Mortgage Litigation; Real Estate Finance Lawsuits from MortgageDaily.com
DALLAS, Mar. 20 /PRNewswire/ — No facts exist to support allegations outlined in a Utah lawsuit that Ameriquest Mortgage Co. took advantage of an elderly woman, an Ameriquest spokesman told MortgageDaily.com, a dominant online news source for the mortgage industry.
The Utah woman claims after she contacted Ameriquest about getting a $4,000 loan, two representatives came to her house unannounced at 10:30 p.m. and, with only one light in the house working, convinced her to get a mortgage. But instead of a small, low-interest loan, the plaintiff said she was prodded into a $60,000 loan at much worse terms than she could have gotten elsewhere.
A federal judge has ordered that a lawsuit filed on behalf of seven loan officers who claim that First Horizon Home Loan Corp. did not pay them overtime can proceed as a nationwide collective action. The lawsuit alleges First Horizon violated federal law by failing to pay overtime wages to loan originators. First Horizon has contended in court documents that it did not have to pay overtime to its loan originators because they are exempt from federal overtime provisions.
In another wage lawsuit, Ohio mortgage broker Rodney K. Cotner and his two companies were sued by the Department of Labor over claims he failed to pay some sales agents minimum wages, failed to pay overtime and failed to maintain accurate records. They were all paid on a commission basis and received no pay during periods when no loans were closed.
But Cotner told MortgageDaily.com he is unfairly being singled out as his pay practices for loan officers mirror what others in the other industry are doing — and he has vowed to fight the action.
Ocwen Loan Servicing said it is filing a motion requesting that a trial judge either set aside a $1.8 million verdict or grant a new trial. The case involves a $31,000 home improvement loan the borrower was unable to keep current.
Read complete mortgage lawsuit coverage, including archives back to 2002, at https://www.mortgagedaily.com/Legal.asp
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