First Republic Collapse Was Caused By Interest-Only Jumbo Loans

Generous Interest-Only Jumbo Loans To Super Wealthy Customers Is What Drove First Republic Over The Cliff It appears the First Republic collapse was caused by the bank giving out attractive multi-million dollar interest-only jumbo loans to wealthy clients. The failed bank sold loans with rock bottom interest rates to rich clients. Several of these clients …

Angry White Republicans Want To Restrict Foreign RE Purchases

The Angry White Republicans In The GOP Dominated Florida Legislature Want To Restrict Foreign Real Estate Purchases  The angry white Republicans of the GOP controlled Florida legislature are at it again. This time, the "Fighin' Whities" have their sights on severely restricting real estate purchases by foreign investors. The bill focuses on Asian and Latino …

Rocket Mortgage Fraud Lawsuit Can Proceed Says Federal Judge

A Federal Judge Is Allowing A Rocket Mortgage Fraud Lawsuit To Proceed. Plaintiffs Allege Rocket Committed Fraud And Violated TILA. A federal judge in Pennsylvania last week dismissed five claims in a Rocket Mortgage fraud lawsuit. However, he did allow two other claims to stand. Two property owners in North Carolina sued Rocket in October …

Dan Gilbert Insider Trading Accusations Rattle Rocket Mortgage

Accusations Of Dan Gilbert Insider Trading Rattle Rocket Mortgage. Recent Court Ruling Is Sending Senior Executives Into A Frenzy Rocket Holdings Chairman Dan Gilbert A federal judge in Detroit has green-lighted the continuation of a class action lawsuit against Rocket Companies, Rocket Holdings, Inc., chairman Dan Gilbert and Rocket CEO Jay Farner. The suit revolves …

CFPB Opinion Says Google May Be Violating Section 8 Of RESPA

CFPB Opinion Says Lenders Using Google Ads May Be In Violation Section 8 Of RESPA For Fee Splitting The CFPB has issued an opinion about mortgage comparison site platforms. The agency says these sites could be violating the Real Estate Settlement Procedures Act (RESPA) section 8. The CFPB points out that mortgage comparison sites are …

Trigger Leads Ban Supported By NAMB

NAMB And Other Trade Groups Support Amending The FCRA To Ban Credit Bureaus From Selling Trigger Leads Trigger leads are driving both consumers and loan officers insane. The National Association of Mortgage Brokers (NAMB) has announced it support legislation that would ban trigger leads. The NAMB is a trade group that represents the interests of individual …

Private Bankruptcy Filings Are Skyrocketing

UBS Says Private Bankruptcy Filings This Year Have Surpassed The Peak Set In The Early Stages Of The Pandemic Warning signs of a potential credit crunch were flashing even before Silicon Valley Bank's stunning collapse. United Bank of Switzerland is saying private bankruptcy filings for small businesses in 2023 have already surpassed pandemic levels.  Financial …

Luxury Real Estate Insiders Say 2nd Home Demand Down 50%

Luxury Real Estate Insiders Say 2nd Home Demand Down 50% As Wealthy Investors Pull Back from Investing In Real Estate Luxury real estate insiders say mortgages secured for vacation properties are at their lowest since 2016. Insiders say the second home market is definitely in a recession. Redfin is reporting lock-ins for second-home mortgages are …

Does UWM Have A Hostile Work Culture Problem?

Does UWM Have A Hostile Work Culture? Bloomberg Reports That It Does. However, UWM Disputes The Claims Does UWM have a hostile work culture problem? A scathing story published Wednesday by Bloomberg claims it does. The story depicts United Wholesale Mortgage Holdings Corp.'s workplace culture as hostile. The report is ripe with allegations of sexual …

FHA Did Not Approve 40-Year Loans For New Home Buyers

FHA Did Not Approve 40-Year Loans For New Home Buyers. The New Rule Only Applies To Modifications Of Existing Loans Sleazy mortgage brokers are making TikTok videos filled with false information. Greedy mortgage brokers are spreading misinformation on TikTok. This time its about recent a FHA announcement. The FHA announcement regards the increase the mortgage …

Elderly New York Woman Loses Her Home To Deed Fraud

Elderly New York Woman Loses Her $350,000 Home After Her Neighbor's Daughter Forged The Deed To Become Legal Owner Of The Property Authorities have accused Aurelia Soogea of stealing the home of an elderly New York woman. Police arrested Soogea on charges of forging a deed to Rosemary Myka's home. However, Soogea insists woman gave …