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 ). HousingWire reached out to Celebrity’s representative, but they did not return requests for comments.

Loan Officers 386

Loan Officers Retail Legal Lending 386

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. Investigators at the U.S.

Human Resources 369

Human Resources Legal Fees Loan Officers Retail 369

Housing Wire

AUGUST 31, 2022

The bank resulting from the deal will offer mortgage lending and servicing, commercial and retail banking, and institutional banking. The lender has roughly 300 mortgage loan officers and 1,800 team members and does in-house processing and underwriting. was the financial advisor and Holland & Knight LLP the legal counsel.

Lending 309

Lending Retail Legal Loan Officers 309

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 368

Legal Loan Officers Retail Business 368

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. The company said it has a full-service retail origination platform that originates agency, government and investor portfolio loans.

Mortgage 344

Mortgage Retail Loan Officers Lending 344

Housing Wire

FEBRUARY 5, 2024

million to acquire Residential Mortgage Services Holdings (RMS), a Maine-headquartered retail lender of which Seely was president and CEO. RMS had 70 offices in 14 states, 850 employees, and 250 loan officers. billion in mortgage loans. Seely joined Guild in 2021 when the California-based lender paid $196.7

Retail 379

Retail Contracts Loan Officers Mortgage 379

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 457

Loan Officers Mortgage Business Retail 457

Housing Wire

JUNE 29, 2023

and Delaware employees also transitioned to the retail competitor. In some cases, Movement offered a $125,000 signing bonus to loanDepot loan originators to come to the company, the lawsuit claims. That’s not the Orange County, California-based lender’s only poaching legal battle. In early June, a judge in the N.Y.

Retail 370

Retail Contracts Legal Business 370

Housing Wire

OCTOBER 10, 2023

That’s because real estate agents and loan officers are in survival mode and desperate to close new business. “The line of what is legal and illegal depends on who is running the CFPB,” Steve Murray, partner at RealTrends Consulting , said.

Real Estate Agent 422

Real Estate Agent Loan Officers Real Estate Agents 422

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 345

Marketing Loan Officers Business Mortgage 345

Housing Wire

JANUARY 30, 2023

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 446

Loan Officers Retail Contracts Mortgage 446

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.

Loan Officers 349

Loan Officers Retail Legal Clients 349

Housing Wire

FEBRUARY 6, 2023

More than 17,000 loan officers joined the mortgage broker channel this year, with about half of them coming from the retail channel, Ishbia told analysts in its latest third quarter earnings. The trend continued into the fourth quarter, during which UWM originated $25.75 Rocket posted about $19.7

Mortgage 298

Mortgage Loan Officers Retail Legal 298

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. On average, about 50% of referrals to a retail LO come from buyers’ agents, VanFossen said.

Buyers 504

Buyers Agents Mortgage Real Estate Agent 504

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. The Mesa, Arizona-based company listed estimated assets and liabilities as much as $100 million each, according to a filing in the U.S. Bankruptcy Court for Delaware.

Mortgage 370

Mortgage Retail Business Lending 370

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

FEBRUARY 16, 2022

SM: I joined this industry as a Retail Mortgage Loan Officer growing to a Broker Owner in my local community and try to apply a simple concept we share with customers and prospects which is the idea of digital lending made simple. The idea is that only one digital original exists and is legally transferable and enforceable.

Lending 331

Lending Technology Tools Loan Officers 331

Housing Wire

MARCH 22, 2021

I discerned, frankly, that these companies all had good legal counsel and would address their reply to this very unusual policy proclamation in their own way. Without question, the vibrant state of the U.S. mortgage industry drives the best in consumer options and experience. But as time has passed, I simply cannot let it go.

Business 539

Business Retail Mortgage Lending 539

Housing Wire

JANUARY 24, 2023

Mortgage compliance attorneys interviewed by HousingWire said the program, dubbed “Control Your Price,” raises potential areas of concern across three subjects: rules that govern loan officers’ compensation; fair lending; and unfair, deceptive and abusive acts and practices.

Lending 346

Lending Law Legal Training 346

Housing Wire

AUGUST 31, 2022

Looking again at data from MBA’s Quarterly Performance Report, loans closed per production employee [1] per month (in the retail and consumer direct channels combined) ranged from 1.3 Now, lenders are in a position in which they must reduce their workforces, or risk a plummet in productivity or worse, profitability.

Lending 384

Lending Mortgage Real Estate Loan Officers 384