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Law and legal issues

NEXA’s Kortas vows countersuit in loanDepot trade secret row

NEXA’s Kortas vows countersuit in loanDepot trade secret row

Law and legal issues /

NEXA Lending CEO Mike Kortas is pushing back against a trade secrets lawsuit from loanDepot, alleging the competitor has engaged in the same behavior. Processing Content The lender and servicer sued NEXA in a Mississippi federal court earlier this week, accusing the rival of helping two Mississippi-based loan officers misappropriate trade secrets in recent months. […]

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Impac Mortgage teeters on collapse amid audit, data breach

Earnings, Law and legal issues /

Impac Mortgage Holdings is on the verge of going out of business, according to a new audit. Processing Content The Southern California–based mortgage firm revealed its dire situation via an independent audit from Baker Tilly published Friday to the over-the-counter Open Market exchange. Once regularly a billion-dollar originator, the company’s books today are upside-down, with

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Bank of America, appraiser sued for discrimination

Law and legal issues, Racial bias /

A homeowner is suing Bank of America and an appraisal firm for racial discrimination, the latest appraisal bias lawsuit against a major lender.  Processing Content Darchelle Braxton, a Black woman, sued the businesses last week in federal court for violating the Fair Housing Act and the Equal Credit Opportunity Act in handling her mortgage application

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Maine introduces bill to ‘effectively ban’ HEI contracts

Maine introduces bill to ‘effectively ban’ HEI contracts

Home equity loans, Industry News, Law and legal issues, LOAN PRODUCTS, Regulation and compliance /

Maine’s governor signed new legislation last week, applying comprehensive regulations to originations of home equity investment products in classifying them as “residential mortgage loans.”  Processing Content Gov. Janet Mills signed the bill into law following early April passage in both chambers of the state’s legislature. In labeling HEIs as “shared appreciation mortgage loans,” bill LD

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Stratmor beats lawsuit accusing it of bad M&A advice

Law and legal issues, M&A /

Stratmor has squashed a lawsuit from a disgraced mortgage executive who accused the advisory firm of giving him bad advice in a botched acquisition.  Processing Content U.S. District Judge Charles Goodwin granted Stratmor’s motion for summary judgment last month in a breach of contract suit from First Mortgage Co. The long-defunct Oklahoma City-based lender accused

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A third of states lack deed fraud laws, report finds

Fraud, Law and legal issues, Servicing, Title insurance, Underwriting /

Approximately one-third of states do not have any deed-fraud specific statutes covering residential property titles, a new quarterly ranking from EquityProtect noted. Processing Content The EquityProtect Property Protection Scorecard classifies the 50 states, along with the District of Columbia, into five tiers, ranging from major laws acted through minimal or no action. Seven states have

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CRM vendor sues Pennymac for software theft

Law and legal issues, Mortgage technology /

A small vendor is suing Pennymac for stealing its technology, in a case the litigant compared to the larger competitor’s previous spat with Black Knight.  Processing Content Surge, a customer relationship management vendor which claims to work with large wholesale lenders, sued Pennymac for breach of contract this week in a Michigan court. The plaintiff

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CMG Mortgage sued for raiding lenders’ Arizona branches

Law and legal issues, Originations /

A Utah lender is suing CMG Mortgage for allegedly surreptitiously raiding two of its Phoenix-area branches. Processing Content SecurityNational Mortgage Co. sued the larger competitor last month in an Arizona state court, and CMG elevated the case to a federal forum this week. The complaint identifies both SNMC and CMG employees purportedly involved in the

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Regulator: Bank misled veterans on VA loan refinances

Law and legal issues, Mortgages, Originations, Regulation and compliance, The VA /

Federal officials are ordering a community bank and national mortgage lender to investigate and take corrective action over alleged misconduct that targeted Department of Veterans Affairs borrowers.  Processing Content In a consent order filed in early April, the Office of the Comptroller of the Currency accused The Federal Savings Bank, a Chicago-based depository institution specializing

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Fired Fannie Mae workers’ defamation lawsuit dismissed

CAREER & COMPENSATION, GSEs, Law and legal issues /

Dozens of fired Fannie Mae workers are mulling their next steps after a judge dismissed their defamation complaint against the mortgage giant. Processing Content U.S. District Judge Leonie M. Brinkema last week granted Fannie Mae and the governments’ motions to dismiss the lawsuit, seven months after it was filed. The case was dismissed without prejudice,

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