Rocket Mortgage is flexing its tech muscle with the launch of a platform that uses machine learning to pull important information from borrower documents during the underwriting process. According to Rocket, the new technology dubbed Rocket Logic will be used to scan and identify files uploaded by the borrower to “ensure clients are providing the
United Wholesale Mortgage on Tuesday clapped back at allegations made by Hunterbrook Media, again connecting the damaging report to industry rival Rocket, but this time singling out one of the authors of the piece as having worked for a brokerage that sourced loans from Rocket. In a message sent to its broker partners, the wholesale
A cyberattack in December compromised the sensitive data of 83,108 customers of Nations Direct Mortgage, the lender disclosed March 14. The Henderson, Nevada-based wholesale company revealed few details of the hack to its customers in notices shared with the Office of the Maine Attorney General. The one-day incident on December 30, 2023 came amid a
United Wholesale Mortgage is suing Ramon Walker, owner of brokerage Client Direct Mortgage and creator of a Facebook group dubbed “Rocket Pro TPO vs. UWM,” for trademark infringement and not paying an outstanding early payout balance of $124,011.37. In December, UWM sent a cease-and-desist, warning Walker that it was closely monitoring the Facebook group he
Freedom Mortgage says the Home Mortgage Disclosure Act’s accuracy requirement is “vague”, an argument it raised in a spat with a regulator over loan data submissions. The lender and servicer responded Monday to the Consumer Financial Protection Bureau’s federal lawsuit accusing Freedom of haphazard HMDA data submissions for 2020. The agency claims Freedom, in submitting
Academy Mortgage is accused of slow-walking its effort to inform customers of a data breach that took place in mid-2023, which has made them vulnerable to identity theft. A class action suit filed in the state of Utah by a former borrower alleges Academy lost control of its computer network and of highly sensitive personal
National Mortgage News is pleased to announce the launch of the 2024 Top Producers Survey. IMPORTANT: All entries MUST be completed by the individual loan officer or company representative. Unless noted, a response is required for all questions. Click here to access the online survey. The deadline for all submissions is 6 p.m. EST, Friday,
A string of attacks that hit high profile mortgage players in recent months demonstrate that cybercrime continues to be a pressing issue for the financial services industry, and a fourth quarter report reveals that the resulting risk of fraud is getting worse. There is usually an uptick in fraud at the end of the year
A class action suit filed in California accuses Loandepot of failing to implement adequate measures to protect its customer data. In early January, the lender and servicer reported some of its systems were brought down by a cyber attack, during which malicious actors gained access to the personal identifiable information of 16.6 million current and
Loandepot was hit by a cyberattack, the company announced Monday. The top-ranked mortgage lender “determined that the unauthorized third-party activity included access to certain company systems and the encryption of data,” per a filing with the Securities and Exchange Commission. As a result, it took some operations offline. The company did not provide specifics regarding