Overtime Pay Complaints » Mortgage Lenders In The News

Mortgage Broker Overtime

Administrator — Fri, 07 Mar 2008 18:13:20 +0000

The Wall Street Journal Law Blog wrote in “Mortgage Brokers: Give Us Our Overtime!” that the US Department of Labor filed an overtime suit on behalf of mortgage brokers in federal court alleging that a mortgage broker violated the Fair Labor Standards Act by paying its employees overtime below federal standards.

According to the WSJ, the FLSA, enacted in 1938, allows employees to earn time-and-half if they work more than 40 hours per-week. Although the law exempts certain salaried employees and managers, brokers, who are often paid on a commission basis, often qualify for federal protection.

If you were employed by a mortgage broker (i.e., loan officer, loan processor, loan consultant, loan broker, loan representative, account executive, loan specialist, loan originator, etc.) and you believe that your mortgage broker has not paid you all of the overtime pay, hourly wages, salary and other benefits that you believe your mortgage broker owes you, tell us your story!

-Report Unpaid Mortgage Broker Overtime & Wages-

CountrywideDirt.com “Exposing Countrywide”

Administrator — Fri, 12 Oct 2007 03:28:29 +0000

Countrywide Dirt.com is looking for employees and customers to send him “dirt” on Countrywide Home Loans, if you are interested.

Feel free to also post your Countrywide Home Loans experiences below. Have you been wronged by Countrywide? Want to talk about?

List of Recent Mortgage Closures, Mergers and Layoffs

Administrator — Mon, 08 Oct 2007 19:40:02 +0000

The Truth About Mortgage.Com in a List of Recent Mortgage Closures, Mergers and Layoffs provides a growing list of mortgage companies consolidating, laying off employees, sending out warnings, and going out of business in the current mortgage meltdown.

According to the author, it has been reported that there have been more than 40,000 mortgage layoffs since the beginning of the year.

According to the website, the list was last updated on October 5, 2007 and includes the
latest updates:

“Miami Valley Bank shut down
Market Street Mortgage winding down operations
Option One buyout in jeopardy
WaMu laying off 50 in Capital Markets
Countrywide closes 12 loan fulfillment centers
Encore Credit merging with Bear Stearns Residential Mortgage
Bear Stearns layoffs
Credit Suisse announces 170 more layoffs
Frost Mortgage partners with First Houston
Greenpoint Mortgage ceasing commercial loan origination Oct. 5th
Morgan Stanley cuts 600 mortgage jobs”

Countrywide Financial Announces Massive Employee Layoffs

Administrator — Thu, 04 Oct 2007 20:48:16 +0000

On September 8, 2007, the New York Times reported in Countrywide Plans To Cut Staff Deeply that Countrywide Financial, the nation’s largest mortgage lenders, said that it would be eliminating between 10,000 to 12,000 jobs, roughly 20% of its 60,000 workers.

That would be the biggest round of layoffs in the housing industry.

Are you one of the loan officers, processors, consultants, originators or other mortgage loan employees that will be or has been affected by the layoff?

If so, let us know!