Mortgage Daily Logo
mortgage news from industry experts

Mortgage Employment Lawsuits Second-Quarter 2011 Mortgage Litigation Index

Mortgage Employment Lawsuits
Second-Quarter 2011 Mortgage Litigation Index

Employment lawsuits involving overtime, employment discrimination and employment contracts. Whistleblowers and WARN notice violation cases also.

 

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to StoryLink to Story
Quicken Loans, Inc. Tiyanna Knight et. Al. United States District Court for the Eastern District of Michigan n/a Class action suit brought by Quicken employees alleging Quicken instructed employees to misstate information on their timesheets so as to prevent the company from paying overtime. employment Knight v. Quicken Loans, Inc. 2:10-CV-1417-SJM-MJH 10/15/10 www.mortgagedaily.com/lawsuitquicken051011.asp
Cascade Mortgage Co. Robert Clausen et al United States District Court for the District of Minnesota n/a Class action by employees seeking unpaid overtime wages. Allegations that consultants were improperly classified as employees in violation of Fair Labor Standards Act. employment Clausen v. Cascade Mortgage Co. 0:2011-cv-00089 01/12/11 www.mortgagedaily.com/litigationemployment050211.asp
CTX Mortgage Co. LLC, Janet August, Lia Stites, Barbara Coles, James McKenna Charter Oak Lending Group Connecticut Appellate Court n/a Charater Oak (loan originator) alleges CTX induced Charter Oak employees to quit and take proprietary information to CTX. Appeals court reverses lower court judgment in favor of defendants. employment Charter Oak Lending Group v. CTX Mortgage Co. AC31303 03/22/11 www.mortgagedaily.com/litigationemployment050211.asp
Fannie Mae Caroline Herron United States District Court for the District of Columbia n/a Former employee alleges wrongful termination against Fannie Mae after raising criticism regarding Fannie Mae’s implementation of a home loan modification program implemented by the Treasury Dept. Motion to dismiss filed by Fannie Mae was denied. employment Herron v. Fannie Mae 1:10-cv-00943-RMC 06/08/10 www.mortgagedaily.com/litigationemployment050211.asp
Fidelity Capital Mortgage Brokers, Inc. Rebecca Waters Court of Appeals of California, Second Dist., Division One $100,000 Plaintiff obtained default judgment against Fidelity alleging she was fired after refusing to participate in loan fraud. Appeals court denied her request to increase amount of default judgment from 100k to 866k. employment Waters v. Fidelity Capital Mortgage Brokers, Inc. B224016 04/07/11 www.mortgagedaily.com/litigationemployment050211.asp
Kimberly A. Barnum, and mortgage department employees, Stewart P. McCaw, Lisa A. Musgrave, Carrie J. Swaniger and Marcie A. Lipscomb Huntington National Bank United States District Court for the District of Northern West Wirginia n/a Bank sues former employees for breaching non-competes and taking confidential information when leaving to start their own loan origination outfit. employment, leads Huntington National Bank, N.A. v. Kokoska 1:2011-cv-00063 04/25/11 www.mortgagedaily.com/mctlawsuithuntington050811.asp
Board of Governors of the Federal Reserve System National Association of Independent Housing Professionals, Inc. United States District Court for the District of Columbia n/a Trade Association withdraws lawsuit seeking to block implementation of Regulation Z employment, regulatory National Association of Independent Housing Professionals, Inc. v. Board of Governors of the Federal Reserve System n/a n/a www.mortgagedaily.com/litigationemployment050211.asp
Board of Governors of the Federal Reserve System; Ben S. Bernanke, Honorable, Chairman of the Board of Governors of the Federal Reserve System; Sandra F. Braunstein, Director, Division of Consumer and Community Affairs; and Board of Governors of the Federal Reserve System National Association of Mortgage Brokers; National Association of Independent Housing Professionals, Inc. United States Court of Appeals for the District of Columbia Circuit n/a In two consolidated lawsuits, the U.S. Court of Appeals for the District of Columbia Circuit lifted the stay on the loan officer compensation rule. Plaintiffs filed suit challenging the requirement that if a mortgage broker receives compensation directly from the consumer, then the loan originator in the transaction must be paid on an hourly basis and cannot receive a commission. compliance, employment, regulatory Nat’l Assoc. of Mortgage Brokers v. FRS, et al. 11-0507; 11-5079 03/31/11 www.mortgagedaily.com/LawsuitNamb040711.aspwww.mortgagedaily.com/LawsuitNaihp040611.aspwww.mortgagedaily.com/LawsuitBrokerVFed040511.aspwww.mortgagedaily.com/LawsuitBrokerVFedDenial040511.aspwww.mortgagedaily.com/LawsuitBrokerVFed040411.aspwww.mortgagedaily.com/LoCompRuleStay040111.asp
Leonid Shifrin United States United States District Court for the District of Colorado $4,700,000 Leonid Shifrin, a mortgage broker in Aurora, Colorado, who operated under the name Consumer Mortgage Group, admitted that he hid more than $4.7 million in loan commissions from the IRS. He could be sentenced to up to three years in prison. criminal, employment U.S. v. Shifrin n/a n/a www.mortgagedaily.com/LitigationCriminal041211.asp

 

 

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION