Movement and Summit settle trade-secrets lawsuits

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1. Movement and Summit settle trade-secrets lawsuits

Movement Mortgage and Summit Funding have reached a settlement in a two-year legal battle over alleged employee poaching, trade-secret theft and corporate espionage, court filings show.

The South Carolina-based lender sued Summit and three former executives in October 2023, accusing them of improperly soliciting staff and misappropriating confidential data; Summit’s president, Todd Scrima, was added in a separate December suit.

On April 29, the parties notified a North Carolina federal court that they had agreed “in principle” to resolve all claims, though terms remain under wraps.

2. Fannie/Freddie both report Q1 gains

Both Fannie Mae and Freddie Mac have reported their earnings for the first quarter of 2025, marking gains in net income for both government-sponsored enterprises (GSEs).

• For Q1 of 2025, and as of March 31, 2025, Fannie Mae reported a net income of $3.7 billion, as the GSE’s net worth reached $98.3 billion.

• Freddie Mac reported $2.8 billion of net income. The increase in net income helped drive the GSE’s net worth to $62.4 billion.

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3. More Nuggets

🔊 The housing market has new rules. Realtors are evading them. (NYT)

📊 Mortgage rates get more treacherous. (Axios)

🤝 AmeriHome, Snapdocs partner to expand eNote adoption. (Snapdocs)

💳 Sit back, relax, and let your credit card run your errands. (TechCrunch)

🧯 Movers still flocking to wildfire prone areas. (RealtyTimes)

🚨 Coach’s Corner

Its Not Your Rates, it’s this…

We all think we are losing files over rate which is true at times, but this is the bigger issue! (Video)

— Dave Krichmar CEO

4. Housing inventory for sale compared to pre-pandemic levels: Shift between April 2019 and April 2025

At the end of April 2025, 9 states are above pre-pandemic 2019 active inventory levels: Arizona, Colorado, Florida, Idaho, Hawaii, Tennessee, Texas, Utah, and Washington.

5. UWM selects ICE to power in-house loan servicing

United Wholesale Mortgage will end its subservicing deal with Mr. Cooper Group—spurred by Mr. Cooper’s $9.4 billion sale to Rocket Mortgage—and bring servicing fully in-house.

UWM has selected ICE’s MSP platform and will temporarily route new loans through Cenlar FSB before switching entirely to its own system. By owning its servicing operations, UWM aims to cut costs and deepen brokers’ relationships with borrowers.

The ICE-UWM collaboration also includes a homeowner portal, offering borrowers a streamlined experience throughout the loan lifecycle. Features include access to hardship assistance, support tools, lien release processing, and API integrations to enhance operational efficiency.

Related: UWM accused of mismanaging 401(k) assets in class action lawsuit.

☀️ You’re all caught up. See you on Monday!

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