Housing Wire

OCTOBER 3, 2024

EasyKnock , which offers sale-leaseback solutions to homeowners, announced a legal victory in Texas on Wednesday as it was awarded more than $153,000 by an arbitrator. The company has been fighting legal battles on multiple fronts through a series of consumer-initiated lawsuits and actions by regulators in several states.

Legal 434

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Housing Wire

OCTOBER 7, 2024

MV Realty is facing more legal action, this time in Minnesota. Additionally, the suit claims that Zachman, who signed many of the agreements for MV Realty in Minnesota, “lacked proper Minnesota licensure to do so, and that every contract and every sale failed to comply with Minnesota’s Home Solicitation Sales Act.”

Realty 448

Realty Contracts Legal Brokerage 448

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. Therefore, we will follow the agreed upon contract and win damages.” UWM sued Kevron Investments Inc.

Contracts 468

Contracts Loan Officers Lending Retail 468

Housing Wire

JANUARY 10, 2024

The lender asserted claims for breach of contract, fraud, unfair competition and tortious interference, among others. After about one year, in September 2023, an arbitrator issued and signed Guild’s award, but the company said the defendants “have not complied” nor “indicated that they will do so.”

Legal 448

Legal Lending Contracts Mortgage 448

Housing Wire

OCTOBER 3, 2024

What began as a legal battle between two companies that previously worked together on a Keller Williams technology platform has recently expanded to include industry veteran Josh Team. In order to do this, Team formed EMC, and a former colleague formed Aika, which subsequently obtained a contract to build the software for KW.

Contracts 434

Contracts Legal Technology Real Estate 434

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 478

Buyers Contracts Agents Realtors 478

Housing Wire

SEPTEMBER 16, 2024

Keller Williams ‘ legal worries just got a little lighter. In an email, Keller Williams confirmed that this agreement settles all of the breach-of-contract lawsuits filed against it by attorneys at the law firm of Humphrey, Farrington & McClain PC.

Brokerage 448

Brokerage Legal Design Agents 448

Housing Wire

SEPTEMBER 3, 2024

Mr. Cooper filed the lawsuit against ACI Payments in September 2023 , alleging breach of contract, misappropriation of confidential information and ordinary negligence, among other accusations. In addition, it faced legal fees due to 10 class-action lawsuits and at least two individual lawsuits.

Legal Fees 448

Legal Fees Mortgage Legal Contracts 448

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. million and liquidated damages for the company’s breach of contract. In total, he asks for about $13 million.

Contracts 448

Contracts Legal Mortgage 448

Housing Wire

APRIL 4, 2024

Davis — took legal action against the real estate brokerage by filing six separate class-action lawsuits. Alper’s complaint challenges adjustments made to Keller Williams’ profit-sharing program and includes charges of breach of contract, declaratory judgment and unjust enrichment. Moulder, David L. Bueker, Robert E.

Brokerage 453

Brokerage Legal Agents Contracts 453

Housing Wire

APRIL 9, 2024

In the past few weeks, seven agents formerly affiliated with Keller Williams — Jerri Moulder, David Bueker, Robert Hill, Kevin Ortiz, Edward Fordyce, Paul Davis, and Penny Alper — took legal action against the real estate brokerage by filing seven separate class-action lawsuits.

Brokerage 476

Brokerage Agents Legal Real Estate 476

Housing Wire

AUGUST 6, 2024

They say that the bank’s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place. Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government’s motion to move the case to a different venue.

Government 459

Government Mortgage Contracts Legal 459

Housing Wire

MARCH 19, 2024

Since announcing its controversial “All-In” initiative in March 2021, UWM has been in legal battles with its broker partner that send loans to Rocket and Fairway. America’s MoneyLine (AML) and Mid Valley Funding in February 2022 for alleged breaches of contract by continuing to selling loans to Rocket and Fairway.

Mortgage 443

Mortgage Law Brokerage Legal 443

Housing Wire

APRIL 24, 2024

million it incurred in fourth-quarter 2023. million in Q4 2023 but up from a pretax loss of $19.6 million in Q1 2023. Meanwhile, the revenue growth compared to Q1 2023 was largely due to higher overall origination volumes and margins. billion on March 31, up 3% from the end of Q4 2023 and up 18% from the end of Q1 2023.

Lending 448

Lending Legal Contracts Mortgage 448

Housing Wire

JANUARY 11, 2024

TCB’s contract with RMF and the bankruptcy court order also expressly stated that TCB’s right to a lien was subject to GNMA’s extinguishment rights.” These include TCB’s assertion that in March 2023, “the FHA’s current Commissioner, who also holds the title of Assistant Secretary of Housing And Federal Housing Commissioner at [the U.S.

Lending 459

Lending Government Legal Law 459

Housing Wire

AUGUST 22, 2024

In the complaint, Homie claims that it is bringing this legal action to “recover the damages…suffered as an excluded competitor foreclosed by the Defendants’ conduct from effective competition in the relevant market.” For example, of the top 10 brokerages by closed sides in 2013, only three remain in the top 10 in 2023.

Realtors 482

Realtors Buyers Brokerage Real Estate 482

Housing Wire

OCTOBER 10, 2024

Struggling fintech LoanSnap had its mortgage lender license in Connecticut revoked in early October by state authorities, adding to the company’s legal and financial problems. The firm was first licensed to do mortgage business in Connecticut in January 2021 and applied for a renewal in December 2023.

Mortgage 418

Mortgage Landlords Loan Officers Legal 418

Housing Wire

APRIL 17, 2024

In a writ of certiorari filed in early February, HomeServices told the Supreme Court that each of its client contracts state that the “signatories can arbitrate any claim or dispute arising out of the contract.” There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 448

Contracts Brokerage Law Real Estate Agent 448

Housing Wire

NOVEMBER 7, 2023

loanDepot , the California-based lender targeting profitability next year, delivered its sixth consecutive quarterly loss in the third quarter of 2023, according to documents filed with the Securities and Exchange Commission (SEC) on Tuesday. billion in the second quarter of 2023. 30, 2023, from $142.5 billion as of Sept.

Legal 448

Legal Contracts Real Estate Mortgage 448

Housing Wire

FEBRUARY 5, 2024

In late October 2023, a Missouri jury found HomeServices of America, as well as Keller Williams and the National Association of Realtors , liable for colluding to artificially inflate real estate agent commissions. There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 435

Contracts Brokerage Law Real Estate Agent 435

Housing Wire

MARCH 28, 2024

In November 2023, Wood indicated that the trial would take place in the fourth quarter of 2024 , but the status report findings appear to change the timeline. The suit obtained class certification in March 2023. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices.

Real Estate Agent 458

Real Estate Agent Realtors Real Estate Sellers 458

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. the Nationwide Multistate Licensing System (NMLS) showed.

Retail 448

Retail Legal Lending Business 448

Housing Wire

JANUARY 18, 2024

According to the complaint, Myers resigned from her position at Qualia in May 2023, after she “secretly” interviewed for an accepted the position at Settlor. 1, 2023, to remind her of her agreement to keep any confidential information and trade secrets private, which it says she ignored. 1, 2023, in an effort to resolve matter.

Contracts 448

Contracts Government Business Marketing 448

Housing Wire

NOVEMBER 2, 2023

California-based nonbank lender loanDepot is suing former chief operations officer Tammy Richards for breach of contract and fiduciary duty, accusing her of stealing confidential information concerning the lender’s customers. 17, 2023, in the Superior Court of the State of California for the County of Orange.

Contracts 435

Contracts Legal Retail Training 435

Housing Wire

FEBRUARY 5, 2024

However, if the contract was terminated with cause – which includes cases of fraud or breach of fiduciary duty, among others – he would not receive the severance compensation. ” The letter states Seely committed to a recruitment budget of approximately $360 million by the third quarter of 2023 but reached $71 million. 2 in a U.S.

Retail 448

Retail Contracts Loan Officers Mortgage 448

Housing Wire

MAY 10, 2024

In 2023, NAR announced a policy change that allows the finance committee to use the Consumer Price Index (CPI) “as a guide” to help it recommend an annual dues amount to the board of directors. In 2023, NAR raised dues from $150 to $156. million for the first time since May 2021. represent themselves 2. represent themselves 2.

Realtors 397

Realtors Finance Agents Legal 397

Housing Wire

MARCH 29, 2024

In its motion filed on Wednesday, CMLS said its amicus curiae brief is in repsonse to the Department of Justice’s statement of interest which was filed in early February in relation to the proposed settlement agreement reached by the Nosalek plaintiffs and defendant MLS Property Information Network in July 2023.

Sellers 459

Sellers Real Estate Buyers Contracts 459

Housing Wire

SEPTEMBER 17, 2024

DC Attorney General Brian Schwalb accused Curbio of defrauding homeowners by luring them into contracts that allowed the company to pilfer their home equity over minor violations. The AG also accused the company of acting as an unlicensed lender and performing subpar renovations.

Renovations 434

Renovations Realtors Real Estate Agent Contracts 434

Housing Wire

MARCH 19, 2024

billion in damages awarded by a jury in late October 2023. 1, 2023) at the rate of 5.4% Supreme Court and asked for a review of an August 2023 ruling by the Eight Circuit Court, which found that HomeServices could not enforce arbitration agreements signed by seller clients of its franchisees. billion in damages this fall.

Sellers 446

Sellers Law Realtors Contracts 446

Housing Wire

FEBRUARY 6, 2024

The earliest alleged conduct goes back to 2013 and continued until as recently as 2023, he added. The defendants allegedly demanded between 10% and 20% of the contract value, with amounts ranging from $500 to $2,000 depending on the size of the contract. Department of Labor OIG and others, Williams said.

Contracts 448

Contracts Law Development Business 448

Housing Wire

JUNE 6, 2023

Mat Ishbia , UWM president and CEO, said in a statement, “It’s very unfortunate to see a company like Mid Valley breach their contract, but we’re going to continue to do what’s right for the broker community.” The reality is if a broker breaks the contract and if they have, we will address it, and we will win,” he said in a statement.

Brokerage 370

Brokerage Contracts Legal Business 370

Housing Wire

OCTOBER 30, 2024

The fintech was first licensed to do mortgage business in Connecticut in January 2021 and applied for a renewal in December 2023. These actions include a Wells Fargo suit filed in Minnesota, where the bank sought more than $430,000 over an alleged breach of contract. The request was pending, but the license was suspended in July.

Landlords 448

Landlords Loan Officers Lending Contracts 448

Housing Wire

JUNE 17, 2024

The lender originated $7 billion in loans from January to March, which held steady compared to the same quarter in 2023. Some sources said they were afraid of legal pushback. The mortgage lender, which grew to 9,708 employees at its peak in 2021, shrank to 3,871 workers as of April due to a declining origination market.

Human Resources 455

Human Resources Law Loan Officers Legal 455

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. billion in the first six months of 2023, according to data from Inside Mortgage Finance. The lender originated $10.6

Loan Officers 435

Loan Officers Real Estate Legal Lending 435

Housing Wire

MARCH 28, 2024

The DOJ’s statement of interest, which was filed in mid-February, was in relation to the settlement agreement reached between the Nosalek plaintiffs and MLS Property Information Network (MLS PIN) in July 2023.

Sellers 457

Sellers Contracts Buyers Realtors 457

Housing Wire

MARCH 27, 2024

2023, denied the HomeServices defendants’ motion to decertify the class. In its filing, HomeServices asked for a review of an August 2023 ruling by the Eight Circuit Court, which found that HomeServices could not enforce arbitration agreements signed by seller clients of its franchisees.

Law 459

Law Sellers Realtors Contracts 459

Housing Wire

APRIL 4, 2024

The complaint states that Jutla is bringing the action against Redfin “for unlawfully agreeing and conspiring to enact and enforce anticompetitive restrictions on Realtors contracting behavior, causing the Plaintiff to pay inflated buyer’s agent commissions on the sale of her home, as well as tandem purchase of a home in California.”

Realtors 466

Realtors Agents Sellers Real Estate 466