![]() "What's the purpose of being a broker if you're being hamstrung to only using one company, you're no longer a broker," he said. I can see state mortgage regulators, federal mortgage regulators, taking a very keen interest in this case, as well as the FTC, so I think that this is going to be something that certainly captures their attention."Īs a result, this would not be a tack Sterbcow would have pursued in the first place. "And that negative attention can sometimes come back to bite you in the butt. "Filing suit like this is going to attract attention, and when you attract attention, you often attract a lot of negative attention," said mortgage industry compliance attorney Marx Sterbcow, who is not involved in any of the litigation. While that lawsuit hasn’t attracted regulators’ attention, the new one could open up a can of worms. Augustine, Florida mortgage broker Okavage Group, is still pending with the judge currently hearing pre-trial motions. However, this is one of the points raised in a previous legal challenge to the wholesale lender's actions. So far, no actions have been taken against UWM by state or federal regulators including the Federal Trade Commission for any possible anticompetitive acts. ![]() ![]() "NAMB's executive board is aware of the lawsuit and at this time it feels a comment on the case would be irresponsible as we believe it is better to allow the legal process to unfold and wait for the court's decision," said Linda McCoy, the group's president, in a statement. "Therefore, UWM is moving forward with legal action enforcing the penalties laid out and agreed to in the contract."Īmerica's Moneyline has been contacted for a comment, but the company has yet to respond. ![]() A statement from UWM accuses America’s Moneyline of “knowingly and purposefully that agreement” and called the actions of America’s Moneyline “egregious."Following a conversation with them, they continued to submit loans to UWM and Rocket Mortgage," the statement said. Brokerages that continue to do business with UWM sign a broker agreement stating that working with Rocket or Fairway violates the terms of partnership with UWM. UWM instituted a policy last year to cut off business with brokerages that also do business with Rocket Mortgage or Fairway Independent Mortgage. United Wholesale Mortgage (UWM) filed a lawsuit against America’s Moneyline, alleging that the California mortgage brokerage owes UWM $2.8 million after repeated policy violations. It has operated as a division of FirstBank since then. The rebrand, according to a statement from the company, “will better align the company brand with its industry-leading technology that makes the mortgage process easier and more economical for consumers.” Real Genius was founded in 2012 and acquired by FirstBank one year later. Corridor will now partner with Arcapita and Nationwide while retaining an ownership stake in Nationwide.ĬonsumerDirect Mortgage announced that it will officially change its name to Real Genius. Nationwide serves mortgage lending institutions across all 50 states from funds associated with lower middle-market private equity firm Corridor Capital. Arcapita Group Holdings announced the acquisition of a significant controlling interest in Nationwide Property and Appraisal Services, the second-largest independent appraisal management company in the U.S.
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