Despite Clarifications, Disputes Still Rage Over Loan Originator Wages and Overtime
June 15, 2006
Disputes over loan officer compensation continue to plague the mortgage industry and may be spreading despite the federal government’s recent efforts to clarify the rules. Three former Washington Mutual loan officers filed the most recent complaint in New York federal court. The “home loan consultants” had worked at three WaMu offices and claimed the company denied them wages for work done on loans if those loans did not close. …