Pay Dispute Shines Light on Lending Tactics

Pay Dispute Shines Light on Lending Tactics

The 15 ex-employees who possess offered sworn statements struggled to obtain Quicken mostly during 2004-2007, during the height of this home loan growth.

A Minneapolis attorney has filed four overtime-related legal actions involving a huge selection of ex-employees. 1st one set to attend test involves workers whom worked for Quicken into the period that is earliest included in the instances. The plaintiffs’ attorneys won’t start evidence that is putting the record within the cases involving more recent workers before the older situation gets its time in court.

A spokeswoman said Quicken’s loan consultants enjoy “a fully guaranteed salary and an ample settlement plan. ” She stated the ongoing business relied on guidance through the U.S. Department of work in determining they don’t be eligible for overtime pay. Considering that the workers offer expert monetary advice to borrowers in quite similar method in which stock agents advise investors, the business has stated, these are generally salaried and commissioned employees who are exempt from overtime laws and regulations.

The ex-employees’ attorneys have argued that the company’s loan consultants aren’t trained to provide advice, but rather to manipulate and mislead to undercut this line of reasoning.

Some former employees say Quicken targeted vulnerable borrowers for deals that they didn’t want or need in court papers.

Nicole Abate, that loan consultant for Quicken in 2004 and 2005, stated supervisors informed her to push rate that is adjustable, referred to as ARMs in industry parlance. Continue reading “Pay Dispute Shines Light on Lending Tactics”