The Connecticut Department of Labor has confirmed that it has applied for an arrest warrant for the former president of Mortgage Lenders Network, Mitch Heffernan.The agency would like Mr. Heffernan -- who founded the now-defunct subprime lender -- to be charged with 61 counts of failing to pay wages to employees of MLN, which filed for bankruptcy protection last month. Although the warrant was placed about 10 days ago, the labor department has yet to hear from authorities on whether the warrant was obtained, said Gary Pechie, director of the department's wage and workplace division. "Prosecutors are very sensitive about this stuff," he said. "We don't call them, they call us. We're all just waiting now." The department expects to hear an update within the next few days, he said. Mr. Heffernan could not be reached for comment. MLN closed its wholesale division in late December. Some former MLN account executives have complained that they were not paid commissions owed to them.
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The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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