A class action lawsuit claims Loandepot since 2019 has steered borrowers to higher rates and punished its loan officers who didn’t steer customers by giving them little to no commission. Five borrowers filed the complaint Tuesday in a Maryland federal court, accusing the major lender and servicer of violating the Truth in Lending Act. They’re […]
Suit alleges Loandepot steered borrowers in LO comp scheme Read More »
Sen. Adam Schiff, D-Calif., called the Trump administration’s accusations of mortgage fraud regarding his Maryland property political retaliation.Al Drago/Bloomberg Fannie Mae suspects Sen. Adam Schiff, D-Calif., of mortgage fraud. President Trump announced the government-sponsored enterprise’s findings in a Truth Social post Tuesday. The scheme allegedly involves a Maryland property Schiff has owned since at least
Trump says Fannie Mae suspects Schiff of mortgage fraud Read More »
Fears of falling behind on mortgage payments are driving a growing number of homeowners to seek legal help, with foreclosure concerns fueling the spike. Foreclosure-related legal inquiries rose 13.3% from the first to the second quarter of 2025, according to data from legal services provider LegalShield. Year over year, those inquiries surged 28.9% compared to
Mortgage strain pushes foreclosure inquiries up Read More »
Florida has enacted a new non-compete law that gives employers broad power. The Contracts Honoring Opportunity, Investment, Confidentiality and Economic Growth, or CHOICE Act, passed earlier this month, according to media reports. The bill, lobbied by hedge fund billionaire Citadel CEO Ken Griffin, allows employers to extend non-compete agreements up to four years, among other
Strict new non-compete law in Florida empowers employers Read More »
United Wholesale Mortgage’s All-In initiative, which rocked the broker world four years ago, continues to survive legal challenges. A Michigan federal judge last week granted partial summary judgment to UWM in its case against America’s Moneyline, a brokerage accused of violating the ultimatum. The since-defunct brokerage admitted to selling numerous loans to both UWM and
UWM stays undefeated against brokerages fighting ‘All-In’ Read More »
United Wholesale Mortgage is suing nearby rival Towne Mortgage in a rare theft of trade secrets case from the industry’s largest lender. The lawsuit filed in January accuses nine former UWM account executives of taking trade secrets, including broker partner information, to Towne. The competing retail and wholesale lender and servicer last month denied the
UWM sues nearby rival Towne Mortgage for poaching Read More »
United Wholesale Mortgage is refuting claims by former account executives that the company mismanaged its large retirement savings plan. Plaintiffs accuse UWM of directing unvested employer contributions in the company’s 401(k) plan toward future employee contributions, rather than administrative expenses. The class action complaint suggests the money-saving moves by UWM cost workers, whose contributions then
UWM disputes it mismanaged its employees’ retirement savings Read More »
Three fair housing organizations are asking to weigh in on a federal case where the Department of Justice is seeking to end a redlining settlement with Lakeland Bank — an effort the DOJ and the bank both oppose. The nonprofits — New Jersey Citizen Action Education Fund, the Housing Equality Center of Pennsylvania, and the
Redlining deal dispute pits DOJ against advocates Read More »
After several starts and stops, the trigger leads ban is the closest it’s ever been to becoming law, after the House of Representatives approved its version of the Homebuyers Privacy Protection Act. There are some differences with the Senate version of the bill, which was approved by unanimous consent on June 12. Those can be
Trigger lead ban nears finish line in Congress Read More »
Former executives of failed lender Sprout Mortgage could be off the hook in a long-running lawsuit from laid-off employees seeking millions of dollars in backpay. The non-qualified mortgage lender abruptly shuttered in July 2022 and allegedly left hundreds of employees without their final two paychecks. Sprout Mortgage was one of several industry players to fold
Leave some Sprout execs out of messy saga, judge says Read More »