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 439

Contracts Loan Officers Lending Retail 439

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 413

Retail Legal Lending Business 413

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 363

Mortgage Retail Loan Officers Lending 363

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 401

Human Resources Legal Fees Loan Officers Retail 401

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 414

Loan Officers Retail Legal Lending 414

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 341

Lending Retail Legal Loan Officers 341

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 504

Buyers Agents Mortgage Real Estate Agent 504

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 398

Legal Loan Officers Retail Business 398

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 458

Loan Officers Mortgage Business Retail 458

Housing Wire

AUGUST 25, 2023

Retail lender AmeriFirst Financial Inc. 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.

Mortgage 370

Mortgage Retail Business Lending 370

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 311

Mortgage Loan Officers Retail Legal 311

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 405

Retail Contracts Loan Officers Mortgage 405

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. and Delaware employees also transitioned to the retail competitor. Additional Maryland, Washington, D.C.,

Retail 400

Retail Contracts Legal Business 400

Housing Wire

JANUARY 30, 2023

A group of 11 former employees are accusing AmeriSave Mortgage Corp. According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022. It was part of the Atlanta-based mortgage lender’s strategy for developing a retail mortgage sales division.

Loan Officers 466

Loan Officers Retail Contracts Mortgage 466

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 370

Marketing Loan Officers Business Mortgage 370

Housing Wire

JUNE 2, 2022

CrossCountry Mortgage is suing Guild Mortgage for poaching a former Las Vegas branch manager and allegedly convincing her to steal proprietary information, the latest escalation in a brewing legal battle between the retail mortgage lenders. Guild Mortgage did not respond to a request for comment.

Loan Officers 377

Loan Officers Retail Legal Clients 377

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 361

Lending Technology Tools Loan Officers 361

Housing Wire

NOVEMBER 24, 2021

LoanDepot, the nation’s second-largest retail lender , didn’t respond to multiple requests for comment. His job was to receive and make calls to customers and pass them along to loan officers. Equal Employment Opportunity Commission contacted both parties to engage in mediation, but loanDepot declined.

Human Resources 370

Human Resources Loan Officers Retail 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. 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 364

Lending Law Legal Training 364

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

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 73

Reconsideration of Value Appraisal Real Estate Insurance 73

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. in the three years prior to the pandemic.

Lending 384

Lending Mortgage Real Estate Loan Officers 384

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 442

Real Estate Agent Loan Officers Real Estate Agents 442