home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


New Century Discloses 2 Class Action Filings

Lender named as defendant in Illinois, New Jersey cases

June 18, 2004

By SAM GARCIA


Two class action lawsuits have been filed against New Century. A New Jersey case accuses the company of RESPA, TIL and state violations while another case in Illinois alleges violations of that state's high rate loan laws.

New Century Financial Corp. reported the lawsuits in a FORM 8-k filing with the Securities and Exchange Commission (SEC).

The first case was filed by Joseph and Emma Warburton, as plaintiffs, in a U.S. District Court in New Jersey, the Irvine, Calif., holding company said in the filing.

New Century reported in the filing that the complaint, which also names subsidiary New Century Mortgage Corp., alleges RESPA (Real Estate Settlement Procedures Act) violations, TIL (Truth in Lending Act) violations and New Jersey Consumer Fraud Act violations.

Also named as defendants were Foxtons Inc., Foxtons North America, Foxtons Realtor and Foxtons Financial Inc., according to the FORM 8-k. Foxtons, acting as the plaintiff's broker, allegedly charged fees and received a yield spread premium without disclosing the same to the plaintiffs until the time of closing, the SEC document said.

The class includes New Jersey customers of Foxtons.

The second class action lawsuit was filed in Illinois, the litigation update said. Defendant New Century Mortgage allegedly violated Section 4.1a of the Illinois Interest Act by charging more than 3 points on loans with an interest rate of 8% per annum or higher, the company reported, and violated state law by improperly charging certain fees and taxes.

Also named as a defendant in the Illinois case was Nations Title Agency of Illinois Inc., according to the filing. That class reportedly includes New Century's Illinois borrowers.

The plaintiff in the Illinois case is Kristi Lyn Randall, New Century reported.

Banking behemoth Wells Fargo Financial was named as a defendant in an unrelated class action lawsuit filed on behalf of Illinois borrowers by consumer advocate organization ACORN. That case also claims violations of Illinois' lending law because of fees that exceeded 3%. ACORN said Wells could wind up paying twice the finance charge on the loans.


Sam Garcia has been in mortgage lending since 1980, and is publisher of MortgageDaily.com and MortgageChronicle.com.

email: [email protected]



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders