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 for a purported scheme involving mortgage and title kickbacks.

Realty 370

Realty Mortgage Brokerage Real Estate 370

Housing Wire

NOVEMBER 2, 2023

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). 3, indicating a voluntary surrender.

Business 433

Business Loan Officers Law Mortgage 433

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.

Loan Officers 404

Loan Officers Human Resources Law Mortgage 404

Housing Wire

JULY 30, 2021

As reverse mortgage loan officers aim to expand their repertoire of advertising methodologies, the use of an advertorial can be powerful but also comes with some caveats that any reverse mortgage loan officer should keep in mind prior to engaging in such advertising campaigns.

Mortgage 404

Mortgage Loan Officers Advertising Clients 404

Housing Wire

APRIL 18, 2024

A former loan officer at Guaranteed Rate (G-Rate) has sued the lender and two managers for allegedly discriminating against her on the basis of gender, failing to compensate her equally to male coworkers with similar performance and subjecting her to sexual harassment.

Loan Officers 441

Loan Officers Human Resources Contracts Mortgage 441

Housing Wire

MAY 29, 2024

Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., He wants to know whether the potential borrower has acquired a buy now, pay later (BNPL) loan. She was fortunate enough to have the ability to repay the loans and meet the requirements to qualify for a mortgage.

Mortgage 427

Mortgage Clients Sellers Loan Officers 427

Housing Wire

MAY 20, 2024

Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), is aware that some loan officers are taking creative — and, as detailed in a recent HousingWire investigation, often illegal — approaches to winning business. But I do hear constantly the ways to which there are creative paths to sidestep the law.

Law 412

Law Loan Officers Development Mortgage 412

Housing Wire

JUNE 2, 2022

Movement Mortgage will pay $75,000 to resolve allegations of racial discrimination, in violation of the Fair Housing Act, identified by undercover testers from the National Community Reinvestment Coalition. ” NCRC had previously provided training to Movement Mortgage, at the lender’s request, in 2019.

Mortgage 393

Mortgage Training Loan Officers Lending 393

Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Will Savage, an LO at PMC Mortgage. Before the Federal Reserve raised the federal funds rate by 0.75

Mortgage 414

Mortgage Loan Officers Buyers Inventory 414

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. The main strategy was to tap high-volume loan officers in targeted locations. mortgage lender in 2023.

Human Resources 421

Human Resources Legal Fees Loan Officers Retail 421

Housing Wire

JULY 7, 2022

With a rapid spike in interest rates, inventory at historic lows, home prices rising at unprecedented levels above income, and a purchase market that is both highly anxious and digitally reliant, mortgage and real estate professionals must be strategic to capture the market opportunity today. Slow construction and restrictive zoning laws.

Inventory 393

Inventory Marketing Mortgage Supply Chain 393

Housing Wire

FEBRUARY 6, 2024

The complaint alleges that, from 2017 through 2021, FNB failed to provide mortgage services to predominantly Black and Hispanic neighborhoods in Charlotte and Winston-Salem, North Carolina. In addition, the bank discouraged these customers from obtaining home loans, according to the complaint. In 2023, the bank originated about $2.3

Advertising 404

Advertising Lending Loan Officers Law 404

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 lawsuit follows Monday’s report from Hunterbrook Media indicating that UWM pressures brokers to send loans its way.

Loan Officers 450

Loan Officers Mortgage Business Retail 450

Housing Wire

SEPTEMBER 27, 2023

community bank, was accused of illegally avoiding providing mortgage services to majority Black and Hispanic neighborhoods in Rhode Island. The DOJ alleges that the bank also failed to train and incentivize its staff to market and advertise its mortgage services to compensate for its lack of presence in these areas.

Advertising 423

Advertising Loan Officers Lending Training 423

Housing Wire

JULY 16, 2021

The second big mortgage joint venture announcement this week is a meeting of the Glenns. Glenn Sanford’s eXp World Holdings announced Thursday a mortgage joint venture with Glenn Stearns’s Kind Lending , called Success Lending. The Mobile “Must-Haves” Reshaping Mortgage Technology. Presented by: SimpleNexus.

Mortgage 404

Mortgage Lending Brokerage Agents 404

Housing Wire

OCTOBER 10, 2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday filed a lawsuit against Freedom Mortgage Corporation for allegedly violating the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order by submitting legally required mortgage loan data that “was riddled with errors.” Freedom had to pay a $1.75

Brokerage 393

Brokerage Realty Real Estate Loan Officers 393

Housing Wire

MARCH 16, 2023

The Federal Housing Finance Agency ’s (FHFA’s) decision to delay implementing the controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income (DTI) ratios gave mortgage lenders a breather. “I think the industry supports eliminating the DTI-based LLPA,” he said.

Mortgage 382

Mortgage Finance Loan Officers Law 382

Housing Wire

JUNE 15, 2022

In 2021, more than 90% of borrowers who closed a loan with fintech mortgage lender Neat Loans opted for a 30-year fixed-rate mortgage. “It’s obviously not just a flip flop, it’s a pretty big move,” said Luke Johnson, the founder and CEO of Neat Loans. . Stricter regulations, new guidelines.

Mortgage 370

Mortgage Bracketing Loan Officers Investors 370

Housing Wire

MARCH 26, 2021

million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court. Wells Fargo, the largest depository mortgage lender in America, has been plagued by scandals in recent years.

Legal 457

Legal Law Open Houses Loan Officers 457

Housing Wire

SEPTEMBER 7, 2023

NAR’s commitment to defend ourselves in court remains unchanged and we are confident we will prevail in proving the lawfulness of the rules under attack. But if you’re an originator, that simply means that your target group is now smaller,” said Brian Hale, CEO of Mortgage Advisory Partners. “If

Buyers 393

Buyers Agents Loan Officers Real Estate 393

Housing Wire

JANUARY 6, 2023

Mortgage lender loanDepot recently became the target of a lawsuit filed by a group of former California employees who have complaints about the company’s work conditions. . loanDepot is the seventh-largest mortgage lender in the nation, according to Inside Mortgage Finance’s rankings. The company produced $47.4

Loan Officers 457

Loan Officers Law Mortgage Real Estate 457

Housing Wire

APRIL 27, 2021

The controversial ultimatum United Wholesale Mortgage (UWM) issued to brokers in March constituted a violation of the Sherman Act and a series of anti-competition laws in the state of Florida, a St. Augustine-based mortgage broker alleges in a new lawsuit that seeks class-action status. I like being local. Already a member?

Loan Officers 370

Loan Officers Retail Law Clients 370

Housing Wire

AUGUST 30, 2021

million to create a loan subsidy fund for residents of predominantly Black and Hispanic neighborhoods in the Houston area, $750,000 for development of community partnerships to provide services that increase access to residential mortgage credit in those neighborhoods. Specifically, Cadence will provide $4.17

Lending 393

Lending Loan Officers Advertising Development 393

Housing Wire

JUNE 30, 2021

The Consumer Financial Protection Bureau (CFPB) is tightening the screws on mortgage servicers and originators that violate consumer protection laws. The lender’s offices were concentrated in white neighborhoods, and nearly all of its loan officers were white.

Loan Officers 414

Loan Officers Lending Open Houses Legal 414

Housing Wire

JUNE 16, 2022

The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. mortgage industry to fund $4.1

Housing Market 414

Housing Market Marketing Loan Officers Mortgage 414

Housing Wire

OCTOBER 12, 2022

The companies say together they will drive digitization and enable relationships across the mortgage ecosystem, “from title and settlement agents to real estate professionals.”. The announcement comes as 40 states have permanent Remote Online Notarization (RON) laws , with seven more having temporary authorizations on the practice.

Law 393

Law Real Estate Retail Agents 393

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. the Nationwide Multistate Licensing System (NMLS) showed.

Retail 414

Retail Legal Lending Business 414

Housing Wire

MARCH 17, 2023

The violations of law were directly related to mortgage loans originated by the company, which were “rife with fraud” and used to “pad its bottom line” in a manner that deceived and defrauded investors, according to Assistant Attorney General Kenneth A.

Loan Officers 381

Loan Officers Law Investors Mortgage 381

Housing Wire

JULY 1, 2021

Nationwide, Redfin reported that 16% of Black Americans who apply for mortgages are rejected, compared with 7% of white Americans. The CFPB found that lenders engaged in deceptive business practices, including violations of the Truth in Lending Act and the Equal Credit Opportunity Act, and provided inaccurate data on mortgage loans.

Loan Officers 477

Loan Officers Realtors Open Houses Law 477

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.

Loan Officers 382

Loan Officers Mortgage Retail Contracts 382

Appraiserblogs

JANUARY 17, 2024

million armed robbery of a… 'Clean-Slate' Laws, Bad Policy Could Dispatch More… The idea of unlicensed individuals being hired off the streets and paid a pittance to video and photograph the interiors… Foregoing Contingencies! Few would argue that society doesn’t benefit when convicted felons are rehabilitated and re-integrated.

Loan Officers 127

Loan Officers Property Management Inspection Law 127

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

Housing Market 523

Housing Market Marketing Real Estate Agent Real Estate 523

Appraiserblogs

OCTOBER 11, 2022

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers… It feels like Ground Hog Day all over again. New revelations from the nation’s second-largest mortgage lender will make the U.S. That was in 2016. The consumer is being fed yet another lie!

Appraisal 144

Appraisal Loan Officers Law Mortgage 144

Housing Wire

FEBRUARY 15, 2022

Danny Yen, who masterminded a fraudulent continuing education scheme involving hundreds of loan officers, has agreed to settle with state financial regulators for $75,000. Additionally, the Yen family will fully cooperate in any state investigations — including by giving depositions — of mortgage loan originators.

Loan Officers 370

Loan Officers Law Tools Mortgage 370

Housing Wire

JANUARY 24, 2023

United Wholesale Mortgage ‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. ” Colgate Selden, a former lawyer with the CFPB and current partner at the law firm Blank Rome LLP , agrees: “I think there’s a way you can do it to reduce your risk. But nothing is risk-free.”

Lending 370

Lending Law Legal Training 370

Housing Wire

OCTOBER 11, 2021

A lawsuit filed by the Fair Housing Center of Central Indiana in district court claims that Old National was purposefully cutting corners in serving communities of color by barely approving Black borrowers for mortgage credit and shuttering its branches in minority neighborhoods.

Lending 404

Lending Loan Officers Law Mortgage 404

Housing Wire

SEPTEMBER 15, 2020

The virtual notary services industry has become increasingly popular amid the COVID-19 pandemic as businesses have adopted remote signatures to adhere to social distancing protocols while closing on mortgages and other loans. Consumer loans such as mortgages and other financial documents require notarization.

Business 483

Business Law Real Estate Investors 483