Detroit-based Rocket Companies, parent of Rocket Mortgage, has named Jonathan Mildenhall to its newly created chief marketing officer position, responsible for the marketing and communications teams for all the company’s brands. Mildenhall will create and unify a “compelling voice for all businesses under the Rocket Companies umbrella,” the company said in a statement. He will start on […]
Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. In total, he asks for about $13 million. In July, HousingWire reported that Pennington and two other top sales executives – Matt Schoolfield and […]
New York-based nonbank mortgage lender RealFi (formally known as Residential Home Funding Corp.) laid off employees in December and did not issue their last paychecks or provide a severance package, former workers told HousingWire. The company’s executives held a conference call with employees on Dec. 15, notifying them about the job cuts because of a […]
Guild Mortgage has an ambitious plan under the leadership of its new CEO, Terry Schmidt. The California-based retail lender has set a target of becoming a top-10 lender in the markets in which it has a presence, which would give it about 2% in overall market share. It won’t be easy. United Wholesale Mortgage, the […]
Mortgage subservicer Loancare informed authorities that the data of about 1.3 million customers was compromised following a cyberattack in November on its parent company, the big four title firm Fidelity National Financial (FNF). This data includes customers’ social security numbers. The company informed officials in Maine and California that 1,316,938 customers had information accessed by hackers during the incident. […]
U.S. house prices increased year over year in October, according to the Federal Housing Finance Agency (FHFA) House Price Index. However, the data shows it slowed down compared to the previous month. In fact, home prices climbed 6.3% from October 2022 to October 2023, compared to 5.5% year over year in September, according to the FHFA HPI released on Tuesday. […]
Despite lower sales activity, home prices continued their upward trend in October, according to the S&P CoreLogic Case-Shiller Home Price Index. Real estate experts say the performance reflects limited inventory in the country, a problem expected to continue in 2024. The data released on Tuesday shows that home prices in all nine U.S. census divisions posted […]
Kyle Joseph, a specialty finance equity research analyst at Jefferies, believes that the worst of the current mortgage cycle may be behind us, a sentiment shared by most analysts covering this industry. “Barring any sort of unforeseen consequences, I’d like to think so,” Joseph said in an interview. “Obviously, this cycle was fast and furious […]
Dovenmuehle Mortgage, a mortgage sub-servicing company, has informed authorities in Illinois that it will impose a layoff affecting hundreds of employees next year. The company has decided to cut 212 jobs in its Lake Zurich site starting on Feb. 16, 2024, per a Worker Adjustment and Retraining Notification Act (WARN) filed with the Illinois Department of […]
The U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) sued the developer and lender Colony Ridge on Wednesday, alleging the company operated an illegal land sales scheme and made false statements targeting tens of thousands of Hispanic borrowers in Texas. That’s the first predatory mortgage lending case brought by the DOJ. It’s also CFPB’s first federal court lawsuit related […]
South Carolina-based retail lender Movement Mortgage filed a lawsuit this week against Todd Scrima, founder and president at its competitor Summit Funding, accusing him of gaining illegal access to Movement’s confidential financial files and also scheming to divert Movement’s customers toward Summit. It’s the latest salvo in a legal battle that started after the three of Movement’s […]
Mortgage lenders loanDepot and Cardinal Financial are the targets of class-action-seeking lawsuits alleging deceptive practices, negligent misrepresentation and gross negligence against Texas homeowners. In a pair of lawsuits filed in a state court in Dallas County, each targeting one of the lenders, homeowners allege that the companies’ employees induced them into entering refinancing agreements and skipping the first one […]
Mr. Cooper Group’s examination of the cyberattack it suffered in late October concluded that the personal information of current and former customers was compromised. The data breach led the company to estimate an additional vendor cost related to the incident in the fourth quarter to include offering identity protection services for two years. On Oct. 31, […]
Texas-based lender Thrive Mortgage plans to merge with digital multichannel rival Lower, which will create a unified lender with more than 650 loan officers and 120 active branches across the country. Financial details of the merger, which is expected to close in the first quarter of 2024, were not disclosed. Over the last 12 months, […]
Top U.S. mortgage lender United Wholesale Mortgage (UWM) is offering discounted rates on some government loans until January for brokers to create their own “refi boom,” the company announced on Wednesday. The initiative includes three new exclusive rates – 5.749% paying 1.5 points, 5.999% paying 2 points and 6.249% paying 2.5 points – on FHA and VA […]
California-based mortgage lender loanDepot on Tuesday announced the launch of its fully automated underwriting engine called melloNow. The new system, which has been in beta-testing for the last several quarters, delivers a fully conditional loan approval “in minutes rather than hours or days,” the company said in a statement. Jeff Walsh, loanDepot’s mortgage president, said in a […]
Cleveland, Ohio-based fintech Upright has launched a debt service coverage ratio (DSCR) rental loan to investors, the company announced on Monday. DSCR rental loans are non-qualifying mortgages (non-QMs) used by real estate investors to qualify for a loan based on their property’s cash flow without personal income verification. “Many customers at first come to us for our […]
A former account executive is accusing United Wholesale Mortgage (UWM), the top mortgage lender in the country, of racial discrimination, hostile workplace environment, harassment and retaliation, according to a lawsuit filed on Dec. 8 in a district court in Michigan. Corey Tucker, a Black man who began at UWM in December 2021, claims that shortly after his […]
