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 …

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 …

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 …

United Wholesale Mortgage Has Cut 30 Percent Of Its Staff

United Wholesale Mortgage has reduced its staff by 2,600 since 2021. This 30% Of It's Staff Since January 2021, United Wholesale Mortgage has let go of 2,600 employees. The company has gone from 8,600 employees to 6,000. This contradicts CEO Mat Ishbia that UWM hasn't laid anyone off. Ishbia even stated it again in a …

New York Loan Modifications: What You Need To Know!

The Tricks To Getting Successful New York Loan Modifications Done That Most Foreclosure Defense Lawyers Don't Know! First off, let's get one thing straight. Mortgage loan modifications are probably your best option if you are in foreclosure.  Why? It's extremely unlikely that you're not going to score a debt-free house in your foreclosure. Even if …

Logan Finance Pulls Plug On Consumer Loans In Georgia

Developing Story! Logan Finance Shocks Georgia Brokers. Lender Pulls Plug On Consumer Loans In Georgia.  Logan Finance has shocked Georgia mortgage brokers with shock announcement. The Arkansas-based wholesale lender has pulled out of the Georgia. The company made the shock announcement yesterday. Lender Meltdown has spoken to mortgage brokers across the country. They all love …

The Majestic Home Loan Legacy Issue That Caused It’s Collapse

The Majestic Home Loan Legacy Issue That Caused It's Collapse Was Due To Late Owner's Inexperienced Son When Majestic Home Loan has abruptly closed last month the company was pretty tight lipped about the cause. All the company said was it was a legacy issue. What was the mysterious and unspoken Majestic Home Loan legacy …