$186,000 Originator OT Judgment Against Ohio Co.

[Veronica Corningstone]

First National Lending Corp. has been ordered by a federal trial judge to pay $186,100 to its current and former loan officers because it violated federal law by paying them commissions only. But a recent ruling by the Department of Labor has the owner's attorney scratching his head over how to make the best use of the federal agency's flip-flop on the proper pay structure for mortgage brokers.

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[Greg]

You guys Ohio brokers are all being investigated for this. The one I used to work for was hit and folded in a chapter 11 converted to a 7.

The way shops are trying to get around it is by saying you are outside sales.

[brendo927]

That ain't goin to fly greg if these companies are so shady......usually there are doing other illegal things. All a LO has to do is go to the DOL and the broker usually get scared of an audit. Every LO should follow their loans all the way through closings and record just basic information and you will have a very strong case against these chop shops. I got my money.

[brendo927]

And use proper grammer and spellin because mine sucks. lol