Pay Dispute Shines Light on Lending Tactics

Pay Dispute Shines Light on Lending Tactics

The 15 ex-employees that have offered sworn statements struggled to obtain Quicken mostly during 2004-2007, during the height for the home loan growth.

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

A spokeswoman stated Quicken’s loan consultants enjoy “a fully guaranteed salary and a good settlement plan. ” She stated the 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, they have been salaried and commissioned workers who will be 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, said supervisors informed her to push rate that is adjustable, referred to as ARMs in industry parlance.