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Law and legal issues

DOJ seeks early end to NJ bank’s redlining consent order

DOJ seeks early end to NJ bank’s redlining consent order

Consumer lending, Law and legal issues, Redlining /

Graeme Sloan/Bloomberg The Department of Justice, which recently terminated one Biden-era fair lending consent order, is now pushing to free another bank from its obligations under a three-year-old redlining settlement. The DOJ filed an unopposed motion last week asking a federal judge to dismiss the department’s consent order with New Jersey-based Lakeland Bank more than […]

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HUD, USDA defend rule NAHB argues will hike housing costs

Homebuilders, HUD, Law and legal issues, REALTORS & HOMEBUILDERS, Regulation and compliance /

The Trump administration is defending new building standards that over a dozen states and a leading industry trade group say will  markedly raise housing costs. A federal judge this week scheduled a hearing which could determine the fate of the lawsuit over the adoption of energy efficiency standards a decade in the making. The Department

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UWM survives All-In challenge in federal appeals court

Law and legal issues, UWM /

United Wholesale Mortgage is victorious in yet another challenge to its “All-In” initiative after a federal appeals court ruled against a Florida brokerage. The Okavage Group filed an antitrust suit against UWM in 2021 over the megalender’s ultimatum for brokers working with competitors Rocket Cos. and Fairway Independent Mortgage Corp. The brokerage, led by Dan

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Title company sues feds over looming reporting rule

AML, Financial regulations, Fraud, Law and legal issues, Title insurance /

A leading title insurer is suing two federal U.S. offices over a new “arbitrary and capricious” reporting rule aimed at preventing money laundering activity that it claims exceeds their authority.  Fidelity National Financial and its similarly named title insurance subsidiary filed the lawsuit in a Florida federal district court in May. Named as defendants were

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Trustmark gets early exit from redlining consent order

CFPB News & Analysis, Law and legal issues, Regulation and compliance /

Trustmark National Bank is enjoying an early exit from a consent order stemming from a Biden-era redlining investigation.  The Jackson, Mississippi-based lender and servicer is free of the settlement with regulators 17 months early, following a federal judge’s approval last week. The Department of Justice, the Consumer Financial Protection Bureau and the Office of the

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CFPB backs off Mr. Cooper ‘junk fee’ lawsuit

Law and legal issues, Regulation and compliance, Servicing /

The Trump administration wants to back off yet another mortgage-related lawsuit, aiming to exit a dispute between borrowers and Mr. Cooper over alleged servicing junk fees.  The Consumer Financial Protection Bureau asked a judge to withdraw its amicus brief supporting plaintiffs challenging Mr. Cooper’s $25 expedited payoff quote statements. In that brief filed last August,

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Rocket, Redfin aim to block stockholder suit proceedings

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

Rocket Companies and Redfin are pushing back against a lawsuit that could disrupt the closing of the mortgage giant’s $1.75 billion acquisition of the real estate brokerage. Plaintiff Jason Morano, a Redfin shareholder, sued the brokerage and Rocket in early May, alleging that Redfin’s disclosures to the Securities and Exchange Commission regarding the deal omitted

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Redfin investor alleges lack of Rocket deal transparency

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

A Redfin stockholder is ringing the alarm regarding the imminent closing of Rocket Companies’ $1.75 billion acquisition of the real estate brokerage, filing a suit that claims that certain information was not disclosed to investors. Plaintiff Jason Morano alleges that Redfin submitted “materially incomplete and misleading” filings with the Securities and Exchange Commission in order

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Churchill Mortgage ESOP suit may pay out nearly 300

Industry News, Law and legal issues /

Former Churchill Mortgage employees moved one step closer to getting a $850,000 settlement approved by a federal court in Tennessee over claims that their employee retirement accounts were mismanaged.  The proposed settlement would dole out approximately $850 per class member and over $200,000 would be paid to attorneys representing plaintiffs. If approved, the deal would

Churchill Mortgage ESOP suit may pay out nearly 300 Read More »

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