A New Jersey bank wants millions of dollars from a lender, which allegedly misused its warehouse line of credit to fund ineligible loans and sell those properties to its own employees. Processing Content Provident Bank sued Maryland-based My Mortgage for fraud this week in a New Jersey federal court, seeking at least $9 million for […]
Bank sues lender for fraud for misusing warehouse facility Read More »
A retail lender is accusing United Wholesale Mortgage of stealing its business by funding loans originated by employees involved in a wider poaching scheme with another brokerage. Processing Content OneTrust Home Loans filed its theft of trade secrets complaint against E Mortgage Capital, UWM and 31 individual defendants last week in an Arizona federal court.
OneTrust Home Loans sues UWM, E Mortgage Capital Read More »
Victims of a pandemic-era fraud operation will finally see some of their money returned two years after regulators penalized the perpetrators of a mortgage relief scam. Processing Content In the joint lawsuit filed by the Federal Trade Commission and the California Department of Financial Protection and Innovation, judges issued a decision that led to a
FTC awards refunds to Home Matters USA mortgage scam victims Read More »
Following revelations last month of a data breach affecting both consumers and employees, Plaza Home Mortgage is already facing at least two potential class action lawsuits. Processing Content Plaintiffs in two separate cases filed their claims in California Southern District court last week after the San Diego-based wholesale and correspondent lender initially sent out notices
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A single word in a divorce decree can shut down the best financing option available to your client and it happens more often than most mortgage professionals realize. Processing Content In one case handled by Rock Rocheleau, an attorney at Right Lawyers in Las Vegas, divorcing parties drafted their own decree and used the word
Divorce and mortgages: What lenders need to know Read More »
The Consumer Financial Protection Bureau is being sued to release records related to its actual, and alleged, investigations into two big lenders. Processing Content Two separate lawsuits filed in the past week regard inquiries for internal bureau documents on Rocket Homes and Veterans United. While the CFPB dropped its Real Estate Settlement Procedures Act case
FOIA suits seek CFPB’s records on Rocket, Veterans United Read More »
Spam call lawsuits continue to plague brokers and lenders as litigants have filed yet another wave of the class action cases against the industry. Processing Content Consumers in the past two months have filed 11 Telephone Consumer Protection Act complaints against mortgage firms, according to federal court records. While the latest defendants include large players
Mortgage TCPA lawsuits surge with 11 new cases Read More »
MV Realty, the company that marketed a controversial homeownership benefits program that locked consumers into a relationship for 40 years, has now settled its legal matters with the California Attorney General’s office. Processing Content The deal follows agreements reached with officials in Nevada, Pennsylvania and North Carolina during April. Massachusetts entered into a settlement with
MV Realty to pay $2.5 million to California NTRAPS victims Read More »
One of the nation’s largest insurers is suing a Long Island-based lender for copyright infringement, suggesting the shop has profited off its similar brand. Processing Content Nationwide filed the lawsuit against Nationwide Mortgage Bankers last week in an Ohio federal court, claiming that the lender’s misuse has cost the industry giant “unquantifiable” damages. The insurer,
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Rocket Cos. is laying out its defense against steering accusations from consumers, claims which stem from a regulator’s yearslong probe. Processing Content Three plaintiffs sued the lender in January, reviving a Real Estate Settlement Procedures Act complaint raised by the Consumer Financial Protection Bureau. The lawsuit accuses the company of steering customers on its Rocket
Rocket lays out its steering defense in RESPA lawsuit Read More »