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A lawsuit filed by loanDepot in 2023 accused Movement Mortgage of illegally luring away 25 employees over a three-month period in 2021.
Originators Left To Deal With The Fallout
Abarca most recently served as Executive Vice President of Lending Operations.
FHA mortgagees experiencing a potential or actual cyberattack must notify HUD within 12 hours.
Originator reports a quarterly net loss of $72 million on revenues of $223 million as first-quarter origination volume declines 8% year over year.
Net losses for the fourth quarter totaled $59.8 million – a 43% jump from the third quarter “primarily due to revenues decreasing more than the decrease in expenses.”
