The most charitable thing a mortgage company did this year happened when MetLife, a bank holding company, paid for its residential loan officers to receive training and education in preparation for passing their state licensing tests. Of course, it might be argued that MetLife was merely trying to make selling its mortgage division easier by having its army of LOs become 'nonbank' legal. (Bank LOs only need to register with the states and are exempt from testing.) Needless to say, it appears the LO profession now has two tiers: nonbank-ready versus not-ready. This means nonbank LOs can easily go work for a depository, but the door doesn't swing open in the other direction – unless the bank LO takes the initiative to get tested. MetLife made it easy for its LOs by footing the testing bill. Will other banks do the same?
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A federal lawsuit against the now defunct mortgage company has been dropped but John DiIorio wants to also demonstrate officials acted in bad faith.
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The lawsuit accuses the lender of violating 17 sections of the California labor code, including failure to pay all minimum, regular and overtime wages.
July 31 -
Consumers have filed at least 30 such complaints against industry players this year for allegedly violating the Telephone Consumer Protection Act.
July 31 -
In line with broader trends, the GSEs have been putting new limitations on forbearance and putting more of an emphasis on mods.
July 31 -
AnnieMac Home Mortgage will pay 171,074 customers impacted in a 2024 hack, making it the fourth lender in recent weeks to end a class action suit over a breach.
July 31 -
Fannie Mae and Freddie Mac are under directives to make mortgage-backed securities purchases that can exert downward pressure on rates or limit increases.
July 31






