R
ready2retire
Guest
What is the name of your state? Virginia
I worked as a loan officer for a mortgage broker and my salary was commission only. The agreed commission split of broker fees was 55% for self-generated leads and 35% for company generated leads. Without notice, the broker started taking an additional 10% as a "Training Fee" from all the loan officers' splits. When I questioned the broker if this practice was ethical, he fired me. I had a loan scheduled to close in a couple of days and the broker had the client come in and re-sign the loan application. The loan has since dispursed and I have received no compensation. The broker will not return my calls. I've contacted the SCC but they cannot assist me because they don't get involved in employer/employee disputes. What recourse do I have?
I worked as a loan officer for a mortgage broker and my salary was commission only. The agreed commission split of broker fees was 55% for self-generated leads and 35% for company generated leads. Without notice, the broker started taking an additional 10% as a "Training Fee" from all the loan officers' splits. When I questioned the broker if this practice was ethical, he fired me. I had a loan scheduled to close in a couple of days and the broker had the client come in and re-sign the loan application. The loan has since dispursed and I have received no compensation. The broker will not return my calls. I've contacted the SCC but they cannot assist me because they don't get involved in employer/employee disputes. What recourse do I have?