The 15 ex-employees that have provided sworn statements worked for Quicken mostly during 2004-2007, in the height regarding the home loan growth.
A Minneapolis lawyer has filed four overtime-related lawsuits involving a huge selection of ex-employees. The first one set to visit test involves employees who worked for Quicken into the earliest duration included in the instances. The plaintiffs’ attorneys won’t begin putting proof on the record within the cases involving more modern workers before the older situation gets its time in court.
A spokeswoman stated Quicken’s loan consultants enjoy “a guaranteed in full salary and a large payment plan. ” She stated the business relied on guidance through the U.S. Department of work in determining they don’t qualify for overtime pay. As the workers offer expert economic advice to borrowers in very similar means that stock agents advise investors, the business has stated, they’ve been salaried and commissioned employees who will be exempt from overtime regulations.
To undercut this type of thinking, the ex-employees’ solicitors have actually argued that the company’s loan consultants aren’t taught to provide solid advice, but instead to govern and mislead.
In court documents, some former employees state Quicken targeted vulnerable borrowers for discounts which they didn’t wish or require.
Nicole Abate, that loan consultant for Quicken in 2004 and 2005, stated supervisors shared with her to push rate that is adjustable, referred to as ARMs in industry parlance. She recalled selling that loan to a person who’d cancer and required cash to cover medical bills: him a home equity line of credit to pay these bills but, instead, I sold him an interest-only ARM that re-financed his entire mortgage“ I could have offered.