Housing Wire

MAY 8, 2024

mortgage lender Newrez , owned by asset manager Rithm Capital , is imposing a round of layoffs to its workforce following the acquisitions of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). The layoffs include mortgage professionals such as processors, underwriters and loan officers.

Loan Officers 347

Loan Officers Retail Legal Mortgage 347

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 293

Loan Officers Mortgage Retail Real Estate Agent 293

Housing Wire

MAY 6, 2024

mortgage lender Fairway Independent Mortgage Corp. The company announced last week that, in April, it welcomed production teams that collectively originated more than $500 million in mortgage volume in 2023. These groups are bringing a total of 92 mortgage professionals to Fairway. The lender originated $5.15

Retail 359

Retail Loan Officers Legal Lending 359

Housing Wire

MARCH 1, 2024

California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business. He declined to comment further.

Loan Officers 392

Loan Officers Law Brokerage Business 392

Housing Wire

AUGUST 10, 2022

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Lone Peak is the fourth lender to join Panorama this year, following the additions of Utah-based Rely Home Loans , Texas-based Prosperity Mortgage and Oregon-based Vision Mortgage Group.

Lending 387

Lending Human Resources Mortgage Loan Officers 387

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. He said the lenders were inhibiting mortgage brokers from growing their business.

Contracts 414

Contracts Loan Officers Lending Retail 414

Housing Wire

JUNE 5, 2024

California -based mortgage lender loanDepot (LDI) has made two additions to its sales leadership team. Andrews comes to loanDepot with 25 years of mortgage industry experience, including a recent stint as national director of branch partnerships at Movement Mortgage. The lawsuit was filed in the U.S.

Loan Officers 308

Loan Officers Legal Development Mortgage 308

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

Buyers 495

Buyers Agents Mortgage Real Estate Agent 495

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 368

Loan Officers Real Estate Legal Lending 368

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 370

Loan Officers Human Resources Law Mortgage 370

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 372

Mortgage Loan Officers Advertising Clients 372

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 385

Mortgage Loan Officers Brokerage Clients 385

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 339

Mortgage Retail Loan Officers Lending 339

Housing Wire

MAY 29, 2024

Mortgage lender Kind Lending has hired Tammy Richards , who previously held positions at Bank of America , Caliber Home Loans and loanDepot , as its chief operating officer. According to the Nationwide Multistate Licensing System (NMLS), Kind Lending had 87 sponsored loan officers and 23 active branches as of Wednesday.

Lending 276

Lending Loan Officers Retail Legal 276

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 369

Realty Mortgage Brokerage Real Estate 369

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 350

Mortgage Clients Sellers Loan Officers 350

Housing Wire

APRIL 16, 2024

As the engines of the housing and mortgage markets continue to sputter due to higher interest rates and fewer buyers, industry innovators are looking for ways to get their company’s wheels off the ground. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. according to the company.

Real Estate Agent 405

Real Estate Agent Loan Officers Real Estate Agents 405

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 391

Mortgage Investors Legal Loan Officers 391

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 332

Loan Officers Mortgage Finance Lending 332

Housing Wire

DECEMBER 18, 2023

The Federal Communications Commission (FCC) last week released a new order amending its “express consent” rules for the Telephone Consumer Protection Act (TCPA), which closes the “lead generator loophole” used by mortgage professionals to connect with potential business leads. We now have a time clock of about six months.

Mortgage 386

Mortgage Business Legal Real Estate 386

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 372

Retail Loan Officers Legal Technology 372

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 352

Human Resources Legal Fees Loan Officers Retail 352

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 353

Contracts Loan Officers Legal Best Value 353

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 401

Business Loan Officers Law Mortgage 401

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. It’s not common practice in the mortgage and real estate industries to make use of noncompetes.

Real Estate Agent 391

Real Estate Agent Loan Officers Lending Real Estate 391

Housing Wire

MARCH 6, 2023

Illinois-based mortgage lender Celebrity Home Loans and its parent company Celebrity Financial, Inc. The lawsuit mentions that Celebrity Home Loans originated $21 billion in home loans since its foundation in 2006. are the target of a class-action-seeking lawsuit. The lawsuit was filed on Feb. Volumes reached $5.9

Loan Officers 370

Loan Officers Retail Legal Lending 370

Housing Wire

DECEMBER 15, 2023

South Carolina-based retail lender Movement Mortgage filed a lawsuit this week against Todd Scrima, founder and president at its competitor Summit Funding , accusing him of gaining illegal access to Movement’s confidential financial files and also scheming to divert Movement’s customers toward Summit.

Legal 353

Legal Loan Officers Retail Business 353

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 391

Loan Officers Human Resources Contracts Mortgage 391

Housing Wire

OCTOBER 10, 2023

“I think folks tend to get creative and take a bit more risk than they might be willing to take in a market where rates are lower,” Holly Bunting, a partner at Mayer Brown in the areas of residential mortgage banking and consumer finance, said in an interview. However, the Freedom case represented a “wakeup call.”

Real Estate Agent 405

Real Estate Agent Loan Officers Real Estate Agents 405

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 444

Loan Officers Mortgage Business Retail 444

Housing Wire

FEBRUARY 6, 2023

He said the lenders were inhibiting mortgage brokers from growing their business. Those who decided to work with either Rocket or Fairway could no longer send loans or applications to UWM. Since the financial penalty is removed, the ultimatum is – in effect – null and void, Rocket Mortgage said. UWM originated $33.5

Mortgage 288

Mortgage Loan Officers Retail Legal 288

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. Terms of the transaction were not disclosed.

Finance 308

Finance Real Estate Agent Loan Officers Legal 308

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 383

Brokerage Realty Real Estate Loan Officers 383

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 375

Buyers Agents Loan Officers Real Estate 375

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 289

Real Estate Real Estate Agent Loan Officers Clients 289

Housing Wire

APRIL 1, 2024

Former NEXA Mortgage president Mat Grella has accused his partner at the firm, Mike Kortas, of making aircraft-related purchases with company money without his consent, resulting in his “abrupt” termination from the company. I had some concerns about where our focus was because it had shifted away from mortgages and more on aviation.

Brokerage 336

Brokerage Business Loan Officers Legal 336

Housing Wire

AUGUST 31, 2022

Houston-based nonbank mortgage lender Cornerstone Home Lending announced on Wednesday it has received all regulatory approvals to acquire traditional depository The Roscoe State Bank, a deal that will expand its operations beyond the traditional mortgage business. Expected to close around Oct. billion in assets, the companies claim.

Lending 303

Lending Retail Legal Loan Officers 303