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.

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Loan Officers Legal Retail Finance 344

Housing Wire

FEBRUARY 26, 2024

OneTrust Home Loans , a direct competitor of Newrez’s retail mortgage business, conspired with James Hecht, former Newrez executive vice president for national retail lending, to orchestrate the termination of several Newrez executives and have them join OneTrust, according to the suit filed Feb. 21 in the U.S.

Retail 409

Retail Legal Lending Business 409

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. From January to March, the lender produced $10 billion in loans, up 13.5% A spokesperson at Newrez did not reply to a request for comment.

Loan Officers 377

Loan Officers Retail Legal Mortgage 377

Housing Wire

SEPTEMBER 23, 2024

A spokesperson for CCM said the company “does not comment on legal matters.” Smith was an employee at the California-based retail lender LendUS , which she joined in November 2018. Per the Nationwide Multistate Licensing System , the company had 4,204 sponsored loan officers and 710 branches as of Monday.

Mortgage 398

Mortgage Legal Loan Officers Retail 398

Housing Wire

MARCH 28, 2024

Department of Labor announced on Wednesday that they found that PrimeLending , a Texas-based retail mortgage bank, violated whistleblower provisions in a case involving two employees who raised consumer fraud concerns. The main strategy was to tap high-volume loan officers in targeted locations. Investigators at the U.S.

Human Resources 384

Human Resources Legal Fees Loan Officers Retail 384

Housing Wire

AUGUST 31, 2022

The bank resulting from the deal will offer mortgage lending and servicing, commercial and retail banking, and institutional banking. The lender has roughly 300 mortgage loan officers and 1,800 team members and does in-house processing and underwriting. was the financial advisor and Holland & Knight LLP the legal counsel.

Lending 296

Lending Retail Legal Loan Officers 296

Housing Wire

SEPTEMBER 23, 2024

San Diego-based Smartfi Home Loans , which is primarily active as a wholesale lender in the reverse mortgage space and is actively building a retail division that offers reverse mortgage products, has hired industry veteran Martin Lenoir as its new chief marketing officer.

Marketing 381

Marketing Retail Advertising Loan Officers 381

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 286

Loan Officers Mortgage Retail Real Estate Agent 286

Housing Wire

DECEMBER 15, 2023

South Carolina-based retail lender Movement Mortgage filed a lawsuit this week against Todd Scrima, founder and president at its competitor Summit Funding , accusing him of gaining illegal access to Movement’s confidential financial files and also scheming to divert Movement’s customers toward Summit.

Legal 382

Legal Loan Officers Retail Business 382

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. The number of loans closed per production employee rose to 2.2 She added, “There’s the awareness that it’s going to be a refi wave. in Q2 2023.

Mortgage 403

Mortgage Loan Officers Retail Training 403

Housing Wire

FEBRUARY 9, 2023

The lenders, both privately held, will retain their names and brands after the transaction, but APMC will be the new legal entity as the companies come together. The company said it has a full-service retail origination platform that originates agency, government and investor portfolio loans.

Mortgage 333

Mortgage Retail Loan Officers Lending 333

Housing Wire

APRIL 3, 2024

The plaintiffs claim they hired independent mortgage brokers, believing the wholesale channel was the best option for getting affordable mortgages because these professionals can shop around — a different model from loan officers employed by retail lenders. “As

Loan Officers 480

Loan Officers Mortgage Retail Business 480

Housing Wire

FEBRUARY 5, 2024

million to acquire Residential Mortgage Services Holdings (RMS), a Maine-headquartered retail lender of which Seely was president and CEO. RMS had 70 offices in 14 states, 850 employees, and 250 loan officers. billion in mortgage loans. Seely joined Guild in 2021 when the California-based lender paid $196.7

Retail 394

Retail Contracts Loan Officers Mortgage 394

Housing Wire

JUNE 29, 2023

and Delaware employees also transitioned to the retail competitor. In some cases, Movement offered a $125,000 signing bonus to loanDepot loan originators to come to the company, the lawsuit claims. That’s not the Orange County, California-based lender’s only poaching legal battle. In early June, a judge in the N.Y.

Retail 385

Retail Contracts Legal Business 385

Housing Wire

JANUARY 30, 2023

According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022. It was part of the Atlanta-based mortgage lender’s strategy for developing a retail mortgage sales division.

Loan Officers 455

Loan Officers Retail Contracts Mortgage 455

Housing Wire

MAY 29, 2024

In a prepared statement, Kind Lending President Yvonne Ketchum added that Richards will enhance operational efficiency as Kind continues to grow and innovate. According to the Nationwide Multistate Licensing System (NMLS), Kind Lending had 87 sponsored loan officers and 23 active branches as of Wednesday. The lender originated $1.26

Lending 310

Lending Loan Officers Retail Legal 310

Housing Wire

MARCH 22, 2021

I discerned, frankly, that these companies all had good legal counsel and would address their reply to this very unusual policy proclamation in their own way. Without question, the vibrant state of the U.S. mortgage industry drives the best in consumer options and experience. But as time has passed, I simply cannot let it go.

Business 539

Business Retail Mortgage Lending 539

Housing Wire

JUNE 2, 2022

CrossCountry Mortgage is suing Guild Mortgage for poaching a former Las Vegas branch manager and allegedly convincing her to steal proprietary information, the latest escalation in a brewing legal battle between the retail mortgage lenders.

Loan Officers 357

Loan Officers Retail Legal Clients 357

Housing Wire

NOVEMBER 23, 2022

Illinois-based Interfirst Mortgage , legally known as Chicago Mortgage Solutions LLC , issued pink slips to employees this month amid forecasts that housing sales are expected to slump even more next year than 2022. Since relaunching operations, Interfirst also hired teachers and first responders to be loan officers.

Marketing 345

Marketing Loan Officers Business Mortgage 345

Housing Wire

NOVEMBER 24, 2021

LoanDepot, the nation’s second-largest retail lender , didn’t respond to multiple requests for comment. His job was to receive and make calls to customers and pass them along to loan officers. Equal Employment Opportunity Commission contacted both parties to engage in mediation, but loanDepot declined.

Human Resources 370

Human Resources Loan Officers Retail Mortgage 370

Housing Wire

FEBRUARY 6, 2023

More than 17,000 loan officers joined the mortgage broker channel this year, with about half of them coming from the retail channel, Ishbia told analysts in its latest third quarter earnings. The trend continued into the fourth quarter, during which UWM originated $25.75 Rocket posted about $19.7

Mortgage 309

Mortgage Loan Officers Retail Legal 309

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. On average, about 50% of referrals to a retail LO come from buyers’ agents, VanFossen said.

Buyers 514

Buyers Agents Mortgage Real Estate Agent 514

Housing Wire

FEBRUARY 16, 2022

SM: I joined this industry as a Retail Mortgage Loan Officer growing to a Broker Owner in my local community and try to apply a simple concept we share with customers and prospects which is the idea of digital lending made simple. The idea is that only one digital original exists and is legally transferable and enforceable.

Lending 330

Lending Technology Tools Loan Officers 330

Housing Wire

AUGUST 25, 2023

Retail lender AmeriFirst Financial Inc. filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. The Mesa, Arizona-based company listed estimated assets and liabilities as much as $100 million each, according to a filing in the U.S. Bankruptcy Court for Delaware.

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

MAY 29, 2024

In the mortgage space, loan officers, brokers and lenders are trying to figure out the best way to deal with this type of debt amid what they call a lack of guidance or transparency. According to Metz, companies that offer these loans are getting better at providing documentation, but they “don’t necessarily make it easy.”

Mortgage 393

Mortgage Clients Sellers Loan Officers 393

Housing Wire

JANUARY 24, 2023

Mortgage compliance attorneys interviewed by HousingWire said the program, dubbed “Control Your Price,” raises potential areas of concern across three subjects: rules that govern loan officers’ compensation; fair lending; and unfair, deceptive and abusive acts and practices.

Lending 335

Lending Law Training Legal 335

Housing Wire

AUGUST 31, 2022

Looking again at data from MBA’s Quarterly Performance Report, loans closed per production employee [1] per month (in the retail and consumer direct channels combined) ranged from 1.3 Now, lenders are in a position in which they must reduce their workforces, or risk a plummet in productivity or worse, profitability.

Lending 397

Lending Mortgage Real Estate Loan Officers 397

Appraisal Today

MAY 10, 2024

The mortgage loan officer handling the loan? There is administrative time involved, as well as legal factors. from 0.75 (including the origination fee) for 80 percent LTV loans. retail residential mortgage applications, and has been conducted weekly since 1990. Was it the borrower? A Zillow Zestimate?

Reconsideration of Value 73

Reconsideration of Value Appraisal Real Estate Insurance 73

Housing Wire

OCTOBER 10, 2023

That’s because real estate agents and loan officers are in survival mode and desperate to close new business. “The line of what is legal and illegal depends on who is running the CFPB,” Steve Murray, partner at RealTrends Consulting , said.

Real Estate Agent 437

Real Estate Agent Loan Officers Real Estate Agents 437