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.

Contracts 441

Contracts Loan Officers Lending Retail 441

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 419

Loan Officers Legal Retail Finance 419

Housing Wire

JUNE 6, 2023

Rocket Mortgage is looking to hire local loan officers at a time when mortgage rates are high and the industry remains heavily reliant on the purchase market. According to Rocket’s job post, the loan officer position is remote and requires a minimum of three years of experience in mortgage loan origination.

Loan Officers 370

Loan Officers Mortgage Retail Real Estate Agent 370

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. The future of the mortgage industry is increasingly diverse.

Modernization 436

Modernization Lending Legal Legal Fees 436

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.

Lending 384

Lending Technology Tools Loan Officers 384

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. Gifoli served as a loan officer from May 2021 to October 2021. He declined to comment on the lawsuit.

Loan Officers 410

Loan Officers Legal Real Estate Lending 410

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 370

Mortgage Retail Loan Officers Lending 370

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. and NFM Lending.

Loan Officers 410

Loan Officers Human Resources Law Mortgage 410

Housing Wire

JANUARY 25, 2024

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. These individuals also received inbound calls from individuals interested in obtaining mortgage loans, the order stated.

Loan Officers 409

Loan Officers Mortgage Finance Lending 409

Housing Wire

MARCH 6, 2023

Illinois-based mortgage lender Celebrity Home Loans and its parent company Celebrity Financial, Inc. Celebrity’s retail channel, former employees said, was in a tailspin only six months after the company shut down its correspondent lending division. are the target of a class-action-seeking lawsuit. 14, citing multiple sources.

Loan Officers 432

Loan Officers Retail Legal Lending 432

Housing Wire

APRIL 20, 2023

Denver-based brokerage franchise Motto Mortgage , owned by RE/MAX , has accused broker shop UMortgage of “tortious interference” in its contract with a former franchisee called TRB Solutions, whose controlling member was Breon Price, the top-producing loan officer. According to a lawsuit filed in March in a U.S

Contracts 384

Contracts Loan Officers Legal Best Value 384

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. “The The lender and LO can make or break the transaction.”

Buyers 397

Buyers Agents Loan Officers Real Estate 397

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. million mortgage fraud settlement with the Securities and Exchange Commission to his name, seems to be back in the mortgage business. Shocked employees didn’t receive their last paychecks.

Mortgage 397

Mortgage Investors Legal Loan Officers 397

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.”

Brokerage 397

Brokerage Realty Real Estate Loan Officers 397

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. 21 in the U.S.

Retail 421

Retail Legal Lending Business 421

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. CMG was the 27th-largest.)

Retail 410

Retail Loan Officers Legal Technology 410

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 380

Legal Contracts Lending Loan Officers 380

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

AUGUST 29, 2023

Lower also accused Texas-based lender AmCap Mortgage of conspiring in a scheme with its former employee to induce other staff to abruptly leave Lower. Ozment was hired in April 2022 and was given access to Lower’s confidential information and trade secrets, including customer identification, financial information and lending objectives.

Loan Officers 370

Loan Officers Lending Business Mortgage 370

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 421

Loan Officers Lending Open Houses Legal 421

Housing Wire

FEBRUARY 1, 2023

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. The loan will cover an 11-month maximum build period with a one-month modification.

Construction 397

Construction Real Estate Agent Loan Officers Legal 397

Housing Wire

NOVEMBER 23, 2022

The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. Nonbanks have more than 60% market share of mortgage industry production — and they are more likely than banks to move quickly to reduce capacity.

Marketing 384

Marketing Loan Officers Business Mortgage 384

Housing Wire

JANUARY 24, 2023

United Wholesale Mortgage ‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. Attorneys interviewed by HousingWire said nothing appeared to be clearly over the legal line with the Control Your Price initiative. Ultimately, they would be denied access to mortgages.

Lending 370

Lending Law Legal Training 370

Housing Wire

JANUARY 5, 2023

California-based Loan America, Inc. is the latest former business partner to sue Sprout Mortgage in a suit filed six months after the mortgage lender abruptly closed its doors. Loan America, a full-service mortgage company, relies on warehouse loans or lines of credit for loan funding, similar to many other non-QM lenders.

Insurance 432

Insurance Loan Officers Mortgage Business 432

Housing Wire

JUNE 29, 2023

loanDepot is accusing its competitor Movement Mortgage of damaging its business by hiring over 25 employees in three months and “effectively crippling” “now-depleted” branches. That’s not the Orange County, California-based lender’s only poaching legal battle. In early June, a judge in the N.Y.

Retail 421

Retail Contracts Legal Business 421

Housing Wire

FEBRUARY 5, 2024

Veteran mortgage executive James Seely has sued Guild Mortgage for allegedly failing to pay $750,000 in compensation after terminating his employment for cause by “manufacturing out of whole cloth spurious claims of Mr. Seely not working full time,” according to a recently filed lawsuit. billion in mortgage loans.

Retail 421

Retail Contracts Loan Officers Mortgage 421

Housing Wire

FEBRUARY 4, 2022

United Wholesale Mortgage (UWM) is making good on its threat to take legal action against partnering broker shops that also send business to Rocket Mortgage and Fairway Independent Mortgage , a violation of the wholesaler’s controversial broker agreement. million for repeatedly violating the terms of the agreement.

Legal 370

Legal Contracts Business Mortgage 370

Eppraisal

DECEMBER 28, 2021

While applicants can feel uneasy about a bank looking so closely at their financial lives, they can nonetheless take comfort from the fact that the lender's thoroughness enables it to make loans in the first place. Underwriting: Because It Has to Make Sense Underwriting sits at the heart of mortgage lending.

Mortgage 68

Mortgage Home Value Insurance Loan Officers 68

Housing Wire

APRIL 23, 2024

Chamber of Commerce has vowed to take legal action against the FTC, according to a statement calling the ban “an unlawful power grab.” It’s not common practice in the mortgage and real estate industries to make use of noncompetes. labor force.

Real Estate Agent 441

Real Estate Agent Loan Officers Lending Real Estate 441

Housing Wire

AUGUST 31, 2022

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. Based on our read of 2021 Home Mortgage Disclosure Act (HMDA) data, we estimate that total originations volume last year was $4.4 Source: Mortgage Bankers Association.

Lending 384

Lending Mortgage Real Estate Loan Officers 384

AmeriMac

MARCH 15, 2024

The HVCC laid the foundation for subsequent regulatory changes, including the incorporation of similar appraiser guidelines into the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Truth in Lending Act. This, in turn, helps protect both lenders and borrowers in the mortgage process.

Appraisal 36

Appraisal Appraisal Process Valuation Real Estate 36

AmeriMac

SEPTEMBER 1, 2021

However, they were not widely used until after the mortgage crisis in 2007 and 2008. In 2009, Freddie Mac and Fannie Mae, government housing lending institutions, the Federal Housing Finance Agency (FHFA) and the New York Attorney General got together to create the Home Valuation Code of Conduct (HVCC).

Appraisal 36

Appraisal Valuation Law Lending 36

Appraisal Today

MAY 10, 2024

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The mortgage loan officer handling the loan?

Reconsideration of Value 71

Reconsideration of Value Appraisal Real Estate Insurance 71

Housing Wire

MARCH 22, 2021

This month, United Wholesale Mortgage took the industry by surprise when it made a statement that it would block mortgage brokers from doing business with the company if they did business with either Quicken Loans or Fairway Mortgage. mortgage industry drives the best in consumer options and experience.

Business 539

Business Retail Mortgage Lending 539

Lamacchia Realty

MARCH 4, 2024

THE IMPORTANCE OF CHOOSING THE RIGHT MORTGAGE BROKER The journey of buying a home can be both exciting and overwhelming, especially for those who may be unfamiliar with the intricacies of the process. Because excited buyers are typically caught up in house hunting, one crucial aspect is often overlooked: hiring a mortgage broker.

Mortgage 66

Mortgage Legal Realty Buyers 66

Housing Wire

SEPTEMBER 30, 2021

The adoption of digital lending solutions has been increasing over the last few years, with the COVID-19 pandemic only accelerating the process. We’ve been at this a long time, so we understand our clients’ need for agile and technology-forward lending platforms to help them sustain and scale critical business processes.”.

Technology 391

Technology Clients Supply Chain Design 391

PennyMac

APRIL 2, 2020

Though it’s possible to buy a home with cash, most homebuyers do so with the help of a mortgage. There are various types of mortgages available, with different interest rates, down payment amounts, and other terms to consider. Step 3: Get Pre-Approved for Your Mortgage. Is Homeowners Insurance Legally Required?

Real Estate Agent 36

Real Estate Agent Inspection Sellers Real Estate 36