Housing Wire

OCTOBER 30, 2024

The firm offers “smart loans” using artificial intelligence and developed a cloud-based portal, LoanFlow , that aims to give mortgage brokers and loan officers the ability to originate loans anytime, anywhere.

Landlords 448

Landlords Loan Officers Lending Contracts 448

Housing Wire

NOVEMBER 17, 2023

The transition of three veteran sales executives from South Carolina-based lender Movement Mortgage to its California competitor Summit Funding led to a legal battle over poaching. Increasing the tone of the legal battle, Pennington filed a counterclaim against Movement requesting about $9.8 million in unpaid compensation.

Loan Officers 439

Loan Officers Legal Retail Finance 439

Housing Wire

MARCH 6, 2023

A former employee is suing the companies, alleging they “abruptly terminated hundreds of its employees” without giving legally required 60-day advance notice as required by the Worker Adjustment and Retraining Notification Act ( WARN Act ). Volumes reached $5.9 billion for the 12 months ending Dec.

Loan Officers 459

Loan Officers Retail Legal Lending 459

Housing Wire

MAY 8, 2024

The layoffs include mortgage professionals such as processors, underwriters and loan officers. Several departments were affected, including legal, secondary market and quality control. The job cuts were imposed on analysts, coordinators and senior employees, among others. company with $536.6

Loan Officers 447

Loan Officers Retail Legal Mortgage 447

Housing Wire

MARCH 1, 2024

California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business. He declined to comment further.

Loan Officers 448

Loan Officers Law Brokerage Business 448

Housing Wire

MARCH 26, 2021

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

Legal Law Open Houses Loan Officers 488

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. Gifoli served as a loan officer from May 2021 to October 2021. He declined to comment on the lawsuit.

Loan Officers 435

Loan Officers Real Estate Legal Lending 435

Housing Wire

DECEMBER 15, 2023

It’s the latest salvo in a legal battle that started after the three of Movement’s veteran sales executives — Deran Pennington, Matt Schoolfield and Chris Shelton — left for Summit in July. Movement also accuses Scrima of creating a scheme to divert its customers to Summit through its “resigning loan officers.”

Legal 448

Legal Loan Officers Retail Business 448

Housing Wire

MARCH 30, 2023

A Worker Adjustment and Retraining Notification (WARN) filed with the New Jersey Department of Labor and Workforce Development shows the job cuts will affect mortgage loan officers, final “docs” associates, desktop support professionals and business solutions architects, among others. “As

Retail 435

Retail Loan Officers Legal Technology 435

Housing Wire

MAY 6, 2024

As of Monday, the company had 2,824 sponsored loan officers and 860 active branch locations, per the Nationwide Multistate Licensing System (NMLS). Tiffany Fisher and her 44 teammates joined Fairway from Movement Mortgage , where they produced 1,174 loans for $223.1 billion, down 34.5% year over year. million.

Retail 448

Retail Loan Officers Lending Legal 448

Housing Wire

SEPTEMBER 23, 2024

A spokesperson for CCM said the company “does not comment on legal matters.” Per the Nationwide Multistate Licensing System , the company had 4,204 sponsored loan officers and 710 branches as of Monday. ” Smith and her attorney haven’t responded to HousingWire ‘s requests for comment.

Mortgage 474

Mortgage Legal Loan Officers Retail 474

Housing Wire

JULY 29, 2024

The company had 1,615 sponsored loan officers and 219 active branches as of Monday, per the Nationwide Multistate Licensing System (NMLS). For example, loanDepot has an ongoing dispute with CrossCountry Mortgage in New York, while Movement has a legal battle with Summit Funding. loanDepot is the 16th-largest U.S.

Mortgage 437

Mortgage Loan Officers Legal Finance 437

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. UWM on Thursday when filed a lawsuit in a U.S.

Contracts 468

Contracts Loan Officers Lending Retail 468

Housing Wire

MARCH 22, 2023

Homebot , a home education portal that keeps people connected to their loan officers and real estate agents, acquired Quo Finance , a mobile app for first-time homebuyers. Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo.

Finance 395

Finance Real Estate Agent Loan Officers Legal 395

Housing Wire

JUNE 6, 2023

Rocket Mortgage is looking to hire local loan officers at a time when mortgage rates are high and the industry remains heavily reliant on the purchase market. According to Rocket’s job post, the loan officer position is remote and requires a minimum of three years of experience in mortgage loan origination.

Loan Officers 368

Loan Officers Mortgage Retail Real Estate Agent 368

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. The suit mirrors an earlier, parallel legal action filed in Illinois state court. 2013 and February 2019. .”

Mortgage 418

Mortgage Loan Officers Brokerage Clients 418

Housing Wire

FEBRUARY 2, 2024

Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. In addition, DKMC will also withhold certain costs and fees, including early payoffs and early payment defaults, “that may occur after the termination when calculating the final compensation payment to the Loan Officer.“

Loan Officers 435

Loan Officers Human Resources Law Lending 435

Housing Wire

FEBRUARY 15, 2024

The legal battle follows the creation of a Facebook group called “Rocket Pro TPO vs UWM,” which UWM says Walker founded on Oct. In 2021, the company imposed a controversial ultimatum , engaging in legal battles with its broker partners that sell loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp.

Mortgage 409

Mortgage Legal Advertising Loan Officers 409

Housing Wire

APRIL 20, 2023

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 397

Contracts Loan Officers Best Value Legal 397

Housing Wire

FEBRUARY 10, 2025

If IMB executives fail to recognize this, they may risk legal and financial consequences. Regulatory framework still intact The Loan Originator Compensation Rule (15 U.S.C. Even if the CFPB remains inactive, the statutes governing our industry remain fully enforceable.

Modernization 213

Modernization Legal Lending Loan Officers 213

Housing Wire

MARCH 28, 2024

According to the DOL, they must pay $35,000 in emotional damages and the legal fees of the two employees who reported consumer fraud concerns. The main strategy was to tap high-volume loan officers in targeted locations. A former senior vice president and two company managers were also held personally accountable in the case.

Human Resources 458

Human Resources Legal Fees Loan Officers Retail 458

Housing Wire

APRIL 16, 2024

The company recently launched a mortgage brokerage firm that offers a plug-and-play program for real estate agents to become mortgage loan officers, a practice called dual licensing. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. For example, Realfinity pays LOs 1.4%

Real Estate Agent 488

Real Estate Agent Loan Officers Real Estate Agents 488

Housing Wire

JUNE 30, 2021

The lender’s offices were concentrated in white neighborhoods, and nearly all of its loan officers were white. The CFPB also found that loan officers sent internal emails “containing racist and derogatory content.”. In the lender’s direct marketing and open house materials, the models were white.

Loan Officers 448

Loan Officers Lending Open Houses Legal 448

Housing Wire

NOVEMBER 10, 2022

Houlihan Lokey served as financial advisor and Pierce Atwood served as legal advisor to Mortgage Network. Troutman Pepper was Movement’s legal advisor in the M&A transaction. “We Movement says it employs more than 1,500 loan officers nationwide and has over 550 branches.

Retail 370

Retail Mortgage Loan Officers Legal 370

Housing Wire

AUGUST 10, 2022

“We are well positioned to educate consumers about the loan process and help them overcome whatever challenges that may arise. Panorama offers platforms for human resources, finance, technology, legal and compliance services to its group of lenders.

Lending 448

Lending Human Resources Mortgage Loan Officers 448

Housing Wire

JULY 30, 2021

As reverse mortgage loan officers aim to expand their repertoire of advertising methodologies, the use of an advertorial can be powerful but also comes with some caveats that any reverse mortgage loan officer should keep in mind prior to engaging in such advertising campaigns. And I’m so delighted. I’ve read them.

Mortgage 435

Mortgage Loan Officers Advertising Clients 435

Housing Wire

MARCH 24, 2023

ChatGPT for lenders Several use cases exist for mortgage companies and loan officers to use ChatGPT and AI. ChatGPT wrote it as a legal issue and all of a sudden, the developer showed up at her house,” he said. As for the “limitations,” it’s not always correct, and much data has not been updated after 2021.

Loan Officers 497

Loan Officers Legal Development Design 497

Housing Wire

SEPTEMBER 25, 2024

loanDepot’s focus is on the sales side, attracting experienced loan officers (LOs) and people who want to join the industry via its accelerated career in effective sales (ACES) program. In some instances, this approach backfired, leading to legal disputes between lenders and producers that can drag on for years. “We’ve

Mortgage 459

Mortgage Loan Officers Retail Training 459

Housing Wire

NOVEMBER 2, 2023

Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). While the decision was under appeal, Strauss was brokering loans. 3, indicating a voluntary surrender.

Business 468

Business Loan Officers Law Mortgage 468

Housing Wire

JANUARY 25, 2024

From at least August 29, 2022 to December 2, 2022, individuals who were not licensed as loan officers (LOs) in Connecticut acted as LOs by taking residential mortgage loan applications , soliciting Connecticut borrowers for mortgages and offering or negotiating terms of mortgages, according to the order issued earlier this month.

Loan Officers 433

Loan Officers Mortgage Finance Lending 433

Housing Wire

AUGUST 31, 2022

The lender has roughly 300 mortgage loan officers and 1,800 team members and does in-house processing and underwriting. Cornerstone Home Lending had Otteson Shapiro LLP as legal advisor and Scott Almy as a business advisor. was the financial advisor and Holland & Knight LLP the legal counsel.

Lending 369

Lending Retail Legal Loan Officers 369

Housing Wire

JULY 19, 2022

Even in a downturn, the loan officer recruiting wars remain fierce. Beleaguered nonbank lender loanDepot is suing rival lender CrossCountry for allegedly dozens of poaching high-performing loan officers from its New York branches. Anthony Hsieh, founder and CEO of loandepot. billion in business.

Loan Officers 397

Loan Officers Contracts Legal Business 397

Housing Wire

SEPTEMBER 7, 2023

“The buyers want the listing brokers to pay their buyer representative so they can have the most money invested in their down payment and get the best loan terms and rates possible,” Katie Johnson , NAR’s chief legal officer, said.

Buyers 418

Buyers Agents Loan Officers Real Estate 418

Housing Wire

SEPTEMBER 25, 2024

McCoy added that “alleging defamation without at least some examples of defamatory statements reduces those counts to bare legal conclusions.” mortgage brokerage firm, with 2,726 sponsored loan officers and 247 active branches, per the Nationwide Multistate Licensing System ( NMLS ). As of Wednesday, NEXA was the largest U.S.

Mortgage 435

Mortgage Brokerage Legal Loan Officers 435

Housing Wire

DECEMBER 21, 2022

A representative for CrossCountry told HousingWire, “As a matter of practice, we do not comment on legal matters.” . In July 2022, loanDepot sued the rival again for allegedly poaching high-performing loan officers from its New York branches. billion in business.

Legal 435

Legal Loan Officers Contracts Business 435

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

MARCH 6, 2025

Union Home Mortgage (UHM) is suing nine former employees on claims they breached several agreements, including non-compete agreements.

Mortgage 252

Mortgage Loan Officers Contracts Lending 252