Housing Wire

FEBRUARY 15, 2024

The legal battle follows the creation of a Facebook group called “Rocket Pro TPO vs UWM,” which UWM says Walker founded on Oct. In 2021, the company imposed a controversial ultimatum , engaging in legal battles with its broker partners that sell loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp.

Mortgage 318

Mortgage Legal Advertising Loan Officers 318

Housing Wire

DECEMBER 15, 2023

It’s the latest salvo in a legal battle that started after the three of Movement’s veteran sales executives — Deran Pennington, Matt Schoolfield and Chris Shelton — left for Summit in July. Movement also accuses Scrima of creating a scheme to divert its customers to Summit through its “resigning loan officers.”

Legal 393

Legal Loan Officers Retail Business 393

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 397

Loan Officers Legal Real Estate Lending 397

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. UWM on Thursday when filed a lawsuit in a U.S.

Contracts 431

Contracts Loan Officers Lending Retail 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 ). Volumes reached $5.9 billion for the 12 months ending Dec.

Loan Officers 408

Loan Officers Retail Legal Lending 408

Housing Wire

FEBRUARY 2, 2024

Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. In addition, DKMC will also withhold certain costs and fees, including early payoffs and early payment defaults, “that may occur after the termination when calculating the final compensation payment to the Loan Officer.“

Loan Officers 398

Loan Officers Human Resources Law Mortgage 398

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 335

Loan Officers Mortgage Retail Real Estate Agent 335

Housing Wire

MARCH 28, 2024

According to the DOL, they must pay $35,000 in emotional damages and the legal fees of the two employees who reported consumer fraud concerns. The main strategy was to tap high-volume loan officers in targeted locations. A former senior vice president and two company managers were also held personally accountable in the case.

Human Resources 396

Human Resources Legal Fees Loan Officers Retail 396

Housing Wire

MARCH 22, 2023

Homebot , a home education portal that keeps people connected to their loan officers and real estate agents, acquired Quo Finance , a mobile app for first-time homebuyers. Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo.

Finance 350

Finance Real Estate Agent Loan Officers Legal 350

Housing Wire

JANUARY 25, 2024

From at least August 29, 2022 to December 2, 2022, individuals who were not licensed as loan officers (LOs) in Connecticut acted as LOs by taking residential mortgage loan applications , soliciting Connecticut borrowers for mortgages and offering or negotiating terms of mortgages, according to the order issued earlier this month.

Loan Officers 375

Loan Officers Mortgage Finance Lending 375

Housing Wire

MARCH 30, 2023

A Worker Adjustment and Retraining Notification (WARN) filed with the New Jersey Department of Labor and Workforce Development shows the job cuts will affect mortgage loan officers, final “docs” associates, desktop support professionals and business solutions architects, among others. “As

Retail 398

Retail Loan Officers Legal Technology 398

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 377

Contracts Loan Officers Legal Best Value 377

Housing Wire

NOVEMBER 28, 2023

The savvy real estate agents and loan officers see this not a crisis but a golden opportunity. This is a call to arms for real estate agents and loan officers ready to seize the day. For loan officers: Script : “Market changes bring new opportunities. This is your moment.

Real Estate 316

Real Estate Real Estate Agent Loan Officers Clients 316

Housing Wire

NOVEMBER 10, 2022

Houlihan Lokey served as financial advisor and Pierce Atwood served as legal advisor to Mortgage Network. Troutman Pepper was Movement’s legal advisor in the M&A transaction. “We Movement says it employs more than 1,500 loan officers nationwide and has over 550 branches.

Retail 370

Retail Mortgage Loan Officers Legal 370

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 428

Loan Officers Human Resources Contracts Mortgage 428

Housing Wire

SEPTEMBER 7, 2023

“The buyers want the listing brokers to pay their buyer representative so they can have the most money invested in their down payment and get the best loan terms and rates possible,” Katie Johnson , NAR’s chief legal officer, said.

Buyers 391

Buyers Agents Loan Officers Real Estate 391

Housing Wire

NOVEMBER 2, 2023

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). While the decision was under appeal, Strauss was brokering loans. 3, indicating a voluntary surrender.

Business 428

Business Loan Officers Law Mortgage 428

Housing Wire

AUGUST 31, 2022

The lender has roughly 300 mortgage loan officers and 1,800 team members and does in-house processing and underwriting. Cornerstone Home Lending had Otteson Shapiro LLP as legal advisor and Scott Almy as a business advisor. was the financial advisor and Holland & Knight LLP the legal counsel.

Lending 343

Lending Retail Legal Loan Officers 343

Housing Wire

APRIL 1, 2024

billion in mortgage loans in 2023, according to Kortas. As of Monday, the company had 2,391 sponsored mortgage loan officers, per the Nationwide Multistate Licensing System (NMLS). NEXA’s businesses America’s largest mortgage brokerage, NEXA originated $6.29 But that’s not the case for the aviation business.

Brokerage 380

Brokerage Business Loan Officers Legal 380

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.

Modernization 359

Modernization Lending Legal Legal Fees 359

Housing Wire

JULY 19, 2022

Even in a downturn, the loan officer recruiting wars remain fierce. Beleaguered nonbank lender loanDepot is suing rival lender CrossCountry for allegedly dozens of poaching high-performing loan officers from its New York branches. Anthony Hsieh, founder and CEO of loandepot. billion in business.

Loan Officers 382

Loan Officers Contracts Legal Business 382

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

FEBRUARY 13, 2023

Darren Heitner, JIM’s attorney and founder at Heitner Legal , P.L.L.C, The company has 13 branches with 50 active loan officers, the data shows. When Eddy Perez, EPM’s founder, was contacted for comment by HousingWire, he said to write what was in the claim. Jesse Iwuji asked us to contact his lawyer for comment.

Legal 313

Legal Contracts Lending Loan Officers 313

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 agreed to pay $95.7 The deal will provide $62.8

Legal 457

Legal Law Open Houses Loan Officers 457

Housing Wire

MARCH 24, 2023

ChatGPT for lenders Several use cases exist for mortgage companies and loan officers to use ChatGPT and AI. ChatGPT wrote it as a legal issue and all of a sudden, the developer showed up at her house,” he said. As for the “limitations,” it’s not always correct, and much data has not been updated after 2021.

Loan Officers 471

Loan Officers Legal Development Marketing 471

Housing Wire

AUGUST 10, 2022

“We are well positioned to educate consumers about the loan process and help them overcome whatever challenges that may arise. Panorama offers platforms for human resources, finance, technology, legal and compliance services to its group of lenders.

Lending 410

Lending Human Resources Mortgage Loan Officers 410

Housing Wire

APRIL 3, 2024

The plaintiffs claim they hired independent mortgage brokers, believing the wholesale channel was the best option for getting affordable mortgages because these professionals can shop around — a different model from loan officers employed by retail lenders. “As

Loan Officers 450

Loan Officers Mortgage Business Retail 450

Housing Wire

DECEMBER 21, 2022

A representative for CrossCountry told HousingWire, “As a matter of practice, we do not comment on legal matters.” . In July 2022, loanDepot sued the rival again for allegedly poaching high-performing loan officers from its New York branches. billion in business.

Legal 391

Legal Loan Officers Contracts Business 391

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. The suit mirrors an earlier, parallel legal action filed in Illinois state court. 2013 and February 2019. .”

Mortgage 393

Mortgage Loan Officers Brokerage Clients 393

Housing Wire

FEBRUARY 9, 2023

The lenders, both privately held, will retain their names and brands after the transaction, but APMC will be the new legal entity as the companies come together. Most of the originations were conventional and purchase loans. According to Modex, the new company will also have about 35 branches and 200 active loan officers.

Mortgage 364

Mortgage Retail Loan Officers Lending 364

Housing Wire

AUGUST 11, 2022

That development prompted concern from legal experts that the information could be used as a basis for fair lending lawsuits. In August 2021, Cadence Bank settled allegations of redlining which stemmed, in part, from the bank’s loan officers’ lack of Spanish language skills.

Lending 376

Lending Finance Loan Officers Legal 376

Housing Wire

JUNE 30, 2021

The lender’s offices were concentrated in white neighborhoods, and nearly all of its loan officers were white. The CFPB also found that loan officers sent internal emails “containing racist and derogatory content.”. In the lender’s direct marketing and open house materials, the models were white.

Loan Officers 414

Loan Officers Lending Open Houses Legal 414

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. And I’m so delighted. I’ve read them.

Mortgage 398

Mortgage Loan Officers Advertising Clients 398

Housing Wire

FEBRUARY 1, 2023

The lender is offering a maximum of 40 basis points per loan to its brokers, with a total access to 125 bps, to gain market share. These areas of compliance fall under the umbrella of regulators such as the Consumer Financial Protection Bureau (CFPB) and the U.S.

Construction 393

Construction Real Estate Agent Loan Officers Legal 393

Housing Wire

NOVEMBER 23, 2022

Illinois-based Interfirst Mortgage , legally known as Chicago Mortgage Solutions LLC , issued pink slips to employees this month amid forecasts that housing sales are expected to slump even more next year than 2022. Since relaunching operations, Interfirst also hired teachers and first responders to be loan officers.

Marketing 370

Marketing Loan Officers Business Mortgage 370

Housing Wire

FEBRUARY 26, 2024

Newrez declined to comment on active litigation but noted it will “vigorously pursue all legal remedies available to us.” OneTrust and Hecht will be responding to Newrez’s allegations, Erskine added. Hecht didn’t immediately respond to requests for comment from HousingWire.

Retail 407

Retail Legal Lending Business 407

Housing Wire

AUGUST 17, 2023

These perks were offered in exchange for a requirement for agents and brokers to agree to be paired with a Freedom loan officer. Freedom reportedly denied requests for event sponsorship from real estate brokerages that did not refer mortgage business to Freedom’s loan officers.

Realty 370

Realty Mortgage Brokerage Real Estate 370