HECM Product; Lender Disaster News; U.S. Economy Advancing

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Posted To: Pipeline Press

HMDA data tells us that California accounted for 21% of residential loan volume in 2017, and 23% in ’16. It’s a big market. Thus, the industry is following a ruling that Wells Fargo must pay $97 million to California home mortgage consultants and private mortgage bankers due to the state’s labor laws. A federal judge ruled that the money they were entitled to work breaks ) should be based not just on their hourly pay but also on their commissions. Wells Fargo’s SVP of Consumer Lending Communications Tom Goyda wrote to me. “All of the parties in the lawsuit agree that Wells Fargo provided rest periods for its HMCs and PMBs, as required by state law. What’s in question is if they were appropriately compensated for those rest periods . Overall, we believe Wells…(read more)

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