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loanDepot sues WCL, alleging illegal practices
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loanDepot sues WCL, alleging illegal practices
loanDepot is accusing West Capital Lending (WCL) of hiring hundreds of loan originators as independent contractors and paying them revenue splits — practices that loanDepot claims are illegal and enabled WCL to become one of the largest mortgage brokerages in the country in just three years. The lender sued the brokerage and its founders, Eric Hines and Daniel Iskander — the latter of whom worked at loanDepot between 2015 and 2019 as a productio…
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