The co-managers of the Morristown, N.J., branch of Gateway Funding Diversified Mortgage Services LP are suing the company and its principals -- Regina Lowrie, Paul Catinella and Michael Karp -- in the Federal District Court of New Jersey.The complaint, according to a news release from John Field and Marty Witzburg and their attorneys Lowenstein Sandler, alleges violations of the Racketeer Influenced and Corrupt Organizations Act, fraud, and negligent misrepresentation. The pair also allege breach of contract. The attorney for Horsham, Pa.-based Gateway Funding, Stephen Orlofsky of the law firm Blank Rome LLP, said the lawsuit is without merit and that Gateway Funding intends to fight it vigorously. He added that the company would file a response in the court on Sept. 1 seeking dismissal of the charges.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
8h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
8h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
8h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
9h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
11h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25