A Black borrower alleged that Rocket Mortgage canceled her refinance application after she repeatedly requested that her home appraisal be revised because it was discriminatory.
A Florida broker’s complaint alleging UWM violated antitrust laws and attempted to monopolize the wholesale mortgage market failed, after no plausible evidence was provided.
The CFPB has 30 days to amend its complaint against Loan Originator Services as part of a fair lending lawsuit filed against a Texas-based developer and lender, Colony Ridge.
The Department of Housing and Urban Development charged Rocket Mortgage with appraisal bias in connection with a denied refinance application. loanDepot settled a similar charge with the CFPB this year.
The CFPB has permanently banned three companies from servicing reverse mortgages. Separately, the bureau issued a proposed order against Freedom Mortgage for repeated submissions of faulty HMDA data.
With many lenders struggling with profitability, it might seem like a waste of time and money to sue departing production managers who leave with staffers in tow. But the lawsuits keep coming.
The combination of the NAR settlement, better coordination between White House and FHFA, and the resurgence of the CFPB may help establish real price competition in the housing and mortgage markets.