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Lawsuit

FTC wins court order to shut down alleged mortgage relief scheme

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The Federal Trade Commission (FTC) on Wednesday announced that it secured a court order to shut down an alleged mortgage relief scheme. The regulator says the scheme referenced federal homeowner assistance programs to collect upfront fees from financially distressed borrowers while failing to deliver promised loan modifications. A judge for the U.S. District Court for […]

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Fair housing groups sue CFPB, Vought over ECOA fair lending rule

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A coalition of fair housing and economic advocacy groups sued the Consumer Financial Protection Bureau (CFPB) and acting director Russell Vought on Wednesday, seeking to block a Trump administration-backed rule they say would weaken longstanding protections against lending discrimination. The lawsuit, filed in federal court in Washington, D.C., challenges changes made last month by the

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Amended lawsuit against Veterans United cites bait-and-switch tactics

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Plaintiffs filed an amended complaint against Veterans United Home Loans, owned by Mortgage Research Center, adding claims of “bait-and-switch” and misleading advertising tactics, according to court filings reviewed by HousingWire.  The original complaint filed in February alleges the lender misled homebuyers into believing it is connected to the U.S. Department of Veterans Affairs (VA), while

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NEXA Lending denies loanDepot trade secrets lawsuit

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NEXA Lending CEO Mike Kortas is dismissing claims that the company misappropriated trade secrets and confidential customer data after being sued by rival lender loanDepot in federal court. The complaint alleges that NEXA knowingly assisted two former loanDepot employees in taking proprietary information before leaving the company and using it to solicit borrowers. The lawsuit

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Two Harbors hit with shareholder lawsuit over CCM acquisition

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Shareholder Michael Koblentz filed another lawsuit against Two Harbors Investment Corp. and its board of directors, alleging violations of the Securities Exchange Act tied to the company’s pending acquisition by CrossCountry Intermediate Holdco (CCM). Koblentz previously filed a similar suit targeting Two Harbors’ original merger agreement with UWM Holdings Corp. (UWMC), which was closed after

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Unison faces more legal trouble over allegedly deceptive home equity agreements

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A newly filed class-action lawsuit accuses home equity investment (HEI) company Unison of misleading homeowners and structuring its products in ways that leave customers with far less equity than expected. The complaint, filed April 6 in the U.S. District Court for the District of Colorado by plaintiffs Katharine and Charles Kane, alleges that Unison and

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eXp denied dismissal of fraud claims in sexual misconduct case

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A federal judge has denied eXp Realty’s request to dismiss a fraud claim brought by four women who say the company lied about investigating their allegations of sexual assault by two former agents. U.S. District Court Judge André Birotte Jr. ruled this week that the fraudulent misrepresentation claim could move forward — including allegations that

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Northwest MLS accuses Compass of deceptive ‘pocket listing’ scheme in counterclaim

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Northwest Multiple Listing Service has filed counterclaims in federal court against Compass, alleging the brokerage’s “three-phase marketing program” is a deceptive scheme that hides listing data from the public and violates Washington’s Consumer Protection Act. In the filing, the Kirkland, Wash.-based MLS argues that Compass’ strategy of scaling so-called “pocket listings” creates a “two-tier” marketplace,

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Rocket moves to dismiss RESPA suit, citing safe harbor and lack of injury

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Detroit-based Rocket Companies this week moved to dismiss a lawsuit alleging violations of the Real Estate Settlement Procedures Act (RESPA), arguing that plaintiffs failed to demonstrate injury, relied on claims beyond the one-year statute of limitations and did not sufficiently plead unjust enrichment. The class-action suit, filed in late January, alleges that homebuyers who began

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Florida court shields unused reverse mortgage credit from garnishment

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A Florida appeals court has ruled that funds available but not yet withdrawn from a reverse mortgage line of credit are protected under the state’s homestead exemption and cannot be garnished. The March 25 decision by the Fourth District Court of Appeal found that a creditor could not force a homeowner to access unused funds

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