Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
-Guaranteed Rate is pushing back strongly against an expose published in the Chicago Tribune that claims the company cultivated a toxic workplace culture rife with sexual harassment and retaliation, calling the article “a hit piece.” At least one former loan officer is currently suing the company over alleged gender discrimination and other misconduct, according to National Mortgage News.
-Another major lender is also in hot water, with a former employee of Crosscountry suing the company for allegedly refusing to pay overtime in violation of federal law, according to National Mortgage News. The employee is seeking class-action status for the lawsuit.
-And from the regulatory side, Freedom Mortgage is facing a different set of controversies and allegations, as the CFPB announced it would seek almost $4 million in penalties after the company repeatedly submitted “error-riddled” data to the federal government over nearly a decade. Freedom is a “repeat offender” based on new CFPB definitions, having previously been cited for making up sex, ethnicity and gender information.
-CoStar added a major heavyweight to its leadership team this week as the company announced that Chris Lown, who until recently served as EVP of Freddie Mac and also held roles at Morgan Stanley, will join the real estate conglomerate as chief financial officer. CoStar CEO Andy Florance described Lown’s experience in corporate finance as “unparalleled.”
–Mortgage rates are on a downward trend, according to the latest data from Freddie Mac, with the 30-year fixed below 7% again. Economists continue to predict rates won’t fall significantly, however, until the Federal Reserve begins cutting its funds rate—likely not until 2025.
