Wells Fargo Settles LO ‘Wage Theft’ Lawsuit March 26, 2021 Lisa Burden The plaintiffs charged that Wells did not pay loan officers for non-sales work, such as mandatory meetings, training and coaching sessions...Read More
Second mREIT Taps a Receptive Add-On Market March 25, 2021 Lisa Burden Ares Commercial Real Estate Corp. unveiled a secondary offering of seven million shares of common. Proceeds: $100.6 million.Read More
Wells Agrees to Pay $96M to Settle LO Wage Theft Lawsuit March 25, 2021 Lisa Burden Home loan consultants employed by the bank in California had accused the nation’s second-ranked mortgage lender of wage theft.Read More
Fourth Circuit Affirms Fine Against Quicken Over Appraisal Practices March 19, 2021 Lisa Burden In a split ruling, the Fourth Circuit upheld a trial court’s decision to impose a $9.7 million fine against the nonbank lender for allegedly influencing appraisers to raise their valuation if it didn’t match a refi borrower’s estimate. Read More
A Complication Develops on Chopra Heading the CFPB: Control of the FTC March 18, 2021 Lisa Burden Earlier this month, the SBC deadlocked on the Chopra CFPB nomination with a 12-12 partisan vote.Read More
CMBS Backed by Self-Storage Properties on the Rise March 18, 2021 Lisa Burden Vacancies in the self-storage rental market are at record lows because of COVID-inspired demand. Read More
Mr. Cooper Inks Deal to Sell its Title Business to Blend for $500M March 18, 2021 Lisa Burden The move will allow the nation’s 15th-ranked mortgage lender to focus on its core business of origination and servicing.Read More
COVID-Related Forbearance Rate Continues to Decline March 18, 2021 Lisa Burden An estimated 4.9% of outstanding mortgages are in forbearance. The rate has fallen below 5.0% for the first time since early April 2020.Read More
CFPB Worries that Debt Collectors, Financial Institutions will Nab Stimulus Payments March 18, 2021 Lisa Burden Uejio said the CFPB will keep an eye on consumer data to better understand how those receiving relief checks are being affected.Read More
New York Nonbank Fined for Cybersecurity Breach March 17, 2021 Lisa Burden The New York regulator said RMS failed to investigate the breach... Read More