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Banc of California sues Sprout Mortgage, Planet Home Lending 

Housing Wire

A recent lawsuit filed by Banc of California is claiming that mortgage lenders and servicers Sprout Mortgage (now defunct) and Planet Home Lending owe $1.5 Mortgage industry veteran Michael Strauss, Sprout’s founder, is also listed as a defendant. million related to the proceeds of two notes it owned and funded.

Lending 418
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UWM moves to dismiss AML’s antitrust claim 

Housing Wire

United Wholesale Mortgage (UWM) has moved to dismiss an amended counterclaim filed by broker shop America’s MoneyLine (AML) that accuses the lender of antitrust practices regarding the “ultimatum” it imposed two years ago. A spokesperson for UWM said the company had no comment. Any broker who did so would face fines.

Legal 418
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Notarize and Snapdocs announce eClosing partnership

Housing Wire

Notarize , a provider of remote online notarization (RON) services in 38 states, and Snapdocs , a California-based digital mortgage closing platform, are partnering, the companies announced Thursday. 5000 list, connects all parties and technologies involved in a mortgage transaction to complete the closing process online.

Legal 417
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ALTA promotes first chief information officer

Housing Wire

Romeo also will continue to oversee the education department, NTP Designation program, legal publications and the ALTA Registry. Last year, ALTA added a key feature to its ALTA Registry : a designation that clearly identifies title and settlement company locations that can perform remote online notarization closings.

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Movement to pay $24M to settle underwriting government loans fraud case

Housing Wire

Indian Land, South Carolina-based lender Movement Mortgage has agreed to pay $23.75 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. million and Guild Mortgage in October 2020 for $24.9

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Black households have most to gain from inclusion of rent payment data: report

Housing Wire

Racial Equity Accelerator for Homeownership, a collaboration between Urban Institute and Federal Home Loan Bank (FHLB) of San Francisco , on Monday released a report that examines how the adoption of alternative data can benefit Black households within the mortgage lending landscape. FICO’s failures. ” On-time payments.

Lending 448
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Stavvy lands $40 million Series A for aggressive growth

Housing Wire

We are adding resources to engineering, security and trust, product, industry relations, legal, compliance and more. In addition to the funding round, Stavvy also announced its alliance with Flagstar Bank , the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.