Daily News and Information for the Mortgage Loan Originator
E-Loan to Pay Originators $13.6 Million in Overtime Wages
Thursday, January 25, 2007
- By Staff Writer, Originator Times
Although on-line lending giant E-Loan’s website claims “Expect Fairness,” apparently that didn’t apply to 506 originators that settled a class action suit against the lender claiming they were not paid overtime.
According to the East Bay Business Times, U.S. District Judge Susan Illston granted preliminary approval of the settlement on Jan. 11. The suit claimed that E-Loan did not pay the workers overtime or provide them with meal and rest breaks. The employees sold loans, prequalified borrowers and processed applications.
Although, according to published reports the lender claims they did nothing wrong they have agreed to pay the plaintiffs $13.6 million dollars.
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Countrywide to Settle Rosemead Call Center Employees Class Action The parties in a class action lawsuit concerning overtime pay, meal breaks, and other wage and hour claims have reached a settlement. The settlement calls for Countrywide Home Loans, Inc. to pay $30 million to settle the claims of a class of approximately 400 account executives who worked at Countrywide's California call center, during a seven-year period.
Commissioned Originators Entitled To Minimum Wage - Says Judge First National Lending Corp., a mortgage lending company, has been ordered to pay $186,100 plus interest in back wages and damages to 70 employees for minimum wage and overtime pay violations. At issue in the case was whether commissioned loan officers are exempt from minimum wage and overtime as "outside salespersons" under the Fair Labor Standards Act.
Washington Mutual Sued By Loan Originators Washington Mutual Inc. faces allegations by former loan originators in New York, California, and Illinois that the company violated labor laws by failing to pay minimum and overtime wages. One attorney for the originators said "The law does not allow employers to avoid paying overtime compensation to people who handle mortgages and loans on a strictly commission basis."
$239,000 Owed to Loan Originators Says Dept of Labor The U.S. Department of Labor has filed a lawsuit against Alliance Mortgage Group Inc., a national mortgage broker, and an affiliate alleging the company owes at least 200 loan officers more than $239,000 in back pay.
