Law and legal issues

A state court judge will weigh a preliminary injunction to halt the alleged raiding efforts in early September.

The lawsuits claim various loan officers and branch managers diverted loans and other trade secrets to their new employers.

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans.

The non-qualified mortgage company allegedly failed to follow through on approximately $38 million it contractually agreed to buy.

Even though Reverse Mortgage Services violated the Truth in Lending Act by not providing the required disclosures, the borrower cannot get a windfall by keeping the loan proceeds, the Fourth Circuit ruled.

Discrimination claims and data breaches are just some of the issues the industry has faced this year.

The complaint is the most recent in a spate of litigation this year over talent and theft of trade secrets.

The lawsuits have heated up since April with the inclusion of a high-profile lawyer and plaintiffs, a public war of words and scrutiny from city and federal lawmakers.

The mortgage giant said departing employees accounted for approximately 81% of the volume achieved by its New York operations in the past year.

At least 300 workers were told they were terminated in a videoconference last week that ended abruptly and they were not given information about severance, according to the lawsuit.

The court found the sale of a property held by a limited liability company violated bankruptcy-related restrictions because a resident with a Chapter 7 petition was involved.

The declaration comes less than a week after the firm laid off 471 workers, or over 75% of its staff, because of significant operating losses and cash flow challenges.

Talks between original holders and a law firm over potential securities fraud litigation did not pan out, and trustee UMB NA has canceled all the bonds.

Federal prosecutors in Manhattan are investigating the bank over allegations that it conducted so-called fake interviews with nonwhite and female job applicants, The New York Times reported Thursday.

The opinion heightens the need for servicers to be careful about billing communications, particularly when a distressed loan or foreclosure is involved.

A Salem, Massachusetts, man was found guilty by a federal jury in Boston of a scheme that led to more than $3.8 million in losses to lenders, the U.S. Attorney's Office announced.

A former account executive sued the company claiming it did not follow its own "Firm 40" policy.

The misdemeanor plea deals for three co-defendants do not add to troubles for an upstate New York developer facing federal felony charges in what once was called a "wide-ranging mortgage fraud scheme."

Wells Fargo won an early round in a lawsuit accusing the bank of running a predatory mortgage lending scheme in the Atlanta area before the 2008 financial crisis and continuing to discriminate against minorities for more than a decade afterward.

The New Jersey-specific case could be a sign of how the combined effect of federal debt-collection rules and state regulations may further complicate a compliance-sensitive environment for the industry.