Washington Mutual Inc., Seattle, is being sued in U.S. District Court in Brooklyn, N.Y., by three former employees alleging that the mortgage banker violated the federal Fair Labor Standards Act by not paying them the minimum wage and overtime.The three plaintiffs, Dewone Westerfield of Grand Rapids, Mich., Charlotte Machado of Trussville, Ala., and Patricia Kemesies of East Islip, N.Y., worked at different locations, but all maintain that they worked in excess of 40 hours a week with no overtime. The plaintiffs allege that, if the loans they handled were not approved, they received no pay for the long hours they worked, and that this practice violates the minimum wage law, according to the attorneys that filed the suit, Nichols Kaster & Anderson PLLP of Minneapolis and Outten & Golden LLP of New York. Alan Gulick, a spokesman for WaMu, said the company has not yet seen the lawsuit. "However, we believe our compensation practices are fair and ethical, and we will vigorously defend our company against the allegations made," he said. Nichols Kaster & Anderson has a website, http://www.overtimecases.com, that lists 10 other active cases against nine mortgage lenders.
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The government-sponsored enterprise oversight chief said his agency is focusing on select fees applied to mortgages that lenders sell to Fannie and Freddie.
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Fast tracking closing and funding is the critical differentiator among lenders, the 2026 Mortgage-Home Equity Scorecard report from Keynova found.
August 20 -
Close to one in four homeowners are currently making additional payments toward their mortgage principal beyond the monthly amount due, according to Rocket.
August 20 -
The latest investor statements show the persistence of a trend in which one vintage has a higher rate of distress than others, Morningstar DBRS finds.
August 20 -
The annualized new single-family home sales pace, an indicator of the U.S. Census Bureau's New Residential Sales report, declined in three of the last four months.
August 20 -
Despite Treasury intervention to calm bond yields, persistent deficit pressure continues to trap mortgage rates, keeping application volume flat and squeezing origination revenue.
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