Guaranteed Rate Affinity (GRA), a mortgage originator and broker, is making legal steps to recoup money from former loan originators who have breached their contracts. GRA is accusing these individuals of failing to pay back signing bonuses and compensation which had been advanced to them.
GRA is looking to collect these funds from the loan originators, and in some cases, their employers. By filing a lawsuit, GRA looks to enforce the contracts the originators had signed, which dictate that any advanced payments must be paid back in the event of their departure.
Most notably, GRA seeks to recoup both bonuses and commissions under the terms of the contract, regardless of the circumstances or time-frame under which the originator separated from GRA. They are looking to set a precedent and regulatory structure that protects them as a company, preventing any future breach of contracts while seeking resolution for the current cases in litigation.
• GRA is a mortgage originator and broker that is taking legal steps to recover money from former loan originators
• Suing individuals, as well as their employers in some cases, for not paying back advanced signing bonuses and commissions
• Enforcing contracts which dictate that any advanced payments must be paid back in the event of their departure
• Looking to recoup both bonuses and commissions from the loan originators, regardless of the circumstance or timeframe of departing from GRA
• Working to set a precedent and regulatory structure that protects them from future breach of contracts
You can read this full article at: https://www.housingwire.com/articles/guaranteed-rate-affinity-sues-former-originators-over-advanced-compensation/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.