Pay Dispute Shines Light on Lending Tactics

Pay Dispute Shines Light on Lending Tactics

The 15 ex-employees that have provided sworn statements struggled to obtain Quicken mostly during 2004-2007, in the height associated with the mortgage growth.

A Minneapolis law practice has filed four overtime-related legal actions involving hundreds of ex-employees. 1st one set to visit test involves workers whom worked for Quicken into the period that is earliest included in the instances. The plaintiffs’ attorneys won’t begin putting proof on the record when you look at the cases involving more modern workers before the older situation gets its time in court.

A spokeswoman stated Quicken’s loan consultants enjoy “a fully guaranteed salary and a nice payment plan. ” She said the business relied on guidance through the U.S. Department of work in determining they don’t be eligible for overtime pay. Since the workers offer expert monetary advice to borrowers in quite similar means that stock agents advise investors, the business has stated, they’ve been salaried and commissioned employees that are exempt from overtime legislation.

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.

In court documents, some previous workers state Quicken targeted vulnerable borrowers for discounts which they didn’t wish or require. (más…)