It’s not easy to bring multi-state enforcement actions, yet regulators from 44 states signed consent orders with 441 loan officers who lied about having completed required annual continuing education courses.
Two nonbanks are trading accusations tied to the pilfering of staff, at least that’s how it started. Eventually, the case could be settled out of court but not before some damaging allegations get aired in public.
In regard to underwriting shortcuts, loanDepot said it did nothing wrong, but the nation’s sixth-largest home lender’s counterparties may need some reassurances. One observer called a lawsuit filed against the company a legal “nightmare.”
The nation’s fourth-largest mortgage servicer is being hit on the legal front over a “processing issue” that caused unauthorized withdrawals of monthly mortgage payments.
The latest $22 million settlement brings to an end a lawsuit accusing Wells Fargo of wrongfully denying loan modifications to borrowers who eventually lost their homes to foreclosure.
The Supreme Court dealt GSE shareholders a blow in Collins, but cases before a DC district court and the U.S. Court of Federal Claims may finally get before a jury.