The Redfin investor who sued the real estate brokerage and Rocket Companies for allegedly failing to disclose key information about their merger is seeking a $450,000 award. Jason Morano, the plaintiff, argues in a filing dated June 11 that his “intense litigation efforts” forced Redfin’s and Rocket’s hand in publishing supplemental disclosures that had a […]
Redfin investor seeks $450k for “benefitting” stockholders Read More »
The Trump administration is moving swiftly to roll back Biden-era redlining enforcement. Federal courts in recent weeks have terminated five consent orders with mortgage lenders, which stemmed from redlining probes by the prior administration. The Department of Justice claimed those companies satisfied the terms of their settlements months and years before their expiration, freeing them
DOJ quietly axes more redlining settlements with lenders Read More »
The Senate on Thursday unanimously passed bipartisan legislation to rein in trigger leads. That follows the House Financial Services Committee’s unanimous approval of the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, earlier in the week. The mortgage industry now awaits as lawmakers work to reconcile minor differences between the House
Trigger leads bill passes in Senate Read More »
Mortgage lender Lower and Residential Wholesale Mortgage moved to settle a poaching suit filed in a federal Texas court earlier this year. Details regarding the terms are sparse from a notice filed by Lower May 16, however, it wraps up litigation over Residential allegedly poaching employees that Lower acquired via its Thrive Mortgage acquisition. The
Lower settles poaching suit involving Thrive Mortgage staff Read More »
CrossCountry Mortgage will pay nearly $2.1 million to a former employee over age discrimination claims after losing an appeal in late May. Cheryl Shephard, a former senior accountant at CCM, filed a lawsuit in 2022 alleging she was terminated from the role she had held since 2016 because of her age. She was 65 at
CrossCountry Mortgage to pay $2.1M in age bias case Read More »
A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and
Trigger leads bill advances on Capitol Hill Read More »
A Washington state financial regulator slapped a $185,000 fine on mortgage brokerage Xpert Home Lending, and will revoke its ability to originate loans in the state if the firm does not follow an agreed upon consent order. The mortgage broker was accused of a handful of infractions including failing to license a number of its
State regulator slaps mortgage brokerage with $185K fine Read More »
A pair of billion-dollar originators are sparring over poaching accusations which were allegedly orchestrated by a father and his sons. Idaho-based Premier Mortgage Resources is suing Canopy Mortgage for unspecified damages over a family’s alleged recruitment of their former PMR colleagues, and loans-in-progress, to Canopy. The Utah-based Canopy has asked a Washington federal court to
Family of originators behind poaching scheme, lender claims Read More »
Community development financial institution The Change Company won judgment against a firm led by its former employee, who previously sued the lender, lodging allegations of misconduct. The Anaheim, California-based parent of Change Lending filed suit in 2023 against Yeti Global Services, a company owned by its former chief of staff Adam Levine. Change accused Levine
Change Co. emerges victorious after suing ex-employee Read More »
A Redfin shareholder vote planned for today, June 4, will proceed as planned, according to legal documentation published by a Washington federal court Tuesday. The vote is one of the final steps for closing Rocket Companies’ $1.75 billion acquisition of the real estate brokerage. In early May, plaintiff Jason Morano, a Redfin shareholder, sued the
Roadblock for Redfin shareholder vote on Rocket merger removed Read More »