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Loandepot is suing its former chief working officer for allegedly stealing confidential
info in November 2020, proper earlier than she departed and filed a criticism in opposition to the mortgage lender for questionable practices.
In keeping with Loandepot’s go well with, filed within the Superior Courtroom of California for the County of Orange in late October, over 8,000 recordsdata of buyer knowledge had been taken by Tammy Richards by means of a “secret video recording software on her private cellphone.”
The invention of this surfaced throughout a deposition by which Richard’s supposedly admitted to taking recordsdata earlier than happening medical go away in late 2020. If that is so, the previous government might have breached Loandepot’s insurance policies and procedures. HousingWire first reported the story.
Three months after briefly departing the corporate, Richards formally introduced her exit from the corporate, and in September 2021, she filed a go well with in opposition to the lender, alleging gender discrimination and wrongful termination over her refusal to take part in a scheme to loosen underwriting requirements.
Tammy Richards didn’t reply to a number of requests for remark. A spokesperson for Loandepot mentioned the “criticism [speaks] for itself.”
Loandepot’s go well with additionally alleges Richards “proved inept within the complicated, fast-paced, consumer-centric world of lending” and that “considerations relating to Richards’ efficiency grew to a crescendo in 2020,” which resulted within the souring of the connection between the mortgage firm and the chief.
“Throughout this time, there have been quite a few issues with Richards’ operational oversight, together with her blundered rollout of latest expertise, insufficient coaching, and poor staffing,” Loandepot claims in its lawsuit. “Loandepot wanted its COO to step up, however as an alternative, Richards crumbled.”
On Nov. 4, 2020, Richards was knowledgeable by the corporate that she could be demoted to chief mortgage officer and some weeks later, Richards employed an legal professional and knowledgeable the corporate that she wanted to take a right away go away of absence, Loandepot wrote in its criticism.
Richards has over 30 years of expertise within the mortgage enterprise, together with at Countrywide Residence Loans and he or she was one in all the few staff retained by Financial institution of America, which acquired the corporate in June 2008 after it crumbled throughout the monetary disaster.
Loandepot is searching for punitive damages, and different aid in an quantity to be confirmed at trial. A listening to will happen on April 15, 2024 and might be overseen by Andrew De La Cruz, a choose on the Superior Courtroom of Orange County in California.
Following Richards’ departure from Loandepot, she filed a go well with in opposition to the corporate, Anthony Hseih, the corporate founder, and Peter MacDonald, the previous government vice chairman and basic counsel. One of many claims made by the go well with is that Hseih “started to provoke his large scale fraud for revenue scheme. Throughout a manufacturing assembly by which Ms. Richards was current, Hsieh allegedly started to scream ‘I’m Mello Clear, and we should instantly shut loans no matter documentation!'” The case remains to be pending.
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