General World News

New Wave sues Sprout for defaulting $32M loans purchase

California-based wholesale/correspondent lender New Wave Lending Group filed a lawsuit against Sprout Mortgage, accusing the company of defaulting on a pool of $32 million in loans it agreed to purchase. 

Sprout has been sued by former employees, vendors and business partners since it shut down its operations in early July, laying off its entire staff without severance or their last paychecks. 

New Wave filed the lawsuit Monday in the U.S. District Court of Southern District of New York against Sprout Mortgage and Sprout Mortgage Asset Trust for fraud, breach of details ⇒

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