Lending News
Lender Meltdown brings you banking and mortgage lending news from the US and the world! We focus on mortgage lending news and insight from the US and from around the world. Information you need to know before making financing your next home or real estate transaction. We bring you news and information from industry insiders and sources that the mainstream financial media doesn't. Lender Meltdown also has boots on the ground. These "boots on the ground" give us daily and weekly updates of what is going in the field. Our contributors have decades of experience in lending and real estate. That experience gives us the advantage of being able to give information in plain English without all the industry technobabble and industry jargon.
Zillow Home Loans Launches 1% Down Mortgages
Zillow Home Loans Launches 1% Down Mortgages In An Attempt To Compete With Rocket And UWM Zillow Home Loans announces it is launching a 1% Down Payment program. The new Zillow program would allow eligible first-time home buyers to pay as little as 1% down on their next home purchase. Right now, Zillow is only…
AmeriFirst Financial Files For Bankruptcy
AmeriFirst Financial Files For Bankruptcy Less than Two Months After The Resuming It’s Forward Origination Business Retail lender AmeriFirst Financial filed for Chapter 11 bankruptcy protection in Delaware. The Amerifirst Financial bankruptcy comes just two months after the company resumed it’s forward mortgage origination business. Amerifirst Financial relaunched its forward mortgage origination business in June….
Mortgage Payments Increased 17% Annually In July
The Mortgage Bankers Association Says Mortgage Payments Increased 17% Annually As Homebuyer Affordability Becomes More Challenging The Mortgage Bankers Association says homebuyer affordability remained unchanged in July from June. However, mortgage payments increased 17% from last year. The MBA’s Purchase Applications Payment Index (PAPI) measures how new monthly mortgage payments vary across time. The index…
Bank of America Has Prevailed In Ghetto Loans Lawsuit
Bank of America Has Prevailed In The Cook County Ghetto Loans Lawsuit As 7th Circuit Court of Appeals Rules In It’s Favor Bank of America has prevailed in a ghetto loans lawsuit brought against it by Cook County, Illinois. Cook County sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago…
Freedom Mortgage Spanked By CFPB
Freedom Mortgage Spanked By CFPB To The Tune Of $1.75 Million For Illegal Kickbacks To Realtors Last week, Freedom Mortgage was spanked by the CFPB to the tune of $1.75 million. The CFPB say Freedom Mortgage paid kickbacks to real estate brokers in exchange for mortgage loan referrals. The CFPB said Freedom provided real estate…
Romspen Investment Corp. Sues Fake Real Estate Tycoon
Canadian Lender Romspen Investment Corp. Sues Fake Real Estate Tycoon Caroline Weiss For Foreclosure After Throwing $21.3 Million At Her Are you an inexperienced real estate developer who is being sued for fraud by your own daughter and need a $21.3 million dollar loan? Well, we have perfect lender for you! Yes, Canadian lender Romspen…
New LoanDepot Shareholder Lawsuit Filed
LoanDepot Shareholder Lawsuit Alleges Investor Deception and Breach of Fiduciary Duty Plague The Mortgage Firm LoanDepot is facing another shareholder lawsuit. Plaintiffs in the latest LoanDepot shareholder lawsuit filed it in Delaware. Plaintiffs allege that investors were misled before its 2021 initial public offering (IPO). This is the latest in a series of legal complications…
Rocket Mortgage Is Offering A Third Round Of Voluntary Buyouts
Rocket Mortgage Is Offering 12 and 24 Weeks Of Pay In A Third Round Of Voluntary Buyout Offers Rocket Mortgage is offering another round of buyouts to its employees. The buyout follows two rounds from last year. Those buy outs resulted in a workforce reduction of about 30% last year. Rocket is offering between 12…
US Bank Imposes More Mortgage Layoffs
US Bank Imposes More Layoffs Claiming It Is Reducing Resources In Areas That Continue To Be Slow US Bank imposes more layoffs and has told media sources that the layoffs in its mortgage division will happen this week. The announcement follows a decline in its mortgage originations in the first quarter of 2023. US Bank…
Latino Wells Fargo Employees Accuse Bank Of Anti-Latino Bias
Here We Go Again! Latino Wells Fargo Employees Accuse Bank Of Anti-Latino Bias In A Predatory Lending Scheme A group of current and former Latino Wells Fargo employees has filed a federal lawsuit against Wells Fargo. The employees from the company’s bilingual mortgage sales team are alleging race-based discrimination. The suit alleges: “Wells Fargo forces…