It appears that lenders were encouraging their loan officers to get applications in before the Oct. 3 implementation of the new RESPA-TILA integrated disclosure rule.
When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
Movement's attorney declined to identify the lender's MSA partners, but said “no enforcement action” was taken against the privately held company, which was started in 2007 by former NFL player Casey Crawford.