Law and legal issues

Wells Fargo sued for not disclosing fees during loan origination

Industry News, Law and legal issues, Originations / Ricky Vasquez

A California borrower is accusing Wells Fargo of concealing for more than a decade that it improperly charged customers certain origination-related fees. The issue surfaced in 2022 when the bank sent “cryptic notices” to borrowers stating it had incorrectly assessed float fees during the loan origination process, according to a federal lawsuit filed in California […]

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Freedom and Loancare settle long-running servicing dispute

Law and legal issues, Servicing / Ricky Vasquez

Freedom Mortgage and Loancare say they’ve settled a long-running fight over servicing practices, two years after a jury awarded a $22 million verdict in the case. The agreement disclosed in federal court this week will end both district court and federal appeals court cases. Freedom took the fight to the Third U.S. Circuit Court of

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Suit alleges Loandepot steered borrowers in LO comp scheme

CAREER & COMPENSATION, Law and legal issues, loanDepot / Ricky Vasquez

A class action lawsuit claims Loandepot since 2019 has steered borrowers to higher rates and punished its loan officers who didn’t steer customers by giving them little to no commission. Five borrowers filed the complaint Tuesday in a Maryland federal court, accusing the major lender and servicer of violating the Truth in Lending Act. They’re

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Trump says Fannie Mae suspects Schiff of mortgage fraud

Fraud, Law and legal issues, Politics and policy / Ricky Vasquez

Sen. Adam Schiff, D-Calif., called the Trump administration’s accusations of mortgage fraud regarding his Maryland property political retaliation.Al Drago/Bloomberg Fannie Mae suspects Sen. Adam Schiff, D-Calif., of mortgage fraud. President Trump announced the government-sponsored enterprise’s findings in a Truth Social post Tuesday. The scheme allegedly involves a Maryland property Schiff has owned since at least

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Mortgage strain pushes foreclosure inquiries up

Distressed, Law and legal issues, Servicing / Ricky Vasquez

Fears of falling behind on mortgage payments are driving a growing number of homeowners to seek legal help, with foreclosure concerns fueling the spike. Foreclosure-related legal inquiries rose 13.3% from the first to the second quarter of 2025, according to data from legal services provider LegalShield. Year over year, those inquiries surged 28.9% compared to

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Strict new non-compete law in Florida empowers employers

CAREER & COMPENSATION, Law and legal issues, Regulation and compliance / Ricky Vasquez

Florida has enacted a new non-compete law that gives employers broad power. The Contracts Honoring Opportunity, Investment, Confidentiality and Economic Growth, or CHOICE Act, passed earlier this month, according to media reports. The bill, lobbied by hedge fund billionaire Citadel CEO Ken Griffin, allows employers to extend non-compete agreements up to four years, among other

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UWM stays undefeated against brokerages fighting ‘All-In’

Law and legal issues, Mortgage brokers / Ricky Vasquez

United Wholesale Mortgage’s All-In initiative, which rocked the broker world four years ago, continues to survive legal challenges. A Michigan federal judge last week granted partial summary judgment to UWM in its case against America’s Moneyline, a brokerage accused of violating the ultimatum. The since-defunct brokerage admitted to selling numerous loans to both UWM and

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UWM sues nearby rival Towne Mortgage for poaching

CAREER & COMPENSATION, Law and legal issues, UWM / Ricky Vasquez

United Wholesale Mortgage is suing nearby rival Towne Mortgage in a rare theft of trade secrets case from the industry’s largest lender. The lawsuit filed in January accuses nine former UWM account executives of taking trade secrets, including broker partner information, to Towne. The competing retail and wholesale lender and servicer last month denied the

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UWM disputes it mismanaged its employees’ retirement savings

CAREER & COMPENSATION, Law and legal issues, UWM / Ricky Vasquez

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 / Ricky Vasquez

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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Wells Fargo sued for not disclosing fees during loan origination

Freedom and Loancare settle long-running servicing dispute

Suit alleges Loandepot steered borrowers in LO comp scheme

Trump says Fannie Mae suspects Schiff of mortgage fraud

Mortgage strain pushes foreclosure inquiries up

Strict new non-compete law in Florida empowers employers

UWM stays undefeated against brokerages fighting ‘All-In’

UWM sues nearby rival Towne Mortgage for poaching

UWM disputes it mismanaged its employees’ retirement savings

Redlining deal dispute pits DOJ against advocates

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