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 […]
Borrowers accuse CrossCountry of kickback scheme Read More »
The real estate industry is watching the brewing legal battle between two major real estate players over the way homes are listed and sold. Leading brokerage Compass filed an antitrust lawsuit last month against listing giant Zillow in a fight over exclusive property listings. It’s the latest tussle in the real estate agent space, a
What lenders need to know about Zillow v. Compass Read More »
Movement Mortgage and Supreme Lending are ratcheting up their war of words ahead of a court hearing in a theft of trade secrets case. The complaint filed earlier this month accuses a former Movement executive and other top performers of taking confidential data to Supreme in a monthslong exodus. The sides, in case filings, have
Movement Mortgage, Supreme Lending spar over trade secrets Read More »
The Department of Housing and Urban Development has been ordered by a federal judge in Washington to resume distribution of Fair Housing Initiatives Program funds. Judge Sparkle Sooknanan issued a temporary restraining order Monday in the case brought by the National Fair Housing Alliance and the Tennessee Fair Housing Council. The suit was filed in
HUD ordered to resume fair housing funds distribution Read More »
Two, an investor and originator/servicer, recorded anticipated expenses from a dispute with a former external manager that weighed down second-quarter earnings as it navigated secondary market disruption. The real estate investment trust and owner of Roundpoint Mortgage Servicing reported a more than $270 million net loss to common shareholders (over $257 million including preferred and
Mortgage REIT Two weathers volatility and legal costs Read More »
A federal judge handed another blow to the Trump administration’s attempts to prematurely end redlining settlement obligations for mortgage lenders. Pennsylvania-based ESSA Bank must follow the terms of its 2023 agreement for three more years, a federal judge ruled this week. The Department of Justice in recent months argued the lender had met the fair
Judge rejects DOJ’s bid to end bank’s redlining settlement Read More »
The New York Supreme Court has weighed in on a contractual dilemma Wells Fargo has reportedly faced as a residential mortgage-backed securities trustee with a responsibility to oversee investor payment distributions impacted by unforeseen policy changes. A judge has ruled on how trustees and servicers should handle forborne principal from loans in the now-defunct Home
New ruling answers legacy mortgage bond servicing question Read More »
Dozens of former Fannie Mae workers are suing their former employer for discrimination, after they were fired en masse in April over fraud allegations. The 55 plaintiffs filed the suit Monday evening in the U.S. District Court for the District of Columbia. All are U.S. citizens of Indian origin from a variety of departments, and
Fannie Mae faces bias suit after mass firing over fraud Read More »
A California borrower is accusing Wells Fargo of concealing for more than a decade that it improperly charged customers certain origination-related fees. The issue surfaced in 2022 when the bank sent “cryptic notices” to borrowers stating it had incorrectly assessed float fees during the loan origination process, according to a federal lawsuit filed in California
Wells Fargo sued for not disclosing fees during loan origination Read More »
Freedom Mortgage and Loancare say they’ve settled a long-running fight over servicing practices, two years after a jury awarded a $22 million verdict in the case. The agreement disclosed in federal court this week will end both district court and federal appeals court cases. Freedom took the fight to the Third U.S. Circuit Court of
Freedom and Loancare settle long-running servicing dispute Read More »