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. That development prompted concern from legal experts that the information could be used as a basis for fair lending lawsuits.

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Lending Finance Loan Officers Legal 384

Housing Wire

DECEMBER 21, 2023

That’s the first predatory mortgage lending case brought by the DOJ. Discrimination in lending harms families and neighborhoods for generations; it is wrong, and it has no place in our country,” Attorney General Merrick Garland said in a statement. We look forward to telling the true story of Colony Ridge.”

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Housing Wire

JULY 6, 2022

As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. One of the biggest reasons home sales crashed from their peak in 2005 was that the credit available to facilitate that boom in lending simply collapsed. The short (and long) answer is no, not a chance.

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Lending Mortgage Business Inventory 485

Housing Wire

JANUARY 11, 2024

TCB’s position, recent hearing In a statement submitted to RMD in October, representatives for TCB said that Ginnie Mae has refused to honor prior agreements and legal obligations by failing “to desist from its unlawful seizure of collateral that rightly belongs to [TCB].” District Court for the District of Delaware.

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Lending Government Legal Law 432

Housing Wire

NOVEMBER 13, 2020

Offerpad also announced new hires on its executive team, appointing David Connelly as its new chief growth officer and Ben Aronovitch as its new chief legal officer. McGuiness brings more than 30 years of experience in the mortgage lending space to the company, most recently serving as the chief sales officer at Embrace Home Loans.

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Lending Mortgage Retail Legal 441

Housing Wire

FEBRUARY 16, 2022

HousingWire recently sat down with Steve Meirink, executive vice president and general manager, Compliance Solutions, Wolters Kluwer’s Governance, Risk and Compliance Division, to discuss the impact of digital technology on mortgage and the future of digital lending in an era of accelerated innovation and digital transformation.

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Lending Technology Tools Loan Officers 384

Housing Wire

NOVEMBER 16, 2023

Nonbank originator Change Lending and the U.S. A Barron’s investigation found that Change failed to meet its underserved lending requirements in 2022, resulting in the lender being removed from the CDFI Fund’s list of certified program lenders in August.

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Lending Finance Contracts Development 420

Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.

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Lending Advertising Mortgage Law 384

Housing Wire

DECEMBER 7, 2021

In a legal memo, HUD stated that SPCPs are allowed under the Fair Housing Act. ECOA prohibits reverse redlining — targeting minority communities for predatory lending — but Congress amended the statute in 1976 to allow for special purpose credit programs. A special purpose credit program can take many forms.

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Lending Law Design Government 441

Housing Wire

APRIL 9, 2024

Modern-day redlining persists, and it’s costing lenders millions in legal fees. Recently, the Department of Justice (DOJ) has taken a strong stance on redlining, taking direct legal action against bad actors and thrusting the topic into the national spotlight. Last October, Ameris Bank had to pay $9 million to settle a redlining case.

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Housing Wire

MARCH 28, 2023

A federal judge in Georgia has given the green light for an amended “predatory lending” lawsuit to proceed against Wells Fargo. Wells Fargo has been under fire numerous times in the past over discriminatory lending allegations. The lawsuit was filed under the Fair Housing Act by three counties in Georgia.

Lending 384

Lending Mortgage Legal 384

Housing Wire

NOVEMBER 30, 2022

A recent lawsuit filed by Banc of California is claiming that mortgage lenders and servicers Sprout Mortgage (now defunct) and Planet Home Lending owe $1.5 million related to the proceeds of two notes it owned and funded. District Court in the Central District of California, Southern Division. Zillow shows the estimated price is $26.5

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Lending Mortgage Design Business 397

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. The post Real estate brokerage Radius unveils mortgage-lending arm appeared first on HousingWire.

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Housing Wire

APRIL 13, 2022

Title insurance also guards against loss in the event that someone makes a valid claim to take possession of a borrower’s home; not because they don’t own it, but because they have an earlier legal right to do so. A lack of conformity in title insurance creates predatory lending. Regulations are only able to cover so much.

Lending 384

Lending Insurance Legal Business 384

Housing Wire

DECEMBER 19, 2023

High-profile government actions against some of the nation’s largest financial firms for alleged violations of fair lending laws and loan servicing principles have sent a sobering message to industry CEOs and their boards: the buck stops at the top. Just ask the ones who in the recent past have lost their jobs or faced reputational damage.

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Legal Law Supply Chain Lending 410

Housing Wire

AUGUST 17, 2023

Cook County, the judge said, was too far removed from the alleged predatory lending scheme to be considered the proper plaintiff. The Fair Housing Act only provides relief for more immediate injuries, according to Judge Frank H. Easterbrook in his decision cited by Bloomberg Law.

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Lending Law Mortgage Legal 370

Housing Wire

JANUARY 29, 2024

Three years into its controversial ultimatum , United Wholesale Mortgage (UWM) continues to engage in legal battles with its broker partners selling loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp. A spokesperson for District Lending did not immediately reply to a request for comment.

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Contracts Loan Officers Lending Retail 441

Housing Wire

APRIL 10, 2024

This development arises amidst heightened scrutiny and legal challenges facing NAR , including a landmark antitrust settlement that, if approved, would mandate a payment of $418 million and the implementation of rule changes. million members. Doctors are not mandated to join the American Medical Association.

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Real Estate Agent Real Estate Agents Brokerage 458

Housing Wire

JANUARY 10, 2024

According to the document, the award arises from “Defendants’ breaches of their employment agreements and violations of their other legal duties during their employment in Washington.” A spokesperson for CCM wrote that the company “does not comment on legal matters.”

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Housing Wire

APRIL 1, 2024

While we strongly support the goals of CRA, the Final Rules exceeded the banking agencies’ regulatory authority and created disincentives for banks to lend in low- and moderate-income communities that need access to credit the most,” the statement read. “We We look forward to litigating this matter to a final judgment.”

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Modernization Law Lending Insurance 441

Housing Wire

APRIL 24, 2023

AML also claims that wholesale lending is a separate submarket of the mortgage industry, which has barriers to entry. AML’s claims, according to the lender, rest on a “legally unsustainable premise” that there is a separate wholesale mortgage lending market.

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Legal Law Retail Brokerage 397

Housing Wire

FEBRUARY 26, 2024

OneTrust Home Loans , a direct competitor of Newrez’s retail mortgage business, conspired with James Hecht, former Newrez executive vice president for national retail lending, to orchestrate the termination of several Newrez executives and have them join OneTrust, according to the suit filed Feb. 21 in the U.S.

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Retail Legal Lending Business 421

Housing Wire

APRIL 14, 2021

Santos had served at Infosys for two years before his latest appointment, and previously served as the North American lending executive for IBM. LaRaia has been in the industry for over 20 years and was previously the chief compliance officer/deputy general counsel at Supreme Lending.

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Mortgage Lending Legal Modernization 362

Housing Wire

JANUARY 27, 2022

Collateral valuation is a critical component of mortgage lending and the home sales. The return to working foreclosure is a perfect opportunity for those in the industry, whether on the servicing or legal side, to examine ways to improve efficiencies, stay compliant and keep up with demand. Matt Sluggett Director of Product, Stavvy.

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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. Have we developed a model that is in fact fair?

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Technology Lending Government Legal 466

Housing Wire

JUNE 15, 2021

The addition of Johnson represents yet another change to the C-suite at Sprout, which halted non-QM lending last year when the coronavirus pandemic began and liquidity dried up. In the last six months, Sprout has unveiled a series of new products for it non-QM program , resumed correspondent lending.

Retail 384

Retail Mortgage Legal Lending 384

Housing Wire

JULY 5, 2023

Wells Fargo forces its employees on the Bilingual team to offer predatory lending options to Spanish-speaking customers,” the initial legal complaint reads. billion fine in December over an array of violations, including mortgage lending, did not immediately respond to a request for comment. The bank, which paid a $3.7

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Mortgage Lending Legal Business 370

Housing Wire

FEBRUARY 13, 2023

Darren Heitner, JIM’s attorney and founder at Heitner Legal , P.L.L.C, EPM, which has licenses in 50 states and provides an array of lending products, reached $1 billion in origination over the last 12 months, according to mortgage recruiting platform Modex. It’s mostly known for wholesale lending.

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Legal Contracts Lending Loan Officers 376

Housing Wire

APRIL 28, 2023

Digital lending solutions provider DocMagic announced this week that it has added ADA-compliant mortgage loan documents to its document library. Much of modern lending technology is designed to give consumers the convenience to access loan documents in the ways that work best for them.

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Design Lending Technology Modernization 382

Housing Wire

FEBRUARY 4, 2021

Strategies lenders should adopt from direct to consumer lending. Join expert panelists to learn how the pandemic is ushering in a new era of digital lending and leading to the formation of a hybrid lending model. Sign up here.

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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. Per the lawsuit, Scrima responded that the company and himself were legally compliant and rejected his proposal to discuss a three-month severance.

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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

JANUARY 12, 2024

The company later told RMD, however, that the loan was within current product lending limits. When asked about the reportedly higher lending limit for this loan, a FOA spokesperson told RMD that the reporting on the loan amount is simply incorrect and that it is “within current HomeSafe lending limits.”

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Tools Mortgage Finance Lending 431

Housing Wire

MARCH 6, 2023

A former employee is suing the companies, alleging they “abruptly terminated hundreds of its employees” without giving legally required 60-day advance notice as required by the Worker Adjustment and Retraining Notification Act ( WARN Act ). Illinois-based mortgage lender Celebrity Home Loans and its parent company Celebrity Financial, Inc.

Loan Officers 432

Loan Officers Retail Legal Lending 432

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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Loan Officers Legal Retail Finance 417

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. million class action lawsuit to resolve claims surrounding a 2020 data breach.

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Legal Technology Insurance Lending 370

Housing Wire

DECEMBER 20, 2023

It’s the ultimate in legalized fraud. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender.

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Loan Officers Clients Law Legal 458