Rocket Mortgage is suing a broker for originating loans for his customers with United Wholesale Mortgage days before the Detroit giant funded additional loans for those same borrowers. Processing Content The lender’s repurchase lawsuit, filed Tuesday in Michigan, does not accuse UWM of wrongdoing, nor does it name the company as a defendant. The complaint […]
Rocket sues broker over repurchases in case involving UWM Read More »
Fairway Independent Mortgage Corp. agreed to resolve alleged violations surrounding unlicensed lending activity that occurred at one of its California branches earlier this decade and pay $160,000 in penalties. Processing Content In 2021 and 2022, unlicensed branch employees were alleged to have conducted origination activity that was only permitted to be carried out by licensed
Fairway agrees to financial penalty over unlicensed LOs Read More »
While Michael Strauss has absconded from massive liabilities and court cases over the demise of Sprout Mortgage, his wife and a former associate are running a new mortgage shop. Processing Content It’s unclear if the embattled industry executive is involved with the Irvine, California-based Investor Funding Corp., which his spouse, Elizabeth Strauss, founded in 2024
As Sprout saga smolders, ex-CEO’s wife forms new lender Read More »
The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were
Supreme Court rejects Emigrant’s reverse redlining appeal Read More »
A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners. Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance
AARP sues Celink, Carrington, Finance of America over HECMs Read More »
The latest chapter in the legal battles between Nexa Mortgage cofounders favored Mat Grella and his company, Platinum One Lending, as a Michigan judge dismissed Nexa CEO Mike Kortas’ claims. Processing Content Judge Michael Warren ruled that $350,000 transferred to Platinum One was an equity investment from Nexa, not a loan, like Kortas claimed. He
Nexa ordered to pay Platinum One $280,000 in damages Read More »
Newrez has defeated a class action lawsuit regarding “zombie” second mortgages, after a judge rejected a borrower’s arguments around a lack of monthly statements from the servicer. Processing Content U.S. District Judge Allison Burroughs granted the company’s motion to dismiss the suit Monday, giving Massachusetts plaintiff Eva Hodges 21 days to refile her complaint. The
Newrez beats zombie seconds suit over decades-old HELOC debt Read More »
Bayview Asset Management has agreed to a $26 million settlement to resolve data breach claims for a prospective class of around 5.8 million consumers. Processing Content The sides published the agreement Wednesday in a Florida federal court, and it’s subject to a judge’s approval. The deal would close sprawling class action litigation filed in 2022,
Bayview to pay $26 million to settle data breach claims Read More »
Rocket is being sued for allegedly directing clients to its mortgage business and away from cheaper loan options. Processing Content Three plaintiffs filed the suit Monday in the U.S. District Court for the Eastern District of Michigan. They accused Rocket of exploiting the “vulnerability of homebuyers for profit,” by steering prospective borrowers to use their
Rocket accused of steering buyers to its mortgage business Read More »
Rocket Mortgage is being accused of selling mortgage applicants’ sensitive financial data to third parties, via surreptitious trackers on its website. Processing Content Gary Fedoroff, who applied online for a refinance last November, filed a class action lawsuit in a California federal court last week accusing the megalender of unlawfully disclosing applicants’ information. The complaint
Rocket Mortgage sued over third party web trackers Read More »