Guaranteed Rate ordered to pay $25M to Mount Olympus Mortgage for data theft

A federal lawsuit filed by a former executive of Guaranteed Rate Inc. will move forward, though three of four counts have been dismissed. Chicago-based Guaranteed Rate acquired the assets of Manhattan Mortgage on Oct. 1, 2012 for a purchase price of $4 million. Manhattan Mortgage was founded in 1985.

In March 2016, Guaranteed Rate and one of its loan officers were found guilty in California of diverting loans from Mount Olympus Mortgage, and ordered to pay $25 million in damages to the Irvine, California-based company. In May 2016, Guaranteed Rate bought the URL Rate.com for $725,000.

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A California jury ordered Guaranteed Rate to pay more than $25 million in damages to a fellow mortgage lender, Mount Olympus Mortgage Company, stemming from accusations that a former employee of.

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RE: Mount Olympus Mortgage Company . Dear (Customer Name): Following up on our prior communication to you regarding the conduct of some of our former employees, we are contacting you now because we have learned of a related data security incident that has occurred in connection with their departure from our company.

Mount Olympus was charging the borrowers per diem interest in excess of one day prior to the date that the loan proceeds were disbursed from escrow, in violation of the CRMLA section 50204, subdivisions (k) and (o), and California Civil Code section 2948.5During 2011, Mount Olympus .

 · guaranteed rate ordered to pay $25M in alleged loan diversion scheme. By Robert Channick. a Los Angeles-based partner with Sidley Austin who represented Mount Olympus Mortgage. "He transferred all of the data without our consent or any of the customers’ consent.". Mount Olympus discovered the data theft about five weeks later, at which.

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American Lawyer Media’s Litigation Daily featured Manatt’s trial victory on behalf of Orange County-based Mount Olympus Mortgage Co. (MOMCo), for which the firm helped secure a $25.1 million verdict in a suit against Guaranteed Rate, Inc., the second-largest private mortgage bank in the country, and a former MOMCo employee.

FHFA Inspector General counters: Here’s why nonbanks need prudent regulation The United states subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.