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Law and legal issues

UWM disputes it mismanaged its employees’ retirement savings

CAREER & COMPENSATION, Law and legal issues, UWM /

United Wholesale Mortgage is refuting claims by former account executives that the company mismanaged its large retirement savings plan.  Plaintiffs accuse UWM of directing unvested employer contributions in the company’s 401(k) plan toward future employee contributions, rather than administrative expenses. The class action complaint suggests the money-saving moves by UWM cost workers, whose contributions then […]

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Redlining deal dispute pits DOJ against advocates

Law and legal issues, Politics and policy, Racial bias, Redlining /

Three fair housing organizations are asking to weigh in on a federal case where the Department of Justice is seeking to end a redlining settlement with Lakeland Bank — an effort the DOJ and the bank both oppose. The nonprofits — New Jersey Citizen Action Education Fund, the Housing Equality Center of Pennsylvania, and the

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Trigger lead ban nears finish line in Congress

Law and legal issues, Marketing, MARKETING TO BORROWERS, Politics and policy, Regulation and compliance /

After several starts and stops, the trigger leads ban is the closest it’s ever been to becoming law, after the House of Representatives approved its version of the Homebuyers Privacy Protection Act. There are some differences with the Senate version of the bill, which was approved by unanimous consent on June 12. Those can be

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Leave some Sprout execs out of messy saga, judge says

Law and legal issues /

Former executives of failed lender Sprout Mortgage could be off the hook in a long-running lawsuit from laid-off employees seeking millions of dollars in backpay. The non-qualified mortgage lender abruptly shuttered in July 2022 and allegedly left hundreds of employees without their final two paychecks. Sprout Mortgage was one of several industry players to fold

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Redfin investor seeks $450k for “benefitting” stockholders

Industry News, Law and legal issues, M&A /

The Redfin investor who sued the real estate brokerage and Rocket Companies for allegedly failing to disclose key information about their merger is seeking a $450,000 award. Jason Morano, the plaintiff, argues in a filing dated June 11 that his “intense litigation efforts” forced Redfin’s and Rocket’s hand in publishing supplemental disclosures that had a

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DOJ quietly axes more redlining settlements with lenders

Law and legal issues, Racial bias, Redlining, Regulation and compliance /

The Trump administration is moving swiftly to roll back Biden-era redlining enforcement. Federal courts in recent weeks have terminated five consent orders with mortgage lenders, which stemmed from redlining probes by the prior administration. The Department of Justice claimed those companies satisfied the terms of their settlements months and years before their expiration, freeing them

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Trigger leads bill passes in Senate

Law and legal issues, Marketing, Politics and policy, Regulation and compliance, Underwriting /

The Senate on Thursday unanimously passed bipartisan legislation to rein in trigger leads. That follows the House Financial Services Committee’s unanimous approval of  the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, earlier in the week. The mortgage industry now awaits as lawmakers work to reconcile minor differences between the House

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Lower settles poaching suit involving Thrive Mortgage staff

Industry News, Law and legal issues /

Mortgage lender Lower and Residential Wholesale Mortgage moved to settle a poaching suit filed in a federal Texas court earlier this year. Details regarding the terms are sparse from a notice filed by Lower May 16, however, it wraps up litigation over Residential allegedly poaching employees that Lower acquired via its Thrive Mortgage acquisition. The

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Trigger leads bill advances on Capitol Hill

Law and legal issues, Marketing, Originations, Regulation and compliance, Underwriting /

A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and

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