loanDepot Sues West Capital Lending
loanDepot accuses West Capital Lending (WCL) of illegal hiring practices and data theft, seeking injunctive relief and damages.
loanDepot claims WCL hired hundreds of loan originators as independent contractors and paid them revenue splits, which are allegedly illegal practices.
- WCL's practices enabled the company to become one of the largest mortgage brokerages in the country in just three years.
- The lawsuit targets WCL and its founders, Eric Hines and Daniel Iskander, who worked at loanDepot between 2015 and 2019 as a production manager.
loanDepot alleges that WCL poached hundreds of employees and misappropriated trade secrets and leads in violation of federal and state laws.
A spokesperson for WCL did not immediately respond to HousingWire’s request for comment.
Author's summary: loanDepot sues WCL over alleged illegal practices.
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