Mortgage industry giants loanDepot and Movement Mortgage are at the center of heated competition. loanDepot has accused its competitor of undercutting their business in a way that has substantially damaged their success. Reports indicate that in three months alone, Movement Mortgage poached over 25 of loanDepot’s employees and consequently forced their now-depleted branches to prematurely exit the market.
The alleged conduct of Movement Mortgage raises the question of unethical practices in an otherwise competitive business landscape. Reports of employee poaching are further exacerbated by the establishment of loanDepot’s branches being “effectively crippled” by the new influx of staff at the competing mortgage lender. The accusations have sparked a legal dispute between the two companies, with loanDepot taking the stance of protecting their business interests in a way that will ensure fairness and impartiality in the industry.
Key Points:
• loanDepot has accused its competitor Movement Mortgage of damaging their success
• Movement Mortgage hired 25 of loanDepot’s employees in three months
• The poaching forced the now-depleted branches of loanDepot to prematurely exit the market
• loanDepot is taking legal stance to protect their business interests and ensure fairness and impartiality in the industry
You can read this full article at: https://www.housingwire.com/articles/loandepot-sues-movement-for-poaching-los/(subscription required)
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