to the lawsuit.

Contracts 380

Contracts Law Legal Mortgage 380

Housing Wire

NOVEMBER 25, 2020

Residential due diligence is an area of the mortgage ecosystem that’s overdue for disruption, according to two industry veterans who want to offer something completely different in the due diligence space through their newly launched company, Canopy. Any subsequent holder could prove what was done as if they were the very first investor.

Investors 476

Investors Legal Technology Clients 476

Housing Wire

MARCH 3, 2022

As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. The process of bundling loans and separating risks makes available fixed-rate mortgages that are fully prepayable at borrowing costs well below other forms of debt. This legal construct is critical.

Investors 342

Investors Legal Architecture Investing 342

Housing Wire

DECEMBER 10, 2021

One week after laying off 900 employees via Zoom and courting a mountain of bad press, Better.com ’s founder and CEO Vishal Garg is taking leave “effectively immediately,” according to an internal memo sent to employees of the digital mortgage lender on Monday. He apologized to employees this week, but the fallout continued.

Legal 404

Legal Valuation Investors Mortgage 404

Housing Wire

SEPTEMBER 9, 2020

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

Mortgage 365

Mortgage Lending Investors Legal 365

Housing Wire

FEBRUARY 2, 2024

Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. This is reflected in data collected by the mortgage tech platform Modex and the Nationwide Multistate Licensing System (NMLS). billion in mortgages in 2023. A spokesperson at NAF did not respond to a request for comments. and NFM Lending.

Loan Officers 397

Loan Officers Human Resources Law Mortgage 397

Housing Wire

JULY 14, 2021

A shareholder sued Rocket Mortgage , the Detroit-based mortgage behemoth, for allegedly making misleading disclosures to conceal adverse market conditions. How the mortgage industry can overcome hiring challenges. Those trends led to a significant decline in margins for many mortgage lenders, including Rocket.

Law 450

Law Investors Mortgage Legal 450

Housing Wire

SEPTEMBER 15, 2023

Authorization : A digital loan file of record accessed by a broad range of trusted identities from lenders to guarantors to investors requires a permission structure. Investors require assurance that a file, note or instrument reflects the verifiable intentions of the committed parties. What’s next?

Supply Chain 379

Supply Chain Technology Investors Legal 379

Housing Wire

JULY 22, 2022

This week’s HW+ member spotlight features Omar Ennabe, who serves as president at Ennkar , a reverse mortgage lender. Chris Clow helps keep me apprised of what’s going on in my unique niche of the mortgage markets. I start my day with a cup of coffee and Chris Clow’s updates on the reverse mortgage market.

Technology 363

Technology Investors Housing Market Legal 363

Housing Wire

MAY 27, 2022

The requirement also applies to mortgage lenders, legal experts say. According to Kris Kully, an attorney at Mayer Brown , the notice will affect mortgage lenders because many of the underwriting systems lenders use to measure default risk contain proprietary algorithms, or “black-box models.”

Law 414

Law Valuation Legal Government 414

Housing Wire

SEPTEMBER 27, 2022

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac , has been granted summary judgment on the last remaining claim by investors in a lawsuit alleging the government overstepped its authority when it adjusted its stock-purchase agreements with the agencies and allowed net worth sweeps. The case, filed in U.S.

Government 525

Government Investors Law Finance 525

Housing Wire

JUNE 21, 2022

announced on Friday that it has decided to internalize the company’s management, a step that the real estate investment trust estimates will reduce its costs and potentially attract more institutional investors to its stock. New Residential Investment Corp.

Investing 370

Investing Real Estate Investors Legal 370

Housing Wire

JUNE 1, 2021

The provisions are the Biden administration’s latest effort to combat the racial wealth gap, which Fudge called attention to during recent remarks to the Mortgage Bankers Association. HUD has also taken steps to craft a rule on the legal duty to Affirmatively Further Fair Housing. Streamline by combining services.

Renovations 502

Renovations Development Investors Legal 502