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 374

Contracts Legal Technology Real Estate 374

Housing Wire

MARCH 13, 2024

In their motion, the parties wrote that they “dispute the factual and legal arguments made in the DOJ’s Statement of Interest.” The DOJ’s statement was in relation to the settlement agreement reached between the Nosalek plaintiffs and MLS PIN in July 2023.

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Contracts Legal Sellers Buyers 445

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 421

Brokerage Legal Design Agents 421

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.

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Housing Wire

MARCH 26, 2024

Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. Allegations include breach of contract and unjust enrichment, with damages sought at $250 million. On August 16, 2023, the IALC — the voice of Keller Williams Realty, Inc.’s

Brokerage 510

Brokerage Legal Agents Realty 510

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.

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Contracts Loan Officers Lending Retail 461

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 389

Mortgage Landlords Loan Officers Legal 389

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.”

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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.

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Government Mortgage Contracts Legal 420

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.

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Realtors Buyers Brokerage Real Estate 482

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.

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Contracts Legal Mortgage 407

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 452

Brokerage Agents Legal Real Estate 452

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 370

Brokerage Legal Agents Contracts 370

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.

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Buyers Contracts Agents Realtors 400

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.

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Lending Legal Contracts Mortgage 425

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.

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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.

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Mortgage Law Legal Brokerage 363

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.

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Contracts Brokerage Law Real Estate Agent 415

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.

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Contracts Brokerage Law Real Estate Agent 419

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.

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Lending Government Legal Law 425

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 372

Renovations Realtors Real Estate Agent Contracts 372

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.

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Retail Legal Lending Business 429

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 393

Contracts Legal Retail Training 393

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.

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Realtors Finance Agents Legal 346

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.

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Real Estate Agent Realtors Real Estate Sellers 392

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.

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Contracts Government Business Marketing 427

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 419

Landlords Loan Officers Lending Contracts 419

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.

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Brokerage Contracts Legal Business 340

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.

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Sellers Real Estate Buyers Contracts 453

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.

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Retail Contracts Loan Officers Mortgage 417

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

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Loan Officers Real Estate Legal Lending 415

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 375

Sellers Law Realtors Contracts 375

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.

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Contracts Law Development Business 408

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.

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Human Resources Law Loan Officers Legal 380

Housing Wire

JUNE 24, 2024

If you look at the number of originators, we didn’t see the level of fallout in 2024 that we did in 2022 or 2023. Plack: If you look at Open Mortgage, we used to broker a lot of business to them, and they shut down in December 2023. With reverse mortgages, legality varies by state, which complicates things.

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Mortgage Legal Business Investing 290

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 388

Sellers Contracts Buyers Realtors 388

Housing Wire

AUGUST 30, 2023

million in the first half of 2023, an improvement from nearly $400 million in the same period last year, according to its 8-K filing with the Securities and Exchange Commission (SEC) on Monday. billion across 4,768 loans in the first six months of 2023. Among the $2.1 million, Meredith alleged. billion.

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