A class-action lawsuit filed in Maryland accuses mortgage lender loanDepot of violating federal loan officer (LO) compensation rules and steering borrowers into higher-rate loans to boost its financial performance ahead of its 2021 initial public offering (IPO). 

The lawsuit describes a “sophisticated, years-long scheme” around the falsification of internal documents and federal disclosures to maximize profits at the expense of borrowers and LOs. A spokesperson for the company declined to comment to HousingWire. 

loanDepot has been challenged in court since its IPO. The lender prevailed in a case brought by details ⇒

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