Six North Carolina borrowers are suing CrossCountry Mortgage and a local brokerage for an alleged kickback scheme disguised as a co-marketing agreement. The lawsuits claim the retail lending giant paid Raleigh Realty $15,000 a month between 2021 and 2022 in exchange for exclusive leads. The near-identical complaints include screenshots of purported text messages by the […]
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Lenders sprinting to adopt artificial intelligence solutions could be opening the door to increasingly damaging cybersecurity incidents. Nearly all types of companies who suffered hacks involving their AI models or applications in the past year lacked proper access controls, according to IBM’s annual Cost of a Data Breach report. Although just 13% of the 600
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Anniemac Home Mortgage is buying a small Florida-based shop, in a move that will grow its presence in the Sunshine State. Anniemac will acquire certain assets of Florida Funding, a firm based in Orlando. Since its founding in 2017, the Florida-based company has originated more than $600 million in loans, a press release claims. Details
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In a week marked by another Federal Reserve meeting, mortgage rates largely flatlined with the central bank’s decision surprising few. The average 30-year fixed rate edged down to 6.72% as of July 31, according to Freddie Mac’s weekly Primary Mortgage Market survey. The average dropped 2 basis points from 6.74% a week earlier, and was
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Data breaches are quietly plaguing more lenders as their impacted customers continue to seek recourse via class action lawsuits. Virginia-based McLean Mortgage is facing four federal complaints after it revealed that the personal identifiable information of 30,453 of its customers was compromised in an October incident. The company, which disclosed the results of an investigation
More lenders suffer data breaches, face consumer lawsuits Read More »
Beeline Financial announced Tuesday it is exiting its unusual partnership with an Oregon-based publicly traded distillery, a little less than a year after the two companies announced plans to merge. The digital mortgage lender said it will instead focus on expanding its offerings in home finance, as it expects the housing market to recover next
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A Newrez spinoff is temporarily off the table, as its parent company focuses on maximizing the mortgage lender’s value to support the overall business, Rithm Capital leaders said in its latest earnings call. After reproposing the idea of a Newrez public listing two years ago, company leaders said optimizing its earnings potential for Rithm would
Newrez spinoff delayed as Rithm eyes growth Read More »
Primelending returned to the black in the second quarter, but ongoing housing market challenges look set to apply further downward pressure to the mortgage business’ bottom line, leaders of its parent company warned. Mortgage originations brought in $3.21 million of pre-tax income for Hilltop Holdings, parent company of Plainscapital Bank and Primelending, during the second
Primelending profits, but outlook still dim Read More »
Real estate and mortgage intelligence provider Ingenius announced an acquisition and integration of a new recruitment platform aimed at helping retail branch managers into its own data tools. The Pompano Beach, Florida-based technology firm welcomed the deal that combines SIMPL with Ingenius’ data software. Built by longtime mortgage sales leaders Fobby Naghmi and John Perry,
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Rithm Capital’s investor lending operations will get a financial boost thanks to a new partnership to help fund the purchase of over $1 billion worth of loans. The New York-based real estate investment trust announced it had reached an agreement with an unnamed “large institutional investor” to fund the acquisition of up to $500 million
Rithm Capital inks $1.5B deal for investor loans Read More »