An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Did you miss out on HousingWire Annual? We have you covered! Join us virtually on October 25 for a chance to see hand picked sessions from our in-person HousingWire Annual in Frisco. Register now for FREE!

How brokers can help today’s unique borrower

The average borrower has drastically changed throughout the years. More borrowers are self-employed, work remotely and have multiple streams of income. Learn about the tools to assist any borrower quickly and effectively.

Experts on how AI makes a difference in the mortgage process

Today’s HousingWire Daily features a roundtable discussion on “Humans versus really smart machines” and what the right mix looks like to gain efficiencies in the mortgage loan manufacturing process.

Politics & MoneyMortgage

LoanDepot sued 7 LOs after they left for a rival

Ex-employees allege lender had illegal commission structure and used names of former employees to communicate with customers

Anthony Hsieh
LoanDepot CEO Anthony Hsieh

After an origination team departed loanDepot in April of this year, loanDepot slammed the seven ex-employees and their new employer, CrossCountry Mortgage, with a lawsuit alleging they “hatched and implemented a scheme to loot loanDepot’s business.”

The Orange County, California-based retail lender, led by CEO Anthony Hsieh, in a lawsuit filed in San Diego Superior Court in June, alleged that the seven employees — the Meredith-Rogers team¸— stole client lists and funneled business away from loanDepot to one of its rivals, CrossCountry Mortgage.

In its May lawsuit, loanDepot alleged that after the “mass exodus” of the employees, an internal investigation revealed a “coordinated, premeditated and illicit plan” to lure its employees away, and “systematically begin the transfer of an entire existing pipeline of loans originated at loanDepot to CrossCountry Mortgage.”

LoanDepot sought a jury trial, a temporary restraining order, a preliminary injunction, compensatory, punitive, economic and consequential damages, and royalty for alleged misappropriation of trade secrets.

The court denied loanDepot’s request for the restraining order. Instead, it required the lender to conference with its ex-employees and reach an agreement for a preliminary injunction.

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    Fannie Mae: Mortgage rates and home prices will rise in ’22

    Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

    Oct 15, 2021 By

    Latest Articles

    Forbearance heading one direction: down

    Forbearance declined across the board this week as government agencies and industry stakeholders chart a path out of forbearance and into loss-mitigation.

    Oct 18, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please