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CFPB Cracks Down on Deceptive Contract Terms

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.

Contracts 391
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loanDepot accuses ex-COO Tammy Richards of stealing customers’ information

Housing Wire

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. However, on Oct. loanDepot filed the lawsuit on Oct. loanDepot filed the lawsuit on Oct.

Contracts 404
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Motto sues UMortgage for ‘tortious interference’ in franchise contract

Housing Wire

Denver-based brokerage franchise Motto Mortgage , owned by RE/MAX , has accused broker shop UMortgage of “tortious interference” in its contract with a former franchisee called TRB Solutions, whose controlling member was Breon Price, the top-producing loan officer. According to a lawsuit filed in March in a U.S

Contracts 388
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Grella asks court to dismiss NEXA lawsuit over breach of contract, defamation

Housing Wire

“NEXA also baselessly alleges that I defamed the company, for which it identifies no actual statements that are allegedly defamatory, as required.” “Kortas fired me after I raised concerns about his misconduct,” Grella added.

Contracts 305
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FirstFunding sues Sprout for breaching of contract

Housing Wire

FirstFunding alleges that on July 6, Strauss informed the warehouse that Sprout was going under and ceasing operations, meaning that the mortgage lender could not pay its debts. Consequently, the warehouse lender filed the lawsuit against Sprout on Wednesday for breaching the contract and injunction in the U.S.

Contracts 393
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Purchase Contracts in Appraisal Reports

Walitt Solutions

My market value conclusion came in below the purchase contract price. Now, a few weeks later, the parties have signed an addendum to the contract to match my value conclusion; the client has sent me that addendum. The client wants me to change my report to show the new amended contract price! What should I do?

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Fraud risk continues to rise even as the market contracts

Housing Wire

Wire and title fraud remained at all time high levels in the second quarter of 2022 while the market contracted, rates increased and fraud risk continued to rise,” FundingShield CEO Ike Suri said. For historical quarterly reports or more information, reach info@fundingshield.com.

Contracts 307