What is the NewRez lawsuit?
NewRez LLC is a mortgage servicer that has been the subject of several lawsuits in recent years. The most notable of these lawsuits is a class action lawsuit filed in 2020 alleging that NewRez failed to properly account for overtime pay for its employees. This lawsuit is still ongoing, but a federal judge has certified it as a class action, meaning that it could potentially cover thousands of current and former NewRez employees.
In addition to the overtime lawsuit, NewRez has also been sued for a variety of other alleged violations, including:
- Illegal foreclosure practices: NewRez has been accused of foreclosing on homes without proper notice or documentation, and of failing to provide homeowners with the opportunity to modify their loans.
- Deceptive loan servicing practices: NewRez has been accused of misleading borrowers about their loan terms and conditions, and of charging borrowers illegal fees.
- Predatory lending practices: NewRez has been accused of targeting low-income and minority borrowers with predatory loans, such as subprime loans and adjustable-rate mortgages.
NewRez has denied the allegations in all of these lawsuits. However, the company has agreed to pay millions of dollars in settlements to resolve some of the lawsuits.
Conclusion:
The NewRez lawsuit is a complex and ongoing legal matter. However, the allegations against the company are serious, and if the company is found to be liable, it could have a significant impact on thousands of homeowners and borrowers.
FAQs:
Is the NewRez lawsuit still ongoing?
Yes, the NewRez lawsuit is still ongoing. The overtime lawsuit is currently in the discovery phase.
Who is eligible to participate in the NewRez overtime class action lawsuit?
All current and former NewRez employees who were paid an hourly wage plus additional “OTI Elig Bonus” compensation are eligible to participate in the overtime class action lawsuit.
What are the potential damages in the NewRez lawsuits?
The potential damages in the NewRez lawsuits vary depending on the specific allegations in each case. However, the damages could include back pay, punitive damages, and injunctive relief.
How can I get more information about the NewRez lawsuits?
If you are a current or former NewRez employee or borrower, you can contact an attorney to get more information about the NewRez lawsuits.
If I am a borrower with a loan that is serviced by NewRez, should I be concerned?
If you are a borrower with a loan that is serviced by NewRez, you should monitor your loan account carefully and contact the company if you have any questions or concerns. You should also be aware of your rights under the law, and you should contact an attorney if you believe that NewRez has violated your rights.
What should I do if I believe that NewRez has violated my rights?
If you believe that NewRez has violated your rights, you should contact an attorney to discuss your legal options. You may also be able to file a complaint with the Consumer Financial Protection Bureau or your state’s attorney general’s office.
References and sources:
- NewRez LLC – Winebrake & Santillo: https://www.winebrakelaw.com/cases/newrez-llc/
- Richards v. NewRez LLC, Civil Action No. ELH-20-1282: https://casetext.com/case/richards-v-newrez-llc
- Yates v. NewRez LLC, Civil Action TDC-21-3044: https://casetext.com/case/yates-v-newrez-llc
- New Residential Completes Previously Announced Acquisition of Shellpoint Partners: https://www.newrez.com/press-news/new-residential-completes-previously-announced-acquisition-of-shellpoint-partners/