The 15 ex-employees that have given sworn statements struggled to obtain Quicken mostly during 2004-2007, during the height for the home loan growth.
A Minneapolis lawyer has filed four lawsuits that are overtime-related hundreds of ex-employees. 1st one set to attend test involves workers whom worked for Quicken within the earliest duration covered by the cases. 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 assured salary and a substantial settlement plan. ” She stated the business relied on guidance through the U.S. Department of work in determining they don’t qualify for overtime pay. The company has said, they are salaried and commissioned workers who are exempt from overtime laws because the employees provide expert financial advice to borrowers in much the same way that stock brokers advise investors.
To undercut this type of thinking, the ex-employees’ solicitors have argued that the company’s loan consultants aren’t taught to provide good advice, but alternatively to govern and mislead.
In court documents, some previous workers state Quicken targeted vulnerable borrowers for discounts that they didn’t desire or require.
Nicole Abate, that loan consultant for Quicken in 2004 and 2005, stated supervisors shared with her to push adjustable price mortgages, referred to as ARMs in industry parlance. She recalled offering that loan to an individual that has cancer tumors and required cash to cover medical bills: “I may have provided him a house equity personal credit line to pay for these bills but, rather, we offered him an interest-only ARM that re-financed their whole home loan.Details