An Illinois lender and its father-son executive team must pay some of their former loan officers over a million dollars in damages for wage claims, a federal judge has ruled. Processing Content A jury last year found Smart Mortgage Centers owner and president Richard Birk liable for federal wage claims against five LOs, after the […]
Father-son lender duo owes ex-LOs $1M in back wages Read More »
Benchmark Mortgage is suing two of its former top employees for a scheme in which they allegedly shared sensitive companywide financial information with competitors. Processing Content The complaint filed last week in Texas Business Court accuses Marty Preston and Denise Donoghue of violating state law in misappropriating trade secrets. A hearing for a temporary injunction
Benchmark Mortgage sues ex-employees for stealing P&L data Read More »
United Wholesale Mortgage boss Mat Ishbia may soon testify in federal court for the first time about his company’s All-In initiative. Processing Content A Michigan court last week ordered the lender to make the UWM chairman, CEO and president available for a deposition within 30 days, in the company’s All-In lawsuit against Atlantic Trust Mortgage.
UWM fights Mat Ishbia deposition in All-In lawsuit Read More »
Almost a year after Premier Mortgage Resources filed a complaint against Canopy Mortgage over an alleged poaching scheme, the lenders reached a settlement. Processing Content The companies anticipate they will submit a joint stipulation of dismissal with prejudice within 45 days, according to a document filed Friday in a Washington federal court. “We’re pleased to
Lenders settle suit spurred by family of originators Read More »
The Conference of State Bank Supervisors celebrated an appellate court’s decision not to grant a request by Flagstar Bank for the full panel in an interest-on-escrow case. Processing Content The organization used the ruling to call on the Office of the Comptroller of the Currency to end its efforts to create a national preemption. This
States score win as Flagstar denied escrow rehearing Read More »
A residential securitization trustee could be held to a fiduciary standard under federal retiree law as the Second Circuit Court of Appeals looked to split definitional hairs on whether the mortgages are considered plan assets. Processing Content The case was brought by six trustees of the United Food & Commercial Workers Union & Employers Midwest
REMIC servicers may have fiduciary duty under retirement law Read More »
The US Supreme Court in Washington.Kent Nishimura/Bloomberg The United States’ high court turned down a case involving a former biweekly mortgage-payment services firm that has been fighting a Consumer Financial Protection Bureau penalty for a decade. Processing Content The Supreme Court this week declined to hear an appeal from Nationwide Biweekly Administration, which has battled
Supreme Court won’t hear mortgage firm’s appeal in CFPB case Read More »
A former US Mortgage employee is suing the lender for failing to protect his personal data in a hack last year, which the company has said it took swift action to address. Processing Content Richard Bernich sued the Long Island-based company in federal court for negligence, the latest data breach suit against a mortgage player
US Mortgage sued over ransomware attack Read More »
An elaborate scheme involving 11 perpetrators, stolen identities and title fraud has resulted in $6 million in lender losses and criminal charges against the alleged scammers, according to new court documents. Processing Content Federal prosecutors arrested the defendants, who were arraigned in Southern California and Florida courts late last week, following a grand jury indictment
Synthetic IDs, false docs play role in $6M home lending scam Read More »
One of the targets of the Federal Housing Finance Agency’s mortgage fraud probes is dropping his lawsuit against the regulator and its leader. Processing Content Rep. Eric Swalwell, D-Calif., FHFA Director Bill Pulte and the agency itself have all agreed to voluntarily dismiss the lawmaker’s suit, according to a case filing Friday. The announcement did
Swalwell drops Pulte suit while FHFA fraud probes stall Read More »