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Law and legal issues

Fannie Mae former employees sue company, Pulte for defamation

Fannie Mae, GSEs, Law and legal issues /

Forty-one former employees of Fannie Mae on Wednesday sued the company, its chief executive and Federal Housing Finance Agency Director Bill Pulte for alleged defamation related to their dismissals in April. The ex-employees of the government-controlled mortgage giant are seeking damages amounting to more than $2 million per person, according to complaints filed in Fairfax […]

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Union Home Mortgage sues couple for trade secret theft

Industry News, Law and legal issues /

Union Home Mortgage is accusing a Georgia-based married couple of thwarting their noncompete agreement by taking confidential client information to her new employer. According to the complaint, Nathan Duce and Rachel Duce, who previously worked at UHM as a branch manager and loan officer respectively, took customer information from the Ohio-based lender and used it

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Judge nixes class action bid in Wells Fargo redlining case

Industry News, Law and legal issues, Originations /

A California judge declined to give class action certification to a suit lodged three years prior accusing Wells Fargo of discriminatory practices. In an order dated Aug. 5, U.S. District Judge James Donato, wrote that there is no “glue” to hold together the plaintiffs’ claims to justify the granting of class status. Over 100,000 plaintiffs

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Judge rules Mr. Cooper data breach borrowers have standing

Cyber security, Data breaches, Industry News, Law and legal issues /

A Texas federal judge overseeing the data breach suit against Mr. Cooper refused to dismiss the case, as was previously requested by the mortgage servicer. In a recently published order, U.S. District Judge David Godbey, wrote that the court finds the plaintiffs have standing to bring some claims against Mr. Cooper, though others have been

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Borrowers accuse CrossCountry of kickback scheme

Industry News, Law and legal issues /

Six North Carolina borrowers are suing CrossCountry Mortgage and a local brokerage for an alleged kickback scheme disguised as a co-marketing agreement. The lawsuits claim the retail lending giant paid Raleigh Realty $15,000 a month between 2021 and 2022 in exchange for exclusive leads. The near-identical complaints include screenshots of purported text messages by the

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What lenders need to know about Zillow v. Compass

Law and legal issues, Originations, REALTORS & HOMEBUILDERS /

The real estate industry is watching the brewing legal battle between two major real estate players over the way homes are listed and sold.  Leading brokerage Compass filed an antitrust lawsuit last month against listing giant Zillow in a fight over exclusive property listings. It’s the latest tussle in the real estate agent space, a

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Movement Mortgage, Supreme Lending spar over trade secrets

Law and legal issues /

Movement Mortgage and Supreme Lending are ratcheting up their war of words ahead of a court hearing in a theft of trade secrets case.  The complaint filed earlier this month accuses a former Movement executive and other top performers of taking confidential data to Supreme in a monthslong exodus. The sides, in case filings, have

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HUD ordered to resume fair housing funds distribution

Affordable housing, Housing markets, Law and legal issues, Regulation and compliance /

The Department of Housing and Urban Development has been ordered by a federal judge in Washington to resume distribution of Fair Housing Initiatives Program funds. Judge Sparkle Sooknanan issued a temporary restraining order Monday in the case brought by the National Fair Housing Alliance and the Tennessee Fair Housing Council. The suit was filed in

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Mortgage REIT Two weathers volatility and legal costs

Earnings, Law and legal issues, Originations, Secondary markets, Servicing /

Two, an investor and originator/servicer, recorded anticipated expenses from a dispute with a former external manager that weighed down second-quarter earnings as it navigated secondary market disruption. The real estate investment trust and owner of Roundpoint Mortgage Servicing reported a more than $270 million net loss to common shareholders (over $257 million including preferred and

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Judge rejects DOJ’s bid to end bank’s redlining settlement

Law and legal issues, Redlining, Regulation and compliance /

A federal judge handed another blow to the Trump administration’s attempts to prematurely end redlining settlement obligations for mortgage lenders.  Pennsylvania-based ESSA Bank must follow the terms of its 2023 agreement for three more years, a federal judge ruled this week. The Department of Justice in recent months argued the lender had met the fair

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