Rocket Companies and Redfin are pushing back against a lawsuit that could disrupt the closing of the mortgage giant’s $1.75 billion acquisition of the real estate brokerage. Plaintiff Jason Morano, a Redfin shareholder, sued the brokerage and Rocket in early May, alleging that Redfin’s disclosures to the Securities and Exchange Commission regarding the deal omitted […]
Rocket, Redfin aim to block stockholder suit proceedings Read More »
The mortgage industry’s comeback after years of economic challenges sputtered, as diminished loan volume and increased production costs made lending unprofitable at nonbanks in the first quarter. Still, the industry managed to narrow losses compared to three months earlier but production ended up in the red again for a second straight quarter, according to the
Mortgage profits near break-even, but costs still climb Read More »
Left to right: Michael Lima, Kim Schenck Addison, Texas-based Click n’ Close welcomed Kim Schenck as correspondent manager. In the role, she will be responsible for driving growth of the wholesale and correspondent lender’s down payment assistance program, drawing on her background in lending, loan acquisitions and secondary marketing. She joins the company, which was
MBA, Rithm, SWBC announce leadership moves Read More »
United Wholesale Mortgage announced the rollout of two artificial intelligence-powered tools designed to give mortgage brokers an added edge in competing for and retaining borrower business. One of the tools is an AI-powered voice bot named Mia, which acts as a personal assistant for brokers. The other tool, called LEO, helps brokers present more competitive
UWM rolls out two AI-powered tools to give brokers edge Read More »
A Redfin stockholder is ringing the alarm regarding the imminent closing of Rocket Companies’ $1.75 billion acquisition of the real estate brokerage, filing a suit that claims that certain information was not disclosed to investors. Plaintiff Jason Morano alleges that Redfin submitted “materially incomplete and misleading” filings with the Securities and Exchange Commission in order
Redfin investor alleges lack of Rocket deal transparency Read More »
The expiration of the Department of Veterans Affairs loss-mitigation program drove an overall rise in foreclosures to start 2025, with the jump among VA loans the highest in decades, according to the Mortgage Bankers Association. The share of mortgages in foreclosure relative to total volume increased to 0.49% in the first quarter, up 4 basis
VA foreclosures surge to 5-year high Read More »
Mortgage lender Lower is acquiring Movoto, a home search website, from prior parent company OJO Labs, the companies announced Tuesday. The combination of the two firms will create “an end-to-end homeownership platform” connecting consumers, originators and real estate agents. The vision echoes a similar one pursued by Rocket Companies through its acquisition of Redfin, announced
Lower acquires Movoto, as it pushes to build end-to-end platform Read More »
Former Churchill Mortgage employees moved one step closer to getting a $850,000 settlement approved by a federal court in Tennessee over claims that their employee retirement accounts were mismanaged. The proposed settlement would dole out approximately $850 per class member and over $200,000 would be paid to attorneys representing plaintiffs. If approved, the deal would
Churchill Mortgage ESOP suit may pay out nearly 300 Read More »
New York Attorney General and long-time legal adversary to Donald Trump Letitia James faces a federal grand jury investigation involving her role in multiple mortgage transactions, according to several news sources. The investigation, which is being led by the Department of Justice and the FBI, revolves around fraud allegations made by Federal Housing Finance Agency
Feds accuse Trump adversary Letitia James of loan fraud Read More »