Maryland judge rejects loanDepot effort to toss LO comp lawsuit
A federal judge in Maryland has denied loanDepot’s bid to dismiss a proposed class-action lawsuit that accuses the lender of violating federal loan officer compensation rules and steering borrowers into higher-rate mortgages.
A federal judge in Maryland has denied loanDepot’s bid to dismiss a proposed class-action lawsuit that accuses the lender of violating federal loan officer compensation rules and steering borrowers into higher-rate mortgages.
BELLINGS Intelligence Score: 28
Why it matters
The denial of loanDepot's motion to dismiss a class-action lawsuit over loan officer compensation rules is a notable legal development in mortgage lending compliance, potentially affecting lender practices and regulatory scrutiny, but it is not a systemic or market-wide event.
Sources
HousingWire
Maryland judge rejects loanDepot effort to toss LO comp lawsuit
A federal judge in Maryland has denied loanDepot’s bid to dismiss a proposed class-action lawsuit that accuses the lender of violating federal loan officer compensation rules and steering borrowers into higher-rate mortgages.