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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

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 488
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The housing industry’s disparate impact hopes

Housing Wire

Mortgage industry groups on Tuesday made their voices heard in response to the Department of Housing and Urban Development ’s proposed reinstatement of its 2013 disparate impact rule. Numerous industry stakeholders asked HUD to make some changes to the regulation to raise and further explain the threshold for disparate impact claims.

Legal 418
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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. Hill, a former KW agent from 2002 to 2013, filed a similar complaint in the U.S. Three agents formerly affiliated with Keller Williams Realty — Jerri L. Moulder, David L. Bueker and Robert E.

Brokerage 511
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CFPB hopes to reverse court decision that handed Ocwen a win last year

Housing Wire

Court of Appeals for the Eleventh Circuit, Lawrence DeMille-Wagman, CFPB’s attorney, argued that a consent agreement from 2013 did not excuse the mortgage servicer from future violations and that Ocwen is on the hook for alleged wrongdoings. Last March, U.S. The CFPB declined to comment. Ocwen did not return a request for comment.

Law 370
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Virginia Realtors CEO Terrie Suit is retiring

Housing Wire

According to her company bio, Suit became CEO in September 2013. These include the opening of a second full-time office “within steps” of the Virginia Capitol in Richmond, and the growth of a legal team that now operates a successful Realtor hotline with an average response time of 45 minutes.

Realtors 432
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Senior FDIC official to lead Conference of State Bank Supervisors

Housing Wire

Milhorn brings to CSBS nearly three decades of advocacy, policy, legal and regulatory experience, primarily in and around Washington, D.C. He joined CSBS following a 30-year career at the Indiana Department of Financial Institutions , where he served as deputy director from 1994 to 2013.

Insurance 430
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Fix-and-flip lender Kiavi lays off 7% of employees

Housing Wire

Cuts also hit operations, risk and compliance, legal, finance, business operations and marketing teams, according to a presentation held on Wednesday afternoon. . Kiavi, founded in 2013 and led by CEO Michael Bourque, expanded to three states in June and now operates in 32 states and Washington, D.C.