Mortgage Consultants Claim Wells Fargo Owes Significant Unpaid Wages

Mortgage Consultants and Loan Officers for Wells Fargo Bank have recently filed a class action lawsuit alleging the national bank violated several aspects of the New York Labor Law (“NYLL). Due to the bank’s policies and practices, Mortgage Consultants were consistently unpaid minimum and overtime wages, commissions, agreed upon wages, and unlawful deductions. This lawsuit seeks to recover these unpaid wages and other damages under the NYLL.

Despite Wells Fargo promising its Mortgage Loan Officers, via an offer letter, that they would be paid an hourly wage, incentive pay (plus commissions), and overtime pay when working over 40 hours in a workweek, the company consistently found ways to deny them pay they rightfully earned. For example, Mortgage Loan Officers’ guaranteed hourly pay was carried over to the following month and then improperly recaptured by Wells Fargo and treated as a draw against commission in violation of the NYLL. Additionally, Mortgage Consultants were required to not report all of their hours worked and spend significant time working off the clock completing assignments and attending mandatory meetings. Time worked outside of normal business hours included but were not limited to: making and receiving phone calls and e-mails, processing loan applications and other paper work, as well as attending training, compliance, and sales meetings all without any compensation. The bank also failed to take into account all forms of compensation when calculating the overtime rate when working over 40 hours per week and often unlawfully deducted from earned commissions and arbitrarily reduced commission percentages.

Fitapelli & Schaffer, LLP strongly stands behind these hard working employees and believe they are entitled to their rightfully earned pay under the law. Affected positions in this matter that worked for Wells Fargo between March 6, 2014 and the present include Home Mortgage Consultants, Home Mortgage Consultants, Jr., Private Mortgage Bankers, and Private Mortgage Bankers, Jr.. If you’ve worked for Wells Fargo Bank in one of the above mentioned positions or in a similar job title, do not hesitate to call us at (212) 300-0375 to see if this matter may affect you. Additionally, if you work in this industry and are experiencing similar violations, call us now for a free and confidential phone consultation at (212) 300-0375 or visit our site for more information.

You may also view the filed complaint here.