Lender Toolkit has recently filed a breach of contract lawsuit against Celebrity Home Loans and MLD Mortgage, claiming that Collectively, the two lenders owe about $235,000 to the vendor.
The case focuses on a contract between the lender and Lender Toolkit, which provided proprietary software for mortgage origination, compliance, and risk management. The vendor alleges that the lenders used the software without paying the necessary fees for several years. The vendor contends they sent invoices to the lenders before bringing the case and are now demanding payment in full, plus the right to use the software.
Key Points:
• Lender Toolkit filed a breach of contract lawsuit against Celebrity Home Loans and MLD Mortgage
• Collectively, the two lenders owe nearly $235,000
• Lender Toolkit provided proprietary software for mortgage origination, compliance, and risk management
• Vendor alleges clients used software without paying necessary fees
• Invoices sent for payment before bringing case
• Vendors demanding payment in full, plus the right to use the software
You can read this full article at: https://www.housingwire.com/articles/mortgage-tech-firm-lender-toolkit-sues-two-lenders-for-nonpayment/(subscription required)
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