Osment, along with other former employees, including loan officer Ron Hankins, underwriter Natalie Boyd and loan processor Christine Mastrolili, allege that they have used inadequate housing for personal gain, according to the complaint. He followed loan-financing practices and lied to Mr. Lower that he was doing so, he said.
The former employees allegedly illegally agreed to have Lower issue high-risk loans while willfully ignoring that at least 13 of its borrowing customers did not meet Lower’s loan eligibility criteria. Lower argued.
The complaint alleges that the former employees committed “serious misconduct” in order to earn more money from Lower than they would have had to pay had Lower not issued the high-risk loans. It is said that
“As a direct and direct result of Mr. Osment, Mr. Hankins, Mr. Boyd, and/or Mr. Mastroligli’s fraud and conspiracy to commit fraud, Mr. Lower suffered economic losses and other damages in excess of $4 million. ‘ said the lawsuit. .
Osment operates Oz Lending as AmCap’s DBA, and in the complaint he posted portions of customer reviews that misleadingly portrayed past customer successes as a result of Osment’s relationship with AmCap. claims to have done Osment and Oz Lending were associated with Lower. ”
To date, Lower argued, Osment and AmCap have not returned Lower’s confidential information and trade secrets.
“Rather, Mr. Osment violated the contract by improperly retaining and using Lower’s confidential information and trade secrets to seek the benefit of Lower’s customers for himself and AmCap.”
Mr. Osment’s employment contract includes a non-solicitation clause requiring Mr. Osment not to compete with Lower and not to solicit employees or business from Lower’s customers for 16 months after his termination. Ta.
Mr. Lower alleged that AmCap knew about Mr. Osment’s employment contract.
According to the complaint, Mr. Osment secretly entered into an agreement with AmCap to leave Lower by mid-to-late 2022 and bring Lower’s information, customers and Plano office employees to AmCap. It says.
According to the complaint, AmCap and Osment have agreed that AmCap will provide jobs to Lower Plano office employees working with Osment if they agree to terminate their employment with Lower.
The lawsuit alleges that Mr. Lower’s employment-related claims will be resolved in arbitration, while the lender will use Mr. Lower’s client information, property and client testimony to issue a court order seeking a permanent injunction against Oz Lending. will ask for
Earlier this month, a subpoena was issued against AmCap Mortgage and its former employees.
Lawyers for the following lenders, Osment, Hankin and Mastroligli, did not respond to requests for comment.
AmCap declined to comment on the ongoing lawsuit.
Lower generated 14,563 loans totaling $4.24 billion in output in 2022, according to Mortgage Data Platform Modex. A total of 433 sponsored loan originators work in 77 sales branches across the country, according to the company. Nationwide multi-state licensing system (NMLS).
According to Modex, AmCap Mortgage hit $3.35 billion in output last year with 11,289 units. According to NMLS, AmCap has 540 sponsored MLOs in 128 active branch locations.
